Digital Landscape in China
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China Online TVChina Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading platform provider of cloud applications and conditional access ("CA") systems which allow digital cable China TV market to offer and guarantee diverse content services, today announced the end of its asset restructuring (the "Restructuring") with Shanghai Tongda Venture Capital Co., Ltd.
("Tongda Venture"). On November 30, 2015, Tongda Venture announced in a press release entitled "non-public offering Tongda Venture cessation" he did not get the approval of the Chinese Commission of Securities Regulation ("CSRC") for non-public offering within the validity period of the approval of its shareholders, and therefore decided to end its non-public offering related to the restructuring. The same day, China announced in a digital television press release entitled "China Digital TV reports on the restructuring of assets" in the absence of an extension, the restructuring will be automatically terminated if it has not been completed on December 31th, 2015.
As neither an extension has been agreed between the parties nor was completing its restructuring, restructuring and related operations end today, according to the relevant definitive agreements. About digital TV in China Founded in 2004, China Digital TV allows television network operators to manage, expand and diversify the content services between households and public spaces in China.
China Digital TVChina Digital TV is the leading platform provider of cloud-based applications and platform distribution network ("NBP") services to Chinese cable operators, helping them to effectively put applications mobile games and other entertainment options in household TV sets, and extend the cable programming outside the home to any mobile device. China Digital TV is also the main supplier of CA systems in the digital television market in China. CA systems enable television network operators to ensure the provision of content to their subscribers. The Company cooperates with almost all cable TV operators in China. For more information please visit the Investor Relations section of the website China Digital TV to http://ir.chinadtv.cn. Safe Harbor Statement This press release contains forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 of the United States, as amended. These statements are made under the "safe harbor" of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified by terminology such as "will", "expect", "anticipate", "future", "intends", "plans", "believes", "estimates", "may", "should" and similar expressions. China Digital TV may also make statements in its periodic reports filed with the Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, to prospective directors or employees third parties. Statements that are not historical facts, including statements about beliefs and expectations of China digital TV, are forward looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from projections contained explicitly or implicitly in any forward looking statements, including, but not limited to, the following: competition in the CA systems, digital television, cable television and related industries in the PRC and the impact of such competition on prices, our ability to implement our business strategies, changes in technology, the progress of digitization of television in the PRC, the structure of preferences of the cable television industry or television viewer, changes in PRC laws, regulations or policies with regard to CA systems, digital television, television cable and related industries, including the extent of the participation of non-PRC companies in these industries, and changes in political, economic, legal and social implications of China, including government policies With respect to economic growth, foreign exchange and foreign investment. Additional information concerning these and other risks and uncertainties is included in our annual report on Form 20-F and other filings with the Securities and Exchange Commission. China Digital TV disclaims any obligation to update forward-looking statements, which apply only to the date of this press release. For investors and media inquiries, please contact:
Tel: +1 (646) 328-1950