Heng Xin China Holdings in JV
Louise Duffy ©RapidTVNews | 17-05-2012
Heng Xin China Holdings has announced that Shenzhen Champion Maxiumic Group, a wholly owned subsidiary of the company, and Anhui Radio and Television Information Network Co have entered into a letter of intent for the proposed establishment of a new joint venture digital TV company in Anhui province.
The joint venture is targeted to achieve a digital TV subscriber base of 3 million in Anhui province within the next three years.
It will principally engage in the design, construction, development, operation, charge and maintenance of the digital cable television broadcasting network in rural areas in Anhui province. The details of the joint venture, such as the total investment, registered capital, forms of capital contributions, shareholding and composition of the board of directors are yet to be determined. It is expected that Shenzhen Champion will be responsible for the operation of the company.
Xiao Yan, CEO of the Group said, "To adapt to the national 'Three Networks Integration' policies, the Group has been transforming from a wireless digital television equipment integrator to an operator of television broadcasting integrated businesses since 2010. We are glad to establish a new joint venture company with ARTINCL. This will increase the Group's operational efficiency in its cable digital television business and provide an opportunity for the Group to access greater resources especially financial resources. The Group is also able to further expand its operational scale in cable digital television business in Anhui province and gain more significant prominence in the PRC broadcasting infrastructure platform and increase its revenue and profit in the future."
At present, the project has been launched in Huainan City and Suzhou City of Anhui province. The target subscriber base developed in Huainan City is not less than 100,000 by 2013 and 250,000 by 2015. The target subscriber base developed in Suzhou City is not less than 100,000 by 2013, 150,000 by 2014 and 250,000 by 2015.