Hi-tech Products News
- Beijing News
Date: 8-Oct-2007 Sources: (Xinhua Online)
China Digital TV, the leading provider of conditional access (CA) systems to China's rapidly growing digital television market, was listed on the New York Stock Exchange Friday under the symbol 'STV.'
The company climbed 75 percent in its first day of trading after it raised 192 million U.S. dollars in an initial public offering.
The shares rose 12 dollars to 28 dollars at 4 p.m. (2000 GMT) in New York Stock Exchange composite trading.
The Beijing-based company sold 12 million American depositary receipts at 16 dollars each, or a 22 percent stake, according to a statement issued Thursday.
As of June 30, China Digital TV had installed CA systems at 130digital television network operators in 26 of the 32 Chinese provinces, autonomous regions and centrally administered municipalities in China, according to Lu Zengxiang, chief strategy officer and board chairman of the company.
With 139 million households subscribed to cable TV in China, the market will continue to grow on the heels of government support and expected consolidation, he added.
For the six months ended June 30, the company reported 12.2 million dollars in net income on revenue of 22 million dollars, compared with net income of 3.4 million dollars and revenue of 10.4 million dollars in the year-ago period.
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