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June 24, 2014
08:37 EDTSTVChina Digital announces reorganization and adjustment of management team
China Digital TV Holding announced plans to conduct an internal reorganization, as a result of which it will have legal ownership of Beijing Novel-Super Digital TV Technology, the variable interest entity which it currently controls through contractual arrangements in China, and plans to adjust the Company's senior management team. On June 13 China Digital TV announced its plan to inject its CA, Network Broadcasting Platform and Video on Demand businesses into Shanghai Tongda Venture Capita in exchange for a controlling stake in, and RMB1.15B in cash from, Tongda Venture. The Restructuring is ongoing. In line with CSRC requirements for domestically listed companies, Tongda Venture's management shall not take senior positions at any other company other than as a member of the board of directors. China Digital TV announces the following adjustments to its management team effective June 30: Zhu Jianhua will resign from his position as CEO and chairman of China Digital TV Holding, he will continue in his role as a director of the Company; Liang Zhenwen will resign from his position as CFO of China Digital TV Holding; Li Dong will resign from his position as president of China Digital TV Holding; Wang Tianxing will resign from his position as chief technology officer of China Digital TV Holding. The Company also announces the appointment of the following senior management team: 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 and the responsibilities will be taken by Lu Zengxiang; Han Jian will be appointed chief technology officer of China Digital TV Holding; Zhu Jianhua will remain as chairman; CEO Super TV and Liang Zhengwen will be appointed CFO of Super TV; Li Dong will be appointed President of Super TV; Wang Tianxing will be appointed technology director of Super TV. If the Restructuring is not completed, the abovementioned management changes will not come into effect.
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September 22, 2014
14:22 EDTSTVChina Digital announces progress of asset restructuring
China Digital announced that the company's asset restructuring, as referred to in a press release dated June 13, will be adjusted. The specific nature of said adjustment is currently under discussion among the company, Tongda Venture Capital Co., Ltd and related parties and there is no assurance that an agreement on any adjustment will be reached soon or at all. The company will update the market with further details as appropriate. There will be difficulties and uncertainties in completing the Restructuring, which is pending the entry of definitive transaction agreements, and is also subject to applicable approvals by the board of directors and shareholders of the relevant parties involved as well as regulatory clearance. The Restructuring is expected to be subject to close scrutiny by the regulators amid increasingly stringent standards for similar transactions. There is no assurance that these approvals or regulatory clearance will be obtained within an expected timeframe, or at all. The Restructuring will terminate if it has not been completed by December 31, 2015.

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