Wuhan Plastics Changes Name
Shenzhen Stock Exchange, 12/03/12
In a public filing today, the Wuhan Plastics Industrial Group (000665.SZ) announced that it has officially changed its name to "Hubei Broadcasting & Television Information Network Co., Ltd." The company's scope of operations has been redefined to include digital cable investments, operations, and management; product R&D, manufacturing, and sales for digital cable-related products; telecom broadband-based internet access services; cable television network-based internet access services; internet data transmission value-added services, and domestic IP telephony.
Last week's shareholder meeting elected Wang Qiyang, deputy mayor of Jingzhou, Hubei province as general manager of the company. Lv Zhiyou, former station director for Hubei Broadcasting, will serve as chairman of the company. Of the seven board seats chosen by the shareholder meeting, two will be filled by representatives from Wuhan broadcasting authorities, with another four to be filled by Hubei provincial broadcasting authorities.
The company's controlling shareholder at present is the Hubei Broadcasting Group, whose subsidiaries Hubei Chutian DTV, Hubei Chutian Jinwei Radio & TV Information Network, and Chutian Xiangyang (formerly Chutian Xiangfan Cable) hold shares of 20.19%, 10.81%, and 6.55% of the company, respectively, for a combined 37.56% share.
Editor's Note: Publicly listed broadcast network companies currently include Beijing-based cable and broadband operator Gehua CATV Network (600037.SH), Shenzhen-based cable TV operator Topway Video Communication (002238.SZ), Shaanxi provincial operator Shaanxi Broadcast & TV Network Intermediary (600831.SH), Jilin provincial operator JiShi Media (601929.SH), Hangzhou-based DTV and IPTV operator Wasu Media Holding (000156.SZ), and Hubei Broadcasting. Some other listed media companies, such as Hunan TV & Broadcast Intermediary (000917.SZ), Shanghai Oriental Pearl (600832.SH), and CITIC Guoan Information Industry (000839.SZ), also have cable network assets. Jiangsu Cable is preparing to IPO, and Guangdong Broadcast & TV Network and Chongqing Cable TV Network have made plans for back-door listings.
For more background on this topic, please see "Hubei Broadcasting Group Takes Control of Wuhan Plastics" MD 8/02/12 issue.
Keywords: Hubei Broadcasting & Television 000665.SZ Wang Qiyang Lv Zhiyou Chutian Xiangyang telecom television Hubei Chutian DTV cable TV Wuhan Plastics Chutian Jinwei Hubei Broadcasting Group
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