Xuechu He takes stake in China’s YOU On Demand video service
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Rebecca Hawkes
| 26 May 2014
Hong Kong based billionaire investor Xuechu He has acquired over 2 million shares in Chinese company C Media’s YOU On Demand mobile video service.

“Mr He has great appreciation for C Media's long-term strategic view of YOU On Demand and its ability to capitalize on China’s fast-growing mobile, OTT and digital cable entertainment space,” said Xuesong Song, co-founder, chairman, CEO and the largest shareholder of C Media as well as executive chairman of YOU On Demand.

“I have worked closely and successfully with Mr He for over a decade and I am confident that YOU On Demand’s board of directors and executive management will greatly benefit from the expertise and keen insight Mr He can offer to YOU On Demand and its stakeholders.”

Xuechu He has purchased 2,285,715 restricted Series E convertible preferred shares in a private stock transaction.

C Media provides a range of mobile video and value-added services through the networks of China’s telecommunications operators, which include China Mobile, China Unicom and China Telecom.

YOU On Demand recorded revenues of US$ 138,000 for the quarter ended 31 March 2014, compared with US$ 938 in the corresponding quarter of 2013. It posted a net loss of US$ 2.7 million for the quarter ended 31 March 2014, falling from US$ 3.4 million in the same period of 2013.