China Digital TV listed on NYSE
Updated: 2007-10-06 09:20
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 (NYSE) Friday under the symbol "STV."
The company climbed 75 percent in its first day of trading after it raised US$192 million in an initial public offering.
The shares rose US$12 to US$28 at 4 p.m. (2000 GMT) in NYSE composite trading.
The Beijing-based company sold 12 million American depositary receipts at US$16 each, or a 22 percent stake, according to a statement issued Thursday.
As of June 30, China Digital TV had installed CA systems at 130 digital 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, Lu added.
For the six months ended June 30, the company reported US$12.2 million in net income on revenue of US$22 million, compared with net income of US$3.4 million and revenue of US$10. 4 million in the year-ago period.
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