In the second half of 2004, one of Hina Capital Partner's (HCP) general partner, Dr. Zhi Tan, referred Framedia, a provider of in-elevator advertising in residential buildings in China, to Hina's investment banking division (IBD) for a potential divestiture of assets. As Hina entered into detail diligence with Framedia, Hina recognized the strong potential of Framedia as a roll-up platform in China's highly fragmented outdoor advertising sector: it brought a nation wide presence, already profitable business, and strong management team.

HCP invested in Framedia with the belief that it could assist Framedia to consolidate the residential elevator advertising sector. This sector was characterized by small but strong local players. Framedia was only the number 2 or 3 player in all the cities it served. Dr. Zhi Tan joined Framedia as chairman and with his experience as the head of M&A for the Tom Group, he and his team proceeded to acquire 7 companies in the space - each of which was the number 1 player in its respective region. Dr. Zhi Tan was a reputed leader and visionary in the industry. Under his leadership, Framedia was considered the best national player in the sector, and thus was able to persuade the local leaders to join in its platform.

Eight months after the investment and Dr. Tan's involvement, Framedia increased its revenue and net income by 500%, having spent a minimal amount of cash for the acquisitions and only diluting its equity base by 50%.

By Q3 2005, Framedia was the largest residential elevator advertiser in China , attracting several global investment banks for IPO discussions. At the same time, Framedia was approached by several potential buyers. As these discussions occurred, Hina IBD took on the engagement of advising Framedia in evaluating and executing against its strategic options. By the end of 2005, Framedia entered into an agreement to sell to Focus Media, a NASDAQ listed company with the number one position in outdoor LCD based advertising in China . The transaction closed in October 2005, with Framedia shareholders receiving up to $183 million in a combination of cash and stock. Hina IBD was the exclusive advisor to Framedia in the transaction.

During the twelve month of Hina's involvement with Framedia, its management team and HCP realized a more than twenty fold increase value. This return has further increased as the capital markets rewarded Focus Media's strategic move into the residential advertising sector with a 100% increase in stock price since the transaction. The Hina Group's merchant banking model presented the ideal combination of capital, expertise, and global banking platform to identify, create, and execute this landmark case.