(Yicai Global) May 31 -- Hunan TV & Broadcast Intermediary Co. [SHE:000917] will set up a financial firm in partnership with its subsidiary, Hunan Cable Television Network Group Co., the listed company said.
The new company, which will provide financial services to Hunan TV and its subsidiaries, will have registered capital of CNY1 billion (USD146 million), according to the statement, with the parent company contributing 80 percent and its cable division the remainder.
The unit will aim to reduce capital costs, provide financial control and offer specialized financial services to the company, the statement read.
Hunan TV, based in southern China, is the second-most-watched channel in China. It covers most of the mainland, Macau, Hong Kong, Taiwan and countries on other continents, including North America and Europe. It has been dubbed by viewers as Mango TV, thanks to its orange ovular logo.