Rumor: BesTV to IPO on ChiNext

21st Century Business Herald, 11/02/10

BesTV, Shanghai Media Group (SMG)'s IPTV operations subsidiary, plans to list on the Shenzhen Stock Exchange's ChiNext growth enterprise board, says an industry source. BesTV has already found an underwriter and completed the pre-IPO stage, according to the source, though BesTV said it could not officially reveal any information at this time.

On September 28, SMG purchased 29.1 mln shares in BesTV from Beijing-based high-tech conglomerate Tsinghua Tongfang (600100.SH) for RMB 309 mln, increasing its share to 44.7% and becoming the largest shareholder, while Tsinghua Tongfang became the second largest shareholder.

Keywords: Shanghai Media Group IPO IPTV television BesTV Shenzhen Stock Exchange Tsinghua Tongfang 600100.SH ChiNext

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