Trading halt may point to restructuring
Print Edition
SHARES of two Shanghai-listed media firms were halted from trading yesterday as they have “something important” to say, signaling a possible restructuring and reform of the city’s state-owned media industry.
BesTV and Oriental Pearl, listed subsidiaries of the Shanghai Media Group, both halted trading in their shares yesterday for “something important” to announce, according to statements published on the website of the Shanghai Stock Exchange. They also disclosed that they will continue to be suspended today.
Investors and industry observers speculated that SMG, which operates the city’s TV, radio and various Internet and mobile business, would inject assets into the two listed subsidiaries.
The companies and SMG declined to comment yesterday.
There were previous media reports that the SMG restructuring would begin at the end of this month.
Since 2002, both subsidiaries of SMG have invested in new media sectors such as IPTV (Internet Protocol TV), mobile TV and mobile game business.
BesTV has formed joint ventures with Walt Disney and Microsoft Corp. It may debut the XBox in the domestic market later this year. Oriental Pearl, the operator of the city’s TV tower, has set up joint ventures with overseas companies in mobile gaming.
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