Alibaba and State Grid Become Shareholders of China Broadcasting Network Joint Stock Co., Ltd.

Updated:2020/8/27 16:55

The integration of Chinese national broadcasting networks, which has been paid much attention, is taking a key step forward.

Many subsidiaries of and listed companies related to national broadcasting networks have made an announcement that clarifies the shareholding ratio of stakeholders of China Broadcasting Network Joint Stock Corporation Limited.

Released information shows that there are in total 47 companies participating in the initiation of the joint stock corporation. The top five sponsors with the largest proportion of shares are China Broadcasting Network Co., Ltd, State Grid Information & Telecommunication Co., Ltd (SGIT), Hangzhou Alibaba Entrepreneurial Financial Management Co., Ltd, Guangdong Cable Development Co., Ltd and BAMC Investment Development Center Co., Ltd.

The largest shareholder of CBN Joint Stock Co., Ltd. is China Broadcasting Network Co., Ltd., whose subscribed capital reaches ¥51.6 billion, accounting for 51% of the total registered capital (¥101.2 billion). Alibaba and SGIT respectively contributes 10 billion Yuan, with each holding a proportion of 9.88%.

SGIT Co., Ltd. was established with a registered capital of 5 billion Yuan at the end of 2014 as a wholly-owned subsidiary of State Grid Group. Thus, SGIT partaking in the CBN Joint Stock Co., Ltd. can be regarded as the participation of State Grid.

Apart from taking part in the establishment of CBN Joint Stock Co., Ltd., Alibaba also actively participated in the re-organization of China Unicom.

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