Sumavision to List on ChiNext

DVBCN, 3/17/10

The China Securities Regulatory Commission (CSRC) has announced plans to convene a meeting on March 19 to evaluate an application by cable delivery and reception equipment provider Sumavision for an IPO on the ChiNext growth enterprise board. The company plans to issue 28 mln shares, to bring the company's total shares to 112 mln. The funds raised from the listing will be put toward investment of RMB 390 mln in five projects including R&D of DTV conditional access systems, and also serve as operating capital for the company's other main operations.

Sumavision achieved a net profit of RMB 98.13 mln in 2009. The company was established in March 2000 with registered capital of RMB 84 mln from Beijing cable TV operator Gehua (600037.SH), Hunan TV & Broadcast Intermediary (000917.SZ), and the Tsinghua Science Park, and is licensed to operate and invest in the TV and broadcasting industries.

Keywords: IPO profit television DTV cable TV CSRC conditional access Sumavision ChiNext

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