Xinchao Media

Xinchao Media is an outdoor advertising company specializing in elevator media, founded by Jixue Zhang, who serves as its chairman . The company positioned itself as one of China's two major elevator media operators, with coverage reaching approximately 50 cities and nearly 400,000 elevators as of mid-2018 . Its competitive strategy centered on targeting lower-tier cities and mid-to-low-end residential communities with lower pricing, though it reportedly remained unprofitable for years .

Source Code Capital was among its investors, with partner Kaisi Chang involved in the deal ; other backers included Baidu, JD.com, and Red Star Macalline . In April 2025, Focus Media (002027.SZ) announced plans to acquire Xinchao Media for a preliminary valuation of RMB 8.3 billion through a share-based transaction, which would make Xinchao a wholly-owned subsidiary . The merger would push the combined entity's share of China's outdoor advertising market above 17% . At the time of the deal, Zhang described Xinchao as being "in the best period in its history," with the main business having turned profitable and substantial cash reserves on hand .