China Digital TV Holding Co., Ltd. Announces Reorganization of Corporate Structure; Announces Management Changes
June 24, 2014 at 08:30 am EDT
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China Digital TV Holding Co., Ltd. announced plans to conduct an internal reorganization, as a result of which it will have legal ownership of Beijing Novel-Super Digital TV Technology Co., Ltd., the variable interest entity which it currently controls through contractual arrangements in China, and plans to adjust the company's senior management team. The Reorganization of the company's VIE structure is expected to be completed within 30 working days, during which time outside auditors, as well as tax and legal consultants, will conduct an evaluation of Beijing N-S Digital TV's assets and other relevant issues. The company's PRC legal counsel will provide their legal opinion on certain issues relating to the Reorganization of the VIE structure.
As part of the Restructuring, China Digital TV announces the following adjustments to its management team effective June 30, 2014: Zhu Jianhua will resign from his position as chief executive officer (CEO) and chairman of China Digital TV Holding Co., Ltd. He will continue in his role as a director of the company. Liang Zhenwen will resign from his position as chief financial officer (CFO) of China Digital TV Holding Co., Ltd. Li Dong will resign from his position as president of China Digital TV Holding Co., Ltd. Wang Tianxing will resign from his position as chief technology officer of China Digital TV Holding Co., Ltd. The company also announced the appointment of the following senior management team, effective June 30, 2014: Lu Zengxiang, co-founder and director of China Digital TV, will be appointed as acting CEO and acting CFO of China Digital TV for a period of 12 months, during which time the Company will search for a permanent CEO and CFO. The position of president will be abolished. The responsibilities will be taken by Lu Zengxiang. Han Jian will be appointed chief technology officer of China Digital TV Holding Co., Ltd.
China Digital TV Holding Co Ltd is a holding company mainly engaged in the provision of cloud platforms. Its cloud platforms provide cloud computing technology-based digital video delivery solutions to television and telecommunication network operators. The Company provides cloud gaming, cloud education, cloud virtual reality (VR), operational strategies and customer service systems through its cloud platforms. The Company is also engaged in the provision of products and services related to the VR technology, and technical support and services. The Company mainly conducts its businesses in the domestic market.