Hunan Army of Radio and Television: 236 million of the state-owned shares of Radio and Television Media will be transferred free of charge.

Hunan TV & Broadcast Intermediary Co., Ltd. announced on September 2nd that 236.142 million shares (16.66% of the total share capital) held by Hunan Radio and Television Industry Center will be transferred to Hunan Radio and Television Network holding Group Co., Ltd.

Hunan TV & Broadcast Intermediary Co., Ltd. announced on Sept. 2 that 236.142 million shares (16.66% of the total share capital) held by Hunan Radio and Television Industry Center will be transferred to Hunan Radio and Television Network holding Group Co., Ltd.

as early as April 28th of this year, Radio and TV Media received the Hunan Provincial Department of Finance transferred from Hunan Radio and Television Station the reply of Hunan Radio and Television Industry Center to Hunan Radio and Television Network holding Group Co., Ltd. (Hunan Finance letter [2017] No. 69), approved by the Hunan Provincial people's Government and the Ministry of Finance, agreed to this free equity transfer.

on August 31st, Radio and Television Media received notification from the controlling shareholder that Hunan Radio and Television Industry Center and Hunan Radio and Television Network holding Group Co., Ltd. recently signed the "Agreement on Free transfer of State-owned shares of Hunan TV & Broadcast Intermediary Co., Ltd.," and the two sides will go through the formalities for share transfer in the near future in accordance with the relevant regulations and guidelines of the securities regulatory department.

it is understood that Hunan Radio and Television Network holding Group Co., Ltd. was established in Changsha on April 23 this year as an important strategic layout for the development of Hunan radio and television cable and wireless integration. Hunan Radio and Television Network holding Group Co., Ltd. is located in a large state-owned cultural enterprise approved by the Hunan Provincial people's Government, mainly responsible for the integration, management and operation of radio and television cable and wireless networks in the province. Build a network support platform with "Digital Hunan" as the core, and provide radio and television program broadcast and control transmission, data communication, multimedia comprehensive information and other services.

Hunan Provincial people's Government authorizes Hunan State-owned Cultural assets Supervision and Administration Commission to perform the duties of investor to Hunan Radio and Television Network holding Group Co., Ltd., which means that after the completion of equity transfer, Hunan Radio and Television Network holding Group Co., Ltd. will become the largest shareholder of the company, and Hunan State-owned Cultural assets Supervision and Administration Commission will become the actual controller of the company.

in recent years, Radio and TV Media has actively promoted the strategy of "Media + Internet", followed the road of integrated development of traditional media and new media, continued to cultivate the main business of media, and took the road of professional development. In the first half of 2017, the company adopted measures such as "strengthening management, adjusting structure, reducing costs and increasing benefits" to promote the sustained and steady development of the business. In the first half of 2017, the company achieved an operating income of 3.788 billion yuan (an increase of 8.38 percent over the same period last year). The net profit belonging to the shareholders of the listed company was 122 million yuan (9.67% less than the same period last year).

"Radio and Television Hunan Army" is brave and good at fighting in the fierce competition in the television market, speeding up reform and widely distributing Hunan's cultural industry. this free transfer is conducive to establishing and perfecting the management system of Hunan's state-owned cultural assets, optimizing the allocation of state-owned cultural resources, and promoting the intensive development of state-owned cultural industry.

Edit: xiongwei