CCTV Ad Agency to IPO in HK
Shanghai Securities News, 6/25/08
CTV Golden Bridge International Advertising (HK), which through subsidiary CTV Golden Bridge International Media is the advertising agency of China's national broadcaster CCTV, plans to IPO in Hong Kong as SinoMedia Holding (0623.HK). It will issue 139 mln shares at HKD 2.63-3.48 each, raising up to HKD 484 mln. The offering period will be between June 25 and June 30, with a price finalized by July 2, and a listing on July 8. Capital raised from the IPO will be used to acquire other advertising agencies. In 2007, CTV Golden Bridge International Media was the largest civilian advertising agent for CCTV, accounting for 10,500 minutes of advertising time. It had net profit of RMB 42.32 mln, down 31% from 2006, however it expects profits of RMB 113 mln in 2008 and RMB 164 mln in 2009.
The IPO is being underwritten by Morgan Stanley and Cazenove Asia.
In addition to cooperating with CCTV, CTV Golden Bridge International Media also obtained the rights to sell advertising for the Jiangsu Urban Channel and Shenzhen Satellite Channel in 2007.
Editor's Note: CTV Golden Bridge International Media is currently the exclusive advertising agent for CCTV-9, CCTV's only English channel with global coverage. It's also the largest ad agent for CCTV-4, CCTV's internationally distributed channel. The company claims that by the end of 2007, it had sold out all ad slots for 2008, generating revenue of RMB 385 mln.
Keywords: TV advertising SinoMedia 0623.HK Cazenove Asia 2006 2007 2008 2009 CCTV CCTV-4 CCTV-9 CTV Golden Bridge IPO Morgan Stanley profit revenue television
Sending
