Tongfang Reduces Stake in BesTV
China Securities Journal, 7/01/10
Beijing-based high-tech conglomerate Tsinghua Tongfang (600100.SH) announced today that it will sell 9.16 mln shares in BesTV, Shanghai Media Group (SMG)'s IPTV operations subsidiary, to Chengdu-based investment firm Yuanhong Venture Capital for a total of RMB 97.37 mln. Arguing the move is in in the best interests of BesTV's future development, Tongfang will no longer BesTV's largest shareholder, reducing its stake from 40% to 35.37%.
Tongfang board secretary Sun Min said that other BesTV shareholders had already been informed and approved the sale.
Keywords: Yuanhong Venture Capital Sun Min Shanghai Media Group IPTV investment television BesTV Tsinghua Tongfang 600100.SH
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