Shanghai Stock Exchange, 12/13/11
Hunan TV & Broadcast Intermediary (000917.SZ) announced in a public filing today that it had completed auditing and assessment of the assets of Hunan Huixin Cable Networks, Hunan Huide Cable Networks, Hunan Huirun Cable Networks, and Hunan Huiyue Cable Networks, all of which it had newly acquired. Assessment and profitability forecasts for the assets of the newly acquired 33 regional network companies, as well as integration of these companies' assets with Hunan TV & Broadcast's 64 subsidiary companies, has been essentially completed, and nearly all of the results of assessments and evaluations for all 97 companies have been approved by state-owned asset management offices or finance offices at the municipal, prefecture, or county level. Hunan TV & Broadcast is currently fine-tuning materials related to the recent asset restructuring and will present these to a meeting of the company board for review.
Review and approval are still required for a number of facets of the asset restructuring to be completed, and success of the restructuring remains uncertain.