Xinhua Finance Ltd., a Hong Kong-based financial services and media company, acquired Washington Analysis LLC, a pioneer in the business of providing research on federal government programs to money managers.

The cash-and-stock acquisition is another sign of the globalization of the research and information business. Terms were not disclosed for the deal, which will be valued based on the company's performance.

Washington Analysis is the second government research company with an office in the District that has been bought by Xinhua Finance. Last year, Xinhua, which is publicly traded in Japan, also acquired G7 Group, which has offices in New York and Washington and specializes in producing macroeconomic studies of developed countries.

Xinhua Finance shares a name and business relationship with China's state-controlled Xinhua News Agency. Xinhua Finance officials did not respond to requests for comment yesterday, but information on the company's Web site indicates that as of March, the news agency had a 6.5 percent interest in Xinhua Finance and held two of its seven board seats.

Founded in 1973, Washington Analysis was the first research company to specialize in prognosticating about the U.S. government's legislation and regulation for the benefit of investment firms, said Leslie M. Alperstein, the company's president. Its clients include Fidelity Investments, J.P. Morgan and Merrill Lynch Asset Management.

Alperstein said Xinhua Finance is "accumulating rapidly" companies that provide information to the financial markets. He said that when he was approached by Xinhua Finance this spring, he was intrigued because of the chance to connect his clients to the burgeoning China market. "We don't have a client that isn't interested in China," he said.