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SOURCE C Media Limited; YOU On Demand
NEW YORK, May 22, 2014 /PRNewswire/ -- Mr. Xuechu He, who was named #38 on Forbes richest Chinese list in 2010 with a new worth of RMB 12 billion, purchased a stake in YOU On Demand (Nasdaq: YOD) from C Media Limited ("C Media"), a leading mobile video service provider in China, in a private stock transaction. Mr. He purchased 2,285,715 restricted Series E convertible preferred shares.
"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 Mr. 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."
Mr. Xuechu He, is a permanent resident of the Hong Kong SAR. Since 2007, Mr. He has been Chairman of Honbridge Holdings Ltd. (HK:8137), a HK listed investment holding company that focuses on the energy and resources sector. From 2011 to 2013, Mr. He served as a vice-chairman of China Growth Equity Investment Limited, leading the acquisition of Pingtan Marine Enterprise (NASDAQ: PME), the largest U.S. listed deep-sea fishing company in China. Mr. He was Chairman of the Board of Guorun Holdings Ltd. from 2002 to 2005, a publicly listed company in Hong Kong Stock Exchange that later merged with Geely Automobile Holdings Ltd. (HK: 0175), the largest private automobile manufacturer in the PRC.
About C Media Limited (www.cmmobi.com)
Founded in 2004, C Media is a mobile internet company offering a variety of mobile video solutions and related value-added services through the networks of the PRC telecommunications operators including China Mobile, China Unicom and China Telecom. The company produces online community applications for video, music, movie and targeted marketing, and is dedicated to building an open mobile internet video platform. In 2007, it established a joint venture with China National Radio (CNR) offering mobile video services. In the last few years, the company has developed into a market leader with rich media contents and established distribution channels. In 2012 and 2011, the company ranked 3rd and 23rd in the winner lists of Deloitte Technology Fast50TM China, respectively; it was also ranked 6th and 133rd in the winner lists of Deloitte Technology Fast500TM Asia Pacific in the past two years.
C Media is headquartered in Beijing with more than 400 employees. It has wholly owned subsidiaries and branches in Shanghai, Tianjin, Wuhan, Chengdu, Xi'An, Harbin, Jinan, and Shenzhen. The company has received certifications for High and New Technology Enterprises, Software Enterprises, and ISO9001. It also holds the licenses and permits of Audio/Video Programs Dissemination via Information Networks, Value-added Service Business, Radio and Television Program Production, Internet Culture Operation, together with more than 40 software copyrights and patents.
Safe Harbor Statement
This press release contains certain statements that may include "forward looking statements." All statements other than statements of historical fact included herein are "forward-looking statements." These forward looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.
C Media Limited
Address:No.1 Balizhuangdongli, CN11 Legend Town, Chaoyang District, Beijing.
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