China Digital Tv Holding Co., L (NYSE:STV)

Update on Special Cash Dividend

As announced when the Company reported First Quarter Earnings, the Board of Directors declared a special cash dividend of US$1.50 per ordinary share on April 21, 2017. The aggregate amount of cash dividend to be paid approximates US$90 million. Shareholders of record as of the close of business on May 31, 2017, U.S. Eastern Daylight Time, will be eligible to receive the dividend. The payment date of this special cash dividend is expected to be on or about June 15, 2017.

The funds for the dividend, all of which have been received by the Company, will come from the proceeds previously received from the Beijing Super TV sale, after certain foreign currency exchange procedures are completed. So far, the Company's offshore account has received a portion of the proceeds in US dollars equivalent to 100 million Renminbi. The remaining proceeds are still in the procedures of currency exchange from Renminbi to US dollars. If the Company is unable to pay the dividend on June 15, 2017 due to the ongoing foreign currency conversion procedures, the Company commits to update the market with a new special dividend payment date as soon as possible.

The Company does not believe the delisting process will impact the payment of this dividend to shareholders.

BEIJING, May 18, 2017 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (STV) ("China Digital TV" or the "Company"), a leading provider of cloud platforms, with gaming and other applications embedded, to PRC digital television and telecommunication network operators, today announced that it has received notice from the New York Stock Exchange ("NYSE") that the NYSE has suspended trading immediately and commenced proceedings to delist the Company's American Depositary Shares ("ADS" or "shares") from the NYSE. Trading of the ADSs was previously halted on May 16, 2017.

In its decision to commence delisting proceedings, the NYSE cited Section 802.01D of the NYSE Listed Company Manual, which may among other reasons prompt delisting when a company has sold or otherwise disposed of its principal operating assets or has ceased to be an operating company, alongside an NYSE concern about the timing and certainty of the Company's special cash dividend of US$1.50 per ordinary share.

The Company has a right to a review, by a committee of the Board of Directors of the NYSE, of the NYSE delisting determination. The Company presently intends to exercise this right and appeal the NYSE's decision to delist its shares. While the Company does intend to appeal the determination, it is also now actively seeking other alternative listing arrangements and will announce those arrangements once they are finalized.

During the appeal period and as alternative listing arrangements are put in place, the Company intends to continue to communicate all material developments to its shareholders through normal channels, such as SEC filings and press releases.

The Company emphasizes that current shareholder ownership rights remain in place and all shareholders retain rights of ownership in China Digital TV. Most importantly, the Company remains fully focused on and committed to improving its ongoing operations. As highlighted in the recent first quarter earnings announcement on May 16, 2017 ("First Quarter Earnings"), the Company is making progress on increasing users, expanding its geographic footprint, and further diversifying its content offerings in the cloud business. Further, the Board of Directors is continuing to review potential opportunities to acquire new operating businesses or assets to further enhance operations.

First Quarter 2017 Financial Results

• China Digital TV's net revenues decreased by 56.3% to US$0.7 million from US$1.5 million in the prior year period. The decline in net revenues was primarily due to the decreased revenues from system development and system integration, which was partially offset by an increase in revenues from cloud platform operations in the first quarter of 2017.
• "The first quarter of 2017 wNon-GAAP net income[2] attributable to China Digital TV Holding Co., Ltd in the first quarter of 2017 was US$0.6 million, as compared with US$1.2 million in the prior year period[3].

Balance Sheetas a meaningful quarter in the development of China Digital TV," commented Mr. Jianhua Zhu, China Digital TV's chief executive officer. "We are pleased to have achieved increase in both registered and covered users, expanded geographic footprint, and further diversified content offerings in our cloud business. The Company and its Board of Directors are also in the process of reviewing potential opportunities to acquire new operating businesses or assets to further enhance and diversify our current operations."

Mr. Zhenwen Liang, China Digital TV's chief financial officer, stated, "In the first quarter of 2017, the number of registered and covered users on our cloud platform increased to 5.5 million and 150 million, respectively. Furthermore, we expanded our geographic footprint to Anhui province through the partnership with Anhui Telecom, a branch of China Telecom which covers more than 5.5 million provincial users as of March 31, 2017. Meanwhile, our persistent efforts to diversify content offerings on our cloud platform continued to bear fruit in the first quarter of 2017. In addition to a newly launched public fitness program for square dancing, we have been seeking new opportunities in innovative cloud VR programs and expect to launch VR games in the near future. We will also expand our business into VR museums, VR education, VR videos, and other VR content. Lastly, during the first quarter we made progress in controlling costs and reducing overall expenses. We remain committed to driving further growth of our business and creating additional shareholders value going forward."

BEIJING, April 24, 2017 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (STV) ("China Digital TV" or the "Company"), a leading provider of cable TV technology which enables China's cable TV and IPTV network operators to offer diversified TV content services, today provided a further update on the sale of its interests in Beijing Super TV Co., Ltd. ("Super TV"), as held by Golden Benefit Technology Limited ("Golden Benefit"), an indirect wholly-owned subsidiary of the Company.

As referred to in a press release dated January 11, 2017, pursuant to the previously disclosed Equity Transfer Agreement dated November 7, 2016 (the "ETA") and Supplemental Agreement to Equity Transfer Agreement dated December 28, 2016 (the "SA"), the Company has received, through its Chinese affiliate, an amount equal to RMB610 million less the previously received deposit from Changxing Bao Li Rui Xin Technology Co., Ltd. (the "Buyer"). Pursuant to the SA, the Buyer is required to exchange the total proceeds under the ETA deducting the tax withheld by the Buyer into US dollars and pay such exchanged amount to an offshore account designated by Golden Benefit.

So far, the Company's offshore account has received a portion of the proceeds in US dollars equivalent to 100 million Renminbi. The remaining proceeds are still in the procedures of currency exchange from Renminbi to US dollar. There is no assurance as to when the Company's offshore account will receive the remaining proceeds in US dollars.

BEIJING, April 24, 2017 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), a leading provider of cable TV technology which enables China's cable TV and IPTV network operators to offer diversified TV content services, today provided a further update on the sale of its interests in Beijing Super TV Co., Ltd. ("Super TV"), as held by Golden Benefit Technology Limited ("Golden Benefit"), an indirect wholly-owned subsidiary of the Company.

As referred to in a press release dated January 11, 2017, pursuant to the previously disclosed Equity Transfer Agreement dated November 7, 2016 (the "ETA") and Supplemental Agreement to Equity Transfer Agreement dated December 28, 2016 (the "SA"), the Company has received, through its Chinese affiliate, an amount equal to RMB610 million less the previously received deposit from Changxing Bao Li Rui Xin Technology Co., Ltd. (the "Buyer"). Pursuant to the SA, the Buyer is required to exchange the total proceeds under the ETA deducting the tax withheld by the Buyer into US dollars and pay such exchanged amount to an offshore account designated by Golden Benefit.

So far, the Company's offshore account has received a portion of the proceeds in US dollars equivalent to 100 million Renminbi. The remaining proceeds are still in the procedures of currency exchange from Renminbi to US dollar. There is no assurance as to when the Company's offshore account will receive the remaining proceeds in US dollars.

BEIJING, April 21, 2017 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (STV) ("China Digital TV" or the "Company"), a leading provider of cable TV technology which enables China's cable TV and IPTV markets to offer diversified TV content services, today announced that its Board of Directors declared a special cash dividend of US$1.50 per ordinary share. Each of the Company's American depositary shares represents one ordinary share.

Shareholders of record as of the close of business on May 31, 2017, U.S. Eastern Daylight Time, will be eligible to receive the dividend. As the fund for the dividend will come from the sale proceeds of its interests in Beijing Super TV Co., Ltd, therefore, the dividend can only be paid after the completion of all necessary administrative procedures for foreign currency exchange from Renminbi to US dollars. The Company will announce the payment date as soon as the completion of currency conversion.

As of December 31, 2016, China Digital TV had cash and cash equivalents and restricted cash totaling US$122.0 million, and the shareholder's equity was $123.1 million. The aggregate amount of cash dividends to be paid is approximately US$90.4 million based on the number of outstanding shares as of December 31, 2016. The payment of the special cash dividend is expected to reduce both the Company's market capitalization and shareholder's equity. These will significantly increase the risk of rendering it ineligible for being listing on the New York Stock Exchange.

BEIJING, Jan. 11, 2017 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (STV) ("China Digital TV" or the "Company"), one of the leading providers of cloud-based application platforms and conditional access systems which enable China's digital cable television market to offer and secure diversified content services, today provided a further update on the pending sale of its interests in Beijing Super TV Co., Ltd. ("Super TV"), as held by Golden Benefit Technology Limited ("Golden Benefit"), an indirect wholly-owned subsidiary of the Company.

Pursuant to the previously disclosed Equity Transfer Agreement dated November 7, 2016 (the "ETA") and Supplemental Agreement to Equity Transfer Agreement dated December 28, 2016 (the "SA"), the Company has received, through its Chinese affiliate, an amount equal to RMB610 million less the previously received deposit, from Changxing Bao Li Rui Xin Technology Co., Ltd. (the "Buyer"). Super TV has also completed the change of its business registration with the Beijing Administration for Industry and Commerce, as provided in the SA.

Pursuant to the SA, the Buyer is required to proceed with the procedures for converting the RMB610 million into US dollars and paying such converted amount to an offshore account designated by Golden Benefit, as soon as possible but in any event no later than September 30, 2017.  Until the completion of the currency exchange and payment, the amount is required to be held in the onshore account of the Company's Chinese affiliate.

The transaction is expected to close once the Buyer coverts the RMB610 million into US dollars and pays such amount to an offshore account designated by Golden Benefit. The closing of the transaction (the "Closing") is subject to certain conditions precedent, including the approval required under policies of the State Administration of Foreign Exchange. There is no assurance that all conditions precedent to the Closing will be satisfied or waived.

BEIJING, Jan. 10, 2017 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (STV) ("China Digital TV" or the "Company"), the leading provider of cloud-based application platforms and conditional access ("CA") systems which enable China's digital cable television market to offer and secure diversified content services, today announced that Beijing Cyber Cloud Technology Co., Ltd. ("Cyber Cloud"), a subsidiary of China Digital TV, entered a capital increase agreement (the "Agreement") with ShouTai JinXin (Beijing) Capital Management ("ShouTai JinXin"), a leading fund management company in China, pursuant to which ShouTai JinXin will invest RMB33.0 million in cash into Cyber Cloud.

"We are very pleased to announce this capital increase agreement. ShouTai JinXin's strategic investment in Cyber Cloud demonstrates investors' confidence in the significant potential and opportunities associated with our cloud business," commented Mr. Jianhua Zhu, China Digital TV's chief executive officer. "As of the year end of 2016, we have deployed our cyber cloud platform across China with over 5.0 million total registered users. With our leadership position and strong partnerships in China's cable TV market, we are committed to building and promoting our cyber cloud ecosystem throughout China. We will continue to explore investment and partnership opportunities to further expand our cyber cloud services into new cities and enrich our content offerings."

Third Quarter 2016 Financial Results

China Digital TV's net revenues increased by 12.0% to US$11.8 million from US$10.5 million in the prior year period. The increase in net revenues was driven by other products and other services, but partially offset by a decrease in smart card revenues.

"We are glad to report another quarter with solid growth of our cloud business, primarily driven by the rapidly expanding customer base and enriching content offerings," commented Mr. Jianhua Zhu, China Digital TV's chief executive officer. "During the third quarter, revenues from our cloud platform grew substantially year over year, and the total number of registered users on our cloud platform increased to 4.3 million from only 1.5 million a year ago. The strong performance boosts our confidence to further increase our geographic diversification by expanding the cloud platform into new cities and provinces in the fourth quarter. On the other end, we continue to work diligently with our own development team and partners to further enhance our current cloud content portfolio, especially in the areas of online education, shopping, as well as virtual reality ("VR") related shows and programs. Although our traditional business in the cable TV market still faces challenges, it will continue to stabilize. We remain committed to transforming into a leading provider and gateway for cloud-based entertainment content into the home throughout China. We believe our cloud business will continue to benefit from tremendous secular growth as new market opportunities arise from cloud-based home entertainment into Chinese homes."

Mr. Zhenwen Liang, China Digital TV's chief financial officer, stated, "We witnessed solid business performance during the third quarter of 2016. However, we experienced continuous downward trend in average selling prices ("ASP") for smart cards, which was partially caused by the deprecation of Renminbi ("RMB"). We remain cautiously optimistic on the traditional cable TV market as it matures and stabilizes, which will benefit our overall margin profile as we manage our cost control carefully. For the cloud business, we are pleased that our previous hard work paid off with a robust revenue growth during the third quarter. We are now more confident in the potential of our cloud business, as we continue to expand the coverage as well as content of our cloud services to more Chinese homes going forward."

Business Outlook

Based on information available as of November 15, 2016, China Digital TV expects smart card shipment volumes in the fourth quarter of 2016 to be in the range of 3.2 million to 3.5 million. Net revenues in the fourth quarter of 2016 are expected to be in the range of US$11.0 million to US$12.6 million.

Second Quarter 2016 Financial Results

• In the second quarter of 2016, China Digital TV's smart card shipments increased by 3.8% to 2.19 million from 2.11 million in the prior year period.
• Net loss per share attributable to holders of ordinary shares basic and diluted was $(0.01) vs last years $(0.005).

We are pleased to report the continuous adoption and solid development of our cloud business, as rapid user growth provided us strong confidence in our strategies to monetize our cloud-based offerings going forward," stated Mr. Jianhua Zhu, China Digital TV's chief executive officer. "During the second quarter of 2016, total registered users on our cloud platform expanded by 52% quarter over quarter to 3.5 million and gives us increasing confidence in the demand for our services and sustainability of this growth momentum over the coming quarters. With Beijing and Chongqing customers already contributing to steady revenue growth, we expect more revenue contributing customers, including those in Tianjin and Sichuan Province, to roll out our cloud platforms in the second half of the year. Despite the challenging environment for our traditional businesses, we are confident in our strategy to evolve with China's increasingly diverse cable environment and the opportunities and potential offered by our cloud platform services as we strive to further enhance the content offerings, which is currently limited to TV-based games, to areas such as education, entertainment and online shopping. In addition, in an effort to address the demands of our cable operating customer base, we continue to prepare for the exciting virtual reality ("VR") opportunities which have the potential to re-shape our viewing and entertainment experiences within the home. We have already begun a partnership on the content creation side and have witnessed some early stage success. With that in mind, we remain fully committed to establishing ourselves as a leading provider and gateway of cloud-based entertainment content into the living rooms throughout China."

Mr. Zhenwen Liang, China Digital TV's chief financial officer, commented, "During the second quarter of 2016, our business performance came in-line with our expectations. However the challenges for the traditional smartcard business persist as average selling prices ("ASP") continued on the downward trend even though volumes grew. We remain cautious on our traditional businesses as the Chinese market has become saturated while our overseas business slowly expands. In the meantime, as we prepare for next-generation content services, such as gaming and VR enabled content, we are excited and confident in the growth opportunities ahead of us."

Business Outlook

Based on information available as of August 16, 2016, China Digital TV expects smart card shipment volumes in the third quarter of 2016 to be in the range of 2.2 million to 2.5 million. Net revenues in the third quarter of 2016 are expected to be in the range of US$8.5 million to US$9.5 million.

BEIJING, Aug. 16, 2016 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (STV) ("China Digital TV" or the "Company"), the leading provider of cloud-based application platforms and conditional access ("CA") systems which enable China's digital cable television market to offer and secure diversified content services, today announced that the special cash dividend of US$0.20 per ordinary share, which its Board of Directors declared on April 15, 2016, will be payable on August 16, 2016.

Each of the Company's American depositary shares represents one ordinary share. Shareholders of record as of the close of business on April 29, 2016, U.S. Eastern Daylight Time, will be eligible to receive the dividend.  

BEIJING, May 19, 2016 /PRNewswire/ -- China Digital TV Holdings Co., Ltd. (STV) ("China Digital TV" or the "Company"), the leading provider of cloud-based application platforms and conditional access ("CA") systems which enable China's digital cable television market to offer and secure diversified content services, today announced the reinstatement of Mr. Zhenwen Liang as Chief Financial Officer ("CFO") of the Company, effective May 30, 2016. Mr. Liang replaces Ms. Qian Yue, who has resigned from her position as acting CFO, effective May 30, 2016, and will continue to serve the Company in a management role focused on the development of new businesses including virtual reality.

Mr. Jianhua Zhu, China Digital TV's Chief Executive Officer, stated, "On behalf of the company, I would like to thanks Qian for her significant contributions as acting CFO. We look forward to her continued support in our management team as she focuses on the development of new businesses. We are also pleased to welcome Zhenwen back as our CFO. Zhenwen brings in-depth knowledge of the company and robust managerial experience. He was and will continue to be an invaluable member of our management team."

BEIJING, April 15, 2016 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of cloud-based application platforms and conditional access ("CA") systems which enable China's digital cable television market to offer and secure diversified content services, today announced that its board of directors approved a plan to list its subsidiary Beijing Super TV Co., Ltd. ("Super TV") separately on the National Equities Exchange and Quotations, an emerging over-the-counter market in China (the "NEEQ") without an offering. Upon listing, Super TV will comprise the Company's CA business and certain CA-related businesses.

It is expected that, upon the successful completion of the restructuring and the proposed listing of Super TV on the NEEQ, the Company will own approximately 90% of the outstanding equity interest of Super TV and certain executive officers and core employees of Super TV will own the remaining 10% through an internal capital raise. Super TV will also grant share options to certain executive officers and core employees to purchase up to an additional 20% of the post-exercise equity interests in Super TV in aggregate after the listing. No such options may be granted, however, unless Super TV achieves certain targets in terms of performance or market capitalization. The Company will continue to consolidate Super TV's financial results. Following the completion of the proposed NEEQ listing of Super TV, the Company's American depositary shares will continue to be traded on the NYSE, and its common shares will continue to be registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act").

Mr. Jianhua Zhu, China Digital TV's chief executive officer, stated, "Our business has evolved over the years to a point where we see a clear dichotomy between the traditional CA business and the emerging cloud-based content services platform. Both businesses are uniquely positioned, providing us confidence that they would operate more efficiently, and be more accurately valued, under separate capital structures. Since our leadership in this market is more widely recognized among Chinese investors, we are evaluating the prospect of a NEEQ listing for our traditional CA business in order to better support its future growth. We will keep investors apprised as this process moves forward in the coming weeks and months."

Established by the State Council in late 2012, the NEEQ is a national over-the-counter market that supplements trading activities on the Shanghai and Shenzhen stock exchanges, including the related Growth Equity Market exchanges. The NEEQ allows for trading of stock of growth companies that do not otherwise satisfy the requirements for listing on the main Shanghai and Shenzhen stock exchanges, allowing small- to medium-sized enterprises in China access to the capital markets and greater exposure to the investment community.

The Company's ability to complete the proposed NEEQ-listing of Super TV is subject to various PRC exchange and regulatory approvals and filings, and as a result, there are significant timing, qualification and other uncertainties in connection with the proposed listing of Super TV on the NEEQ.

BEIJING, April 15, 2016 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (STV) ("China Digital TV" or the "Company"), the leading provider of cloud-based application platforms and conditional access ("CA") systems which enable China's digital cable television market to offer and secure diversified content services, today announced that its Board of Directors declared a special cash dividend of US$0.20 per ordinary share. Each of the Company's American depositary shares represents one ordinary share.

Shareholders of record as of the close of business on April 29, 2016, U.S. Eastern Daylight Time, will be eligible to receive the dividend. The dividend is expected to be paid after regulatory approval from the State Administration of Foreign Exchange in China. The Company will announce the payment date as soon as possible.

Mr. Jianhua Zhu, China Digital TV's Chairman and Chief Executive Officer commented, "The Board of Directors is dedicated to maximizing shareholder value and believes that paying shareholders a special dividend is the most efficient use of cash at this time. Furthermore, we will continue to maintain a strong cash position that will support us in pursuing our multiple long-term growth objectives."

As of March 31, 2016, China Digital TV had cash and cash equivalents and restricted cash totaling US$70.9 million, or US$1.17 per share on a diluted basis.

BEIJING, Dec. 31, 2015 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of cloud-based application platforms and conditional access ("CA") systems which enable China's digital cable television market to offer and secure diversified content services, today announced the termination of its asset restructuring (the "Restructuring") with Shanghai Tongda Venture Capital Co., Ltd. ("Tongda Venture").

On November 30, 2015, Tongda Venture announced in a press release entitled "Tongda Venture Terminates Non-public Offering" that it did not obtain the approval of the China Securities Regulatory Commission ("CSRC") for the non-public offering within the validity period of its shareholders' approval, and therefore decided to terminate its non-public offering related to the Restructuring. On the same day, China Digital TV announced in a press release entitled "China Digital TV Provides Update on Asset Restructuring" that in the absence of an extension, the Restructuring will automatically terminate if it has not been completed by December 31, 2015. As neither an extension has been agreed upon among the parties nor has the Restructuring been completed, the Restructuring and related transactions terminate today pursuant to the relevant definitive agreements.

BEIJING, Nov. 30, 2015 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of cloud-based application platforms and conditional access ("CA") systems which enable China's digital cable television market to offer and secure diversified content services, today provided a further update on its asset restructuring (the "Restructuring") with Shanghai Tongda Venture Capital Co., Ltd ("Tongda Venture").

On November 30, 2015, Tongda Venture announced in a press release titled "Tongda Venture Terminates Non-public Offering" that it did not obtain the approval of the China Securities Regulatory Commission ("CSRC") for the Non-public Offering within the validity period of its shareholders' approval. Tongda Venture decided to terminate its non-public offering related to the Restructuring and applied to withdraw its submitted materials from the CSRC.

As provided for in the transaction agreements pertaining to the Restructuring, one of the conditions for the completion of the Restructuring is the CSRC's approval of Tongda Venture's non-public offering. Unless the parties mutually agree to an extension, the Restructuring will automatically terminate if it has not been completed by December 31, 2015.

Second Quarter 2015 Financial Results

Net revenues decreased by 39.3% to US$10.4 million from US$17.2 million in the prior year period.

Net income/(loss) per share attributable to
holders of ordinary shares in the second quarter of 2015 was US$0.01, as compared to a net income attributable to holders of ordinary shares of US$0.07 million in the prior year period.

"In the second quarter, we remained steadfast in executing our expansion into new frontiers," stated Mr. Jianhua Zhu, China Digital TV's chief executive officer. "Our asset restructuring has progressed according to expectations and we hope to complete it by the end of the year. However, regulatory uncertainties remain and there is no assurance that the deal will close according to schedule or at all. China Digital TV, however, remains firmly committed to both its traditional business and its emerging cloud platform business. On the cloud front, Beijing Gehua added approximately 200,000 new registered users in the second quarter bringing our total to over 500,000, and we also recently signed an agreement with a cable operator in the Xinjiang autonomous region. Our cloud platform is not only rapidly expanding but also beginning to serve as an ecosystem for content providers to channel their creativity and mutually benefit with end users, cable operators and platform providers like ourselves."

Mr. Zhu continued, "Although the traditional domestic smart card market continued to decline in line with expectations, we saw positive developments in the network broadcasting platform (NBP) business. We have built key partnerships with Hubei and Guangdong cable operators that will support future demand for our NBP product. Furthermore, we are in the midst of engaging other provincial cable operators to commence joint NBP projects in the quarters to come."

Ms. Yue Qian, China Digital TV's acting chief financial officer, commented, "Our business continues to evolve; our traditional business's performance was soft and we expect that the smart card business will continue to decline over the next couple of quarters. However, we see great potential with our NBP business, and continue to be impressed by the development of our cloud platform. With a healthy balance sheet and promising early stage progress in our investments in emerging frontiers, we remain confident regarding the prospects of our business."

Business Outlook

Based on information available as of August 13, 2015, China Digital TV expects smart card shipment volumes in the third quarter of 2015 to be in the range of 2.4 million to 2.7 million. Net revenues in the third quarter of 2015 are expected to be in the range of US$11.1 million to US$12.4 million.

BEIJING, China, July 16, 2015 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of cloud-based application platforms and conditional access ("CA") systems which enable China's digital cable television market to offer and secure diversified content services, today provided further updates on its asset restructuring (the "Restructuring") with Shanghai Tongda Venture Capital Co., Ltd ("Tongda Venture"), as referred to in the press releases dated June 13, 2014, October 9, 2014, October 27, 2014, November 27, 2014, respectively. The Company announced that Tongda Venture has received an approval in principle (the "Approval") from the Ministry of Commerce of the People's Republic of China ("PRC Ministry of Commerce").

According to the Approval, the PRC Ministry of Commerce principally agreed that Golden Benefit Technology Limited ("Golden Benefit"), a wholly owned subsidiary of STV, may use its 25% equity interest (approximately equal to RMB800 million) in Beijing Super TV Co., Ltd. ("Super TV"), a wholly-owned subsidiary of Golden Benefit, to subscribe for Tongda Venture's non-public offering of A shares ("New Shares"), and will be effective for 180 days from issuance date. It is required under the Approval that Tongda Venture should divest its equity interest in Beijing CNLive Culture Media Inc, a culture and media company focusing on mobile TV in which foreign investment is not allowed, prior to Golden Benefit acquiring the New Shares. The Company will submit related documents and materials to the China Securities Regulatory Commission (the "CSRC") for approval as soon as possible.

There will be uncertainties in completing the Restructuring, which remains subject to regulatory clearance by the CSRC. The Restructuring will be subject to review by the respective regulators amid increasingly stringent standards for such transactions. As such, there is no assurance that these approvals or regulatory clearance will be obtained within a reasonable timeframe, or at all. According to the framework agreement signed on June 13, 2014, the Restructuring will be terminated if it is not completed by December 31, 2015.

First Quarter 2015 Financial Results

• Total Revenue was $14.3 million vs last years same quarter of $18.6 million.
• Net income per share attributable to holders of ordinary shares basic and diluted was $0.01 vs. last years same quarter of $0.07

"During the first quarter, we made further progress in our evolution from being China's leading access technology provider to the cable TV market, to being a first-mover as a diversified digital TV service provider to cable operators, increasing the prevalence of cable programming outside the home and mobile applications inside the home," said Dr. Zengxiang Lu, China Digital TV's acting chief executive officer. "As was expected, revenue came in soft due to the ongoing market decline of the conditional access business and negative impact of seasonality in the first quarter. Despite these headwinds, we maintain our market dominance in this segment with a market share of over 50% and key relationships with nearly all of China's cable operators."

Dr. Lu continued, "We believe that our leading position in this mature sector will pave the way for future success in the emerging frontier of providing cloud-based content programming for cable operators, helping them realize new streams of revenue. We continued to expand our cloud cooperation with Beijing Gehua CATV Network to 1,400 streams, and are happy to report that we currently have 300,000 registered users for cloud services under this partnership and expect to double that figure by year-end. Furthermore, we inked an agreement with the city of Zibo in Shandong province to deploy our cloud platform, and continue to explore other municipal and provincial partnerships to expand our cloud services into new regions."

Ms. Yue Qian, China Digital TV's acting chief financial officer, commented, "As our business continues to transform, it will take several quarters before our investment in these new frontiers achieves significant returns. Understandably revenues were soft due to the market maturity in the traditional segment and the still nascent state of our cloud platform segment. However, this short-term volatility should not dilute the key message that in front of us lays a tremendous market opportunity and we are uniquely well-positioned to leverage our existing capabilities and platform to take advantage of these new emerging growth avenues."

Business Outlook

Based on information available as of June 8, 2015, China Digital TV expects smart card shipment volumes in the second quarter of 2015 to be in the range of 2.1 million to 2.4 million. Net revenues in the second quarter of 2015 are expected to be in the range of US$8.77 million to US$9.93 million.

BEIJING, May 29, 2015 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of cloud-based application platforms and conditional access ("CA") systems which enable China's digital cable television market to offer and secure diversified content services, and Shanghai Tongda Venture Capital Co., Ltd. ("Tongda Venture") (SSE: 600647), a company listed on the Shanghai Stock Exchange to which the Company will sell a portion of its assets to in an ongoing transaction, today announced that they will co-invest in a fund which will invest in opportunities that are leading in the transformation of China's digital TV industry.

Initially, China Digital TV and Tongda will invest RMB100 million and RMB200 million in the fund, respectively, as limited partners. Shoutai Jinxin, a fund management company, will be the general partner. The fund aims to raise approximately RMB3 billion. China Digital TV will work closely with the general partner and leverage its rich experience in the digital television industry to contribute to the success of the fund.

"As our asset restructuring with Tongda moves forward, we are pleased to also co-invest with them in this fund and support opportunities in the exciting emerging frontier of digital TV solutions," said Dr. Zengxiang Lu, China Digital TV's acting chief executive officer. "Furthermore, we believe the success of the fund will help to promote the business development of both our company and Tongda Venture going forward."

Fourth Quarter 2014 Financial Results

• Net revenues in the fourth quarter of 2014 were US$29.2 million, representing a 12.8% increase from the same period in 2013 and a 72.3% increase from the third quarter of 2014.
• Diluted earnings per American depositary share (each representing one ordinary share), or ADS, in the fourth quarter of 2014 were US$0.18, compared to US$0.17 in the same period in 2013 and US$0.02 in the third quarter of 2014.

"We are pleased to report a solid performance in the fourth quarter of 2014, with smart card shipments and net revenue both exceeding our guidance," said Dr. Lu Zengxiang, China Digital TV's acting chief executive officer. "Our traditional smart card business continued to see steady demand from our major customers, including those in Sichuan, Jiangsu, Jiangxi, Guangdong and Shandong. In the fourth quarter, China Digital TV maintained a leading position in the Chinese smart card market with a 53% share."

Dr. Lu continued, "In addition to the traditional CA market, we continued to expand our value-added services business in this quarter. We saw further developments in our strategic cloud computing partnership with Beijing Gehua CATV Network Co., Ltd, which grew from 10,000 streams in testing in the third quarter of 2014 to 20,000 streams in the fourth quarter of 2014. We believe the partnership will demonstrate the value of such collaboration to cable operators across China. Our overseas business also saw steady growth. Besides Southeast Asia, where we have made good progress in recent quarters, we will continue to explore opportunities in other emerging markets with diversified businesses."

Ms. Yue Qian, China Digital TV's acting chief financial officer, commented, "In the fourth quarter, strong top-line growth allowed us to maintain a high gross margin, and effective execution helped us maintain stable operating expenses and increase operating margins compared with the same period in 2013. We will continue to evaluate the best ways to manage our operating expenses and improve overall efficiency."

Business Outlook

Based on information available as of March 10, 2015, China Digital TV expects smart card shipments for the first quarter of 2015 to be in the range of 2.9 million to 3.2 million. Net revenues for the first quarter of 2015 are expected to be in the range of US$13.4 million to US$14.6 million.

BEIJING, December 30, 2014 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of conditional access ("CA") systems and comprehensive services to China's expanding digital television market, today announced the appointment of Ms. Yue Qian as the Company's new acting chief financial officer ("CFO"), effective January 1, 2015.

Ms. Yue has served as China Digital TV's vice president in charge of external cooperation and investments and overseas business development since 2008. She also oversees the Company's Cyber Cloud subsidiary. Prior to joining China Digital TV, from 2006-2008 Ms. Yue held the role of vice president with responsibility for new energy and education investments at Waichun Investment Fund, a Hong Kong-based investment fund, where she was also executive director of the fund's Hong Kong-listed subsidiary. Prior to that, she held the role of vice president at Aerospace New World (China) Technology Co., Ltd. and at Beijing Asia Pacific East Communication Network Co., Ltd.

"We are delighted to be bringing in Yue Qian as acting CFO," said Dr. Lu Zengxiang, China Digital TV's acting chief executive officer and acting chief financial officer. "She brings in-depth knowledge of the company to the role, and her appointment will allow me to focus solely on my duties as acting CEO at a transformative time for China Digital TV."

BEIJING, December 29, 2014 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of conditional access ("CA") systems and comprehensive services to China's expanding digital television market, today announced that Cyber Cloud, a subsidiary of China Digital TV, has reached a capital increase agreement (the "Agreement") with Beijing Gehua CATV Network Co., Ltd. ("Gehua"), one of the leading cable TV operators in China. Pursuant to the Agreement, Gehua will invest RMB13.89 million in cash to take a 10% stake in Cyber Cloud.

The Agreement is supplementary to the strategic partnership agreement between China Digital TV and Gehua announced on April 16, 2014, in which the companies agreed to establish a strategic partnership on cloud computing technology and related businesses, and to enter into an equity investment agreement.

"We are pleased to have reached this agreement with Gehua after the launch of our strategic partnership earlier this year," said Dr. Lu Zengxiang, China Digital TV's acting chief executive officer and acting chief financial officer. "Cyber Cloud has deployed cloud service platforms in over 20 provinces, covering 80 million cable TV users and 8 million IPTV users all over the country. We believe this partnership will be hugely beneficial both in promoting Cyber Cloud's cloud gaming platform among cable TV users covered by Gehua, and in demonstrating its value to other cable TV operators seeking to diversify into streaming platforms and cloud gaming. Cyber Cloud is in negotiations with a number of other IPTV and cable TV operators to explore more cooperation opportunities, which we hope will generate further upside to Cyber Cloud's business in the near future."

BEIJING, November 27, 2014 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of conditional access ("CA") systems and comprehensive services toChina's expanding digital television market, today provided a further update regarding the progress of the Company's asset restructuring (the "Restructuring"), as referred to in press releases dated June 13, October 7, andOctober 27, 2014, respectively.

As announced in a press release dated November 27, 2014, at an extraordinary general meeting of China Digital TV, shareholders of China Digital TV approved the sale of the Company's CA, network broadcasting platform and video-on-demand businesses through the sale of a 100% equity interest in its indirectly wholly-owned subsidiary, Beijing Super TV Co., Ltd. ("Super TV"), to Shanghai Tongda Venture Capital Co., Ltd. ("Tongda Venture"), as contemplated by a share transfer agreement dated October 9, 2014 (as amended and supplemented by a supplementary agreement dated October 27, 2014, the "Share Transfer Agreement"), and adopted and approved the Share Transfer Agreement and the transactions contemplated thereby, as well as certain ancillary agreements (the "Ancillary Agreements") in connection therewith and the transactions contemplated thereby.

Tongda Venture has informed the Company that its shareholders approved the transaction contemplated by the Share Transfer Agreement and the Ancillary Agreements at Tongda Venture's extraordinary general meetings of shareholders held today.

The Restructuring remains subject to review and approval by relevant regulatory authorities, including the China Securities Regulatory Commission and the PRC Ministry of Commerce. The Company will update the market with further details as appropriate. 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.

BEIJING, November 7, 2014 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV"), the leading conditional access systems provider in China's expanding digital television market, today announced that it has won a tender to supply 900,000 smart cards to CANTV, the leading integrated telecommunication service provider in Venezuela, for use on CANTV's direct-to-home ("DTH") platform.

China Digital TV had already installed a conditional access (CA) system, a subscriber management system (SMS), and electronic program guides (EPGs) on CANTV's DTH satellite platform to enhance the performance of the operator's Internet protocol television (IPTV) network.

CANTV's DTH platform covers the entire territory of Venezuela, serving more than 500,000 paying subscribers.

Dr. Zengxiang Lu, CEO of China Digital TV, commented, "We are delighted to win yet another tender from CANTV. We will work closely with them to tailor our solutions to their needs, and look forward to helping them strengthen their position in Venezuela's emerging pay-TV market. We are pleased with the progress we are making in expanding our business overseas amid increasing demand for China Digital TV's products and solutions in developing markets."

BEIJING, Oct. 27, 2014 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (STV) ("China Digital TV" or the "Company"), the leading provider of conditional access ("CA") systems and comprehensive services to China's digital television market, today provided more details on its asset restructuring (the "Restructuring"), as referred to in the press releases dated June 13, 2014 and October 9, 2014, respectively. The Company announced that its wholly-owned subsidiary Golden Benefit Technology Limited ("Golden Benefit") has reached a supplementary share transfer agreement (the "Supplementary Share Transfer Agreement") to amend and supplement the share transfer agreement entered into on October 9, 2014, and a supplementary profit compensation agreement (the "Supplementary Profit Compensation Agreement") to amend and supplement the profit compensation agreement entered into on October 9, 2014, in each case with Shanghai Tongda Venture Capital Co., Ltd. ("Tongda Venture") (Stock Code: 600647), a company listed on the Shanghai Stock Exchange.

Under the terms of the Supplementary Share Transfer Agreement, the consideration for the acquisition by Tongda Venture of the 100% equity interest in Beijing Super TV Co., Ltd. ("Super TV"), a wholly-owned subsidiary of Golden Benefit, will be RMB3.2 billion, based on a valuation determined by an independent third-party valuation agency. In addition, upon the completion of the Restructuring, Tongda Venture's board of directors will be composed of nine directors, including three independent directors. Golden Benefit will be entitled to recommend for appointment of two members to Tongda Venture's board of directors, who will also be members of the Venture and Strategy Committee of Tongda Venture's board of directors. Cinda Investment Co., Ltd. ("Cinda Investment") has agreed to the appointment of one or two professional managers (either recommended by Golden Benefit or identified in a process in line with market practices) to the senior management of Tongda Venture and to oversee business related to Super TV.

Under the terms of the Supplementary Profit Compensation Agreement, in the event that the net profit (before or after adjustment for non-recurring gains and losses, whichever is less) of Super TV in each of the fiscal years 2014, 2015 and 2016 (collectively, the "Covered Period") is less than the profit target (being RMB190.10 million, RMB283.67 million and RMB340.66 million for the fiscal years of 2014, 2015 and 2016, respectively) or there is any impairment loss at the end of the Covered Period, Golden Benefit will be obligated to compensate Tongda Venture for the deficiency or the impairment loss by transferring its shares in Tongda Venture back to Tongda Venture and/or cash, based on a pre-determined formula with such compensations in aggregate being subject to a cap equal to the amount of the Consideration.

Following the consummation of the Restructuring, the Company will hold approximately 17.24% of the share capital of Tongda Venture, which will represent a majority of its assets (excluding cash and cash equivalents) and as a result, the Company may be deemed an investment company under the U.S. Investment Company Act of 1940 (the "Investment Company Act"), and will thus be subject to related requirements and restrictions under the Investment Company Act, including restrictions on the issuance of securities. However, the Company intends to, and the board of directors of the Company has authorized the Company to take actions so that the Company will, be engaged primarily, as soon as reasonably possible and in any event before the first anniversary of the consummation of the Restructuring (the "Rule 3a-2 period"), in a business other than that of investing, reinvesting, owning, holding or trading in securities. As a result, as authorized by the board of directors of the Company, the Company intends to rely upon Rule 3a-2 under the Investment Company Act to avoid being deemed an investment company during the Rule 3a-2 period.

There will be difficulties and uncertainties in completing the Restructuring, which is subject to applicable approvals by the shareholders of the relevant parties involved as well as regulatory clearance (including that by the China Securities Regulatory Commission, the PRC Ministry of Finance and the PRC Ministry of Commerce), and the completion of a private placement by Tongda Venture to raise funds to pay the consideration. 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.

BEIJING, October 9, 2014 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of conditional access ("CA") systems and comprehensive services to China's digital television market, today provided a further update on its asset restructuring (the "Restructuring"), as referred to in a press release dated June 13, 2014. The Company announced that following further discussions, the parties involved have agreed to amend the Restructuring originally contemplated. Specifically, its wholly-owned subsidiary, Golden Benefit Technology Limited ("Golden Benefit"), has entered into an amendment to the framework agreement (the "Framework Agreement Amendment"), a share transfer agreement (the "Share Transfer Agreement"), a share subscription agreement (the "Share Subscription Agreement") as well as a profit compensation agreement (the "Compensation Agreement"), with Shanghai Tongda Venture Capital Co., Ltd. ("Tongda Venture") (Stock Code: 600647), a company listed on the Shanghai Stock Exchange, and/or its controlling shareholder, Cinda Investment Co., Ltd. ("Cinda Investment") to implement the Restructuring as amended.

Under the Share Transfer Agreement, Tongda Venture has agreed to acquire the 100% equity interest in Beijing Super TV Co., Ltd. ("Super TV"), a wholly-owned subsidiary of Golden Benefit, for a consideration ("Consideration") that has been preliminarily determined to be RMB3.2 billion.The final and exact amount of the Consideration will be further discussed and agreed upon by the parties based on a valuation of Super TV to be conducted by an independent third-party asset valuation agency. In exchange, Tongda Venture agrees to (1) pursuant to the Share Subscription Agreement, issue to Golden Benefit such number of new shares of Tongda Venture as worth RMB800 million at a price of RMB10.35 per share (the "Consideration Shares"), and (2) pay Golden Benefit the remaining Consideration in cash. As a result, Golden Benefit is expected to hold approximately 17.24% of the share capital of Tongda Venture following the completion of the Restructuring. The Consideration Shares will be subject to a 36-month lock-up. Golden Benefit is expected to pay PRC withholding tax at a rate of 10% on the Consideration, subject to the final assessment by PRC tax authorities under applicable tax laws and regulations in China.

Under the terms of the Compensation Agreement, in the event that net profits (excluding extraordinary items) of Super TV in any of the fiscal years 2014, 2015 and 2016 (collectively, the "Covered Period") are less than the profit target for the respective fiscal year (the final and exact amount of which will be separately agreed upon by the parties) or there is any impairment loss at the end of the Covered Period, Golden Benefit will be obligated to compensate Tongda Venture for the deficiencies or the impairment loss by transferring its shares in Tongda Venture back to Tongda Venture and/or cash, based on a pre-determined formula with such compensations in aggregate being subject to a cap equal to the amount of the Consideration. The Company undertakes to Tongda Venture that during the Covered Period it may not pay cash dividends out of the Consideration in cash in aggregate over US$3.33 per share unless a surety has been placed with Tongda Venture.

The Company guarantees the performance of Golden Benefit's obligations under the Share Transfer Agreement and the Compensation Agreement during the Covered Period.

Tongda Venture agrees that Super TV's board of directors and management team will remain unchanged during the Covered Period to ensure continuity in the Super TV's business operations.

The Company will convene a special shareholders' meeting to consider and approve the Restructuring as described above.

The Company may apply the Consideration in cash to dividend payments, development of new technologies in emerging fields and investments in operations and other business opportunities.

Under the Framework Agreement Amendment, Cinda Investment has been granted by the Company a warrant, exercisable within three months after the completion of the Restructuring, to subscribe for the Company's new shares at a price of US$3.33 per share for an amount between US$25 million and US$30 million. Shares purchased under the warrant shall be subject to a lock-up during the Covered Period unless the Company agrees otherwise. In addition, Cinda Investment has the option to subscribe for no more than an 8% equity interest in each of Beijing Cyber Cloud Co., Ltd. and Beijing Joysee Technology Co., Ltd., the subsidiaries of the Company, based on a valuation of these two Companies at RMB 350 million and RMB 240 million, respectively.

There will be uncertainties in completing the Restructuring, which remains subject to applicable approvals by the shareholders of the relevant parties involved as well as regulatory clearance (including that by the China Securities Regulatory Commission, the PRC Ministry of Finance and the PRC Ministry of Commerce), and the completion of a private placement by Tongda Venture to raise funds to pay the Consideration. 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.

BEIJING, September 23, 2014 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of conditional access ("CA") systems and comprehensive services to China's expanding digital television market, today announced that the Company's asset restructuring (the "Restructuring"), as referred to in a press release dated June 13, 2014, will be adjusted. The specific nature of said adjustment is currently under discussion among the Company, Tongda Venture Capital Co., Ltd ("Tongda Venture") 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 (including that by the China Securities Regulatory Commission, the PRC Ministry of Finance and the PRC Ministry of Commerce). 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.

Second Quarter 2014 Financial Results

• Net revenues in the second quarter of 2014 were US$17.2 million, representing a 5.8% decrease from the same period in 2013 and a 5.6% decrease from the first quarter of 2014.
• Diluted earnings per American depositary share, or ADS (one ADS representing one ordinary share), in the second quarter of 2014 were US$0.07, compared to US$0.03 in the same period in 2013 and US$0.07 in the first quarter of 2014.

"We are pleased to report a solid performance in the second quarter, with smart card shipments and net revenue both meeting our guidance," said Dr. Lu Zengxiang, China Digital TV's acting chief executive officer and acting chief financial officer. "We continued to see steady demand for smart cards from Jiangsu, Zhejiang, Sichuan, Shandong and Jiangxi, and strong execution in these key regions helped us maintain a 51% share of the Chinese market, according to Zhongguang Luoda. Regulators' recent tightening of over-the-top services is expected to create further opportunities for us to expand our coverage of cable users in China from a long term point of view."

Dr. Lu continued, "Alongside the traditional CA market, we maintained our focus on value-added services this quarter, with our subsidiary Cybercloud continuing to explore market opportunities beyond partnerships with cable operators. There were exciting developments in our cloud computing business, including a new agreement with Jiangsu Mobile to develop cloud games for OTT set-top boxes and 4G cloud games on mobile, as well as the establishment of a streaming platform for Shandong Network TV covering China Telecom and Unicom broadband users in Shandong. Our overseas business also grew steadily. Alongside Southeast Asia, where we have made promising progress in recent quarters, we plan to continue exploring opportunities across other emerging markets with strong growth potential."

"Improved operating efficiency helped us maintain a solid bottom line," Dr. Lu added. "We expect the reorganization of our corporate structure and management team to allow us to maintain a long-term leading position in China's expanding digital TV market and realize greater value for China Digital TV shareholders."

Business Outlook

Based on information available as of August 19, 2014, China Digital TV expects smart card shipment volumes in the third quarter of 2014 to be in the range of 3.6 million to 3.9 million. Net revenues in the third quarter of 2014 are expected to be in the range of US$15.4 million to US$16.6 million.

BEIJING, June 24, 2014 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE:STV) ("China Digital TV" or the "Company"), the leading provider of conditional access ("CA") systems and comprehensive services to China's expanding digital television market, today announced plans to conduct an internal reorganization (the "Reorganization"), as a result of which it will have legal ownership of Beijing Novel-Super Digital TV Technology Co., Ltd. ("Beijing N-S Digital TV"), the variable interest entity which it currently controls through contractual arrangements in China (the "VIE structure"), and plans to adjust the Company's senior management team.

On June 13, 2014, China Digital TV announced its plan to inject its CA, Network Broadcasting Platform and Video on Demand ("VOD") businesses into Shanghai Tongda Venture Capital Co., Ltd. ("Tongda Venture") (Stock Code: 600647) ("the Restructuring") in exchange for a controlling stake in, and RMB1.15 billion in cash from, Tongda Venture. The Restructuring is ongoing.

According to PRC securities regulations, the assets of a China-listed company generally must be held and owned by it or its subsidiaries in China, while contractual arrangements such as those referred to above are unlikely to be accepted. As a result, in order to meet China Securities Regulatory Commission ("CSRC") approval requirements with respect to the Restructuring, a series of agreements underlying the VIE structure between the nominee shareholders of Beijing N-S Digital TV (which is the variable interest entity that holds a significant portion of the operating assets to be injected under the Restructuring) and  Beijing Super TV Co., Ltd. ("Super TV", one of the Company's subsidiaries in China) shall be terminated, and the 100% equity interest of Beijing N-S Digital TV currently held by these nominee shareholders, namely, Shen Shizhou, Zhang Lei, Wang Tianxing and Wang Wenjun, shall be transferred to Super TV, as a part of the Restructuring.

At the time of the Company's initial public offering and listing on the New York Stock Exchange ("NYSE") in 2007, foreign-invested enterprises had difficulty obtaining the necessary licenses for the development, production and sale of commercial encryption in the PRC from the PRC Encryption Authority due to such authority's generally restrictive approach towards foreign participation in the PRC encryption industry. In addition, a policy ("Policy") issued by the State Administration of Radio, Film and Television ("SARFT") required any cable television network operator who uses non-PRC CA systems to install a parallel PRC CA system. This Policy did not expressly indicate whether the CA systems produced by a foreign-invested company incorporated in the PRC, such as China Digital TV's subsidiary Super TV, fall into the category of non-PRC CA systems. In light of the above, in order to avoid its CA systems being deemed non-PRC CA systems, China Digital TV established, and controlled through its VIE structure, Beijing N-S Digital TV, which is wholly owned by PRC persons as nominee shareholders, to produce and sell the Company's CA systems.

China Digital TV's PRC legal counsel has advised the Company that the implementation of the Policy remains unclear. After the Reorganization of the VIE structure, Beijing N-S Digital TV will become Super TV's subsidiary, making it the subsidiary of a foreign-invested company, instead of a foreign-invested company itself. Therefore, the potential legal risks posed by the Reorganization to Beijing N-S Digital TV's CA business, from the perspective of both the Policy and PRC encryption regulations, are minimal.

The Reorganization of the Company's VIE structure is expected to be completed within 30 working days, during which time outside auditors, as well as tax and legal consultants, will conduct an evaluation of Beijing N-S Digital TV's assets and other relevant issues. The Company's PRC legal counsel will provide their legal opinion on certain issues relating to the Reorganization of the VIE structure.

In connection with the transfer of all nominee shareholders' equity interest in Beijing N-S Digital TV to Super TV, Super TV may be subject to significant tax obligations. Registration with the relevant Industry and Commerce Bureau will also be required to implement the Reorganization of the VIE structure.

In addition, the Company will adjust its organizational structure by injecting assets currently owned by Super TV (other than the CA, NBP and VOD businesses) into N-S Investment, another subsidiary of the Company in China, to exclude them from the Restructuring. For an overview of the Company's current corporate structure, please refer to its latest annual report on Form 20-F filed with the Securities and Exchange Commission at http://ir.chinadtv.cn

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. Therefore, as part of the Restructuring, China Digital TV announces the following adjustments to its management team effectiveJune 30, 2014:

• Zhu Jianhua will resign from his position as chief executive officer (CEO) and chairman of China Digital TV Holding Co., Ltd. He will continue in his role as a director of the Company.
• Liang Zhenwen will resign from his position as chief financial officer (CFO) of China Digital TV Holding Co., Ltd.
• Li Dong will resign from his position as president of China Digital TV Holding Co., Ltd.
• Wang Tianxing will resign from his position as chief technology officer of China Digital TV Holding Co., Ltd.

The Company also announces the appointment of the following senior management team, effective June 30, 2014:

• 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. The responsibilities will be taken by Lu Zengxiang.
• Han Jian will be appointed chief technology officer of China Digital TV Holding Co., Ltd.
• Zhu Jianhua will remain as chairman and CEO Super TV.
• 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.

After the Restructuring, the original management team will continue to perform their responsibilities at Super TV. The Company's core CA business will continue to be led by Super TV's current chairman and CEO Zhu Jianhua, together with China Digital TV's experienced management team, including Super TV's President Li Dong and Super TV's CFO Liang Zhenwen. The Company will maintain the sustainable development of its primary business and continue to generate shareholder value.

In order to achieve long-term and more diversified development, the Company's new businesses, including cloud computing services and DVB+OTT, will continue to be led by Lu Zengxiang. Meanwhile, the current key management and staff will continue their efforts in developing new areas of business.

BEIJING, June 13, 2014 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of conditional access ("CA") systems and comprehensive services to China's expanding digital television market, announced that it has reached a framework agreement (the "Framework Agreement") with Cinda Investment Co. Ltd. ("Cinda Investment"), an integrated investment company and a wholly-owned subsidiary of China Cinda Asset Management Co., Ltd., regarding an asset restructuring (the "Restructuring"). Under the terms of the Framework Agreement, China Digital TV plans to inject its CA, Network Broadcasting Platform and Video on Demand businesses into Shanghai Tongda Venture Capital Co., Ltd. ("Tongda Venture") (Stock Code: 600647), a company listed on the Shanghai Stock Exchange and controlled by Cinda Investment. In exchange, China Digital TV will acquire a controlling stake in Tongda Venture and receive RMB1.15 billion in cash from Tongda Venture. China Digital TV expects to consolidate Tongda Venture financially upon completion of the Restructuring.

Under the terms of the Restructuring, China Digital TV will grant warrants of between US$25 million and US$30 million (the "Warrants") to Cinda Investment (or no more than two affiliates designated by Cinda Investment). Under the Warrants, Cinda Investment may purchase new shares in China Digital TV at a price per share that equals the weighted average trading price of the Company's ordinary shares (represented by American depositary shares) listed on the New York Stock Exchange for the 20 trading days prior to the date on which the Framework Agreement was approved by China Digital TV's Board. The completion of the Restructuring under the Framework Agreement is a precondition to the exercising of the Warrants by Cinda Investment.

According to the Framework Agreement, China Digital TV will place a RMB10 million performance bond with Cinda Investment. The guarantee period commences from the effective date of the Framework Agreement and ends on the earlier of the completion of the Restructuring and December 31, 2015.

There will be significant 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 (including that by the China Securities Regulatory Commission, the PRC Ministry of Finance and the PRC Ministry of Commerce). 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.

China Digital TV is expected to engage in strategic cooperation with Cinda Investment, and other businesses of China Digital TV may receive investments from Cinda Investment.

BEIJING, June 13, 2014 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of conditional access ("CA") systems and comprehensive services to China's expanding digital television market, announced that it has reached a framework agreement (the "Framework Agreement") with Cinda Investment Co. Ltd. ("Cinda Investment"), an integrated investment company and a wholly-owned subsidiary of China Cinda Asset Management Co., Ltd., regarding an asset restructuring (the "Restructuring"). Under the terms of the Framework Agreement, China Digital TV plans to inject its CA, Network Broadcasting Platform and Video on Demand businesses into Shanghai Tongda Venture Capital Co., Ltd. ("Tongda Venture") (Stock Code: 600647), a company listed on the Shanghai Stock Exchange and controlled by Cinda Investment. In exchange, China Digital TV will acquire a controlling stake in Tongda Venture and receive RMB1.15 billion in cash from Tongda Venture.  China Digital TV expects to consolidate Tongda Venture financially upon completion of the Restructuring.

Under the terms of the Restructuring, China Digital TV will grant warrants of between US$25 million and US$30 million (the "Warrants") to Cinda Investment (or no more than two affiliates designated by Cinda Investment). Under the Warrants, Cinda Investment may purchase new shares in China Digital TV at a price per share that equals the weighted average trading price of the Company's ordinary shares (represented by American depositary shares) listed on the New York Stock Exchange for the 20 trading days prior to the date on which the Framework Agreement was approved by China Digital TV's Board. The completion of the Restructuring under the Framework Agreement is a precondition to the exercising of the Warrants by Cinda Investment. 

According to the Framework Agreement, China Digital TV will place a RMB10 million performance bond with Cinda Investment. The guarantee period commences from the effective date of the Framework Agreement and ends on the earlier of the completionof the Restructuring and December 31, 2015.

There will be significant 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 (including that by the China Securities Regulatory Commission, the PRC Ministry of Finance and the PRC Ministry of Commerce). 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.

China Digital TV is expected to engage in strategic cooperation with Cinda Investment, and other businesses of China Digital TV may receive investments from Cinda Investment.

First Quarter 2014 Financial Results

• Net revenues in the first quarter of 2014 were US$18.2 million, representing an 8.7% decrease from the same period in 2013 and a 29.8% decrease from the fourth quarter of 2013.
• Diluted earnings per American depositary share (one ADS representing one ordinary share), or ADS, in the first quarter of 2014 were US$0.07, compared to US$0.13 in the same period in 2013 and US$0.17 in the fourth quarter of 2013.

"We are pleased to report that China Digital TV's first quarter 2014 smart card shipments and net revenues were in line with our guidance," said Mr. Jianhua Zhu, China Digital TV's chairman and chief executive officer. "Our traditional smart card business saw relatively steady shipments on an annual basis on the strength of solid domestic demand from Jiangsu, Guangdong, Jiangxi and other key regions of China. In the first quarter, China Digital TV continued to maintain a strong leading position in the Chinese smart card market with a 52% share."

Mr. Zhu continued, "As part of our diversification strategy to increase our focus on value-added services, we signed strategic cooperative cloud computing services agreements with cable operators including Beijing Gehua and Jishi Media. In an important step, we began signing contracts with IPTV operators to deploy our cloud computing platforms, including with the Guangdong and Fujian branches of China Telecom, during the first quarter. In addition, we also continued our cooperation with Xiaomi to support its smart-TV products with DVB and OTT services. China Digital TV will continue to seek cooperation with more smart-TV manufacturers and cable operators to achieve mutually beneficial results, while simultaneously growing our international smart card business, where we continue to see encouraging progress."

Mr. Zhenwen Liang, China Digital TV's chief financial officer, commented, "Effective execution by our team reduced our overall operating expenses and increased our operating margins compared to the same period last year. We will continue to evaluate the best ways to manage our operating expenses and improve our overall efficiency. China Digital TV also recently issued our fifth special cash dividend to shareholders as part of our ongoing efforts to maximize shareholder value, and we will continue to evaluate our policy in this area in the quarters ahead."

Business Outlook

Based on information available as of May 20, 2014, China Digital TV expects smart card shipment volumes in the second quarter of 2014 to be in the range of 3.5 million to 3.8 million. Net revenues in the second quarter of 2014 are expected to be in the range of US$15.4 million to US$16.6 million.

BEIJING, April 16, 2014 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of conditional access ("CA") systems and comprehensive services to China's expanding digital television market, today announced that it has reached an agreement with Beijing Gehua CATV Network Co Ltd ("Gehua") to establish a strategic partnership on cloud computing technology and related businesses, to cooperate on overseas business expansion, and to enter into an equity investment agreement.

Pursuant to the agreement, Gehua will make an equity investment in the Company and hold a 10% stake in Cyber Cloud, a subsidiary of China Digital TV. Meanwhile, China Digital TV will help Gehua build and improve its full media cloud computing platform. As part of this effort the two sides will aim to integrate the content from various media, cross-platform applications, streaming application platforms, cloud gaming and other relevant service offerings. Leveraging this cloud-computing platform, the two companies will integrate content resources and establish a cloud-based content platform. The cooperation will help improve user experience in the areas of gaming, somatic gaming, education and travel applications. In addition, China Digital TV and Gehua will also strengthen cooperation for multi-end interaction, mobile business and other key areas that will allow them to explore further mobile Internet business opportunities.

The two sides will also jointly develop their opportunities overseas by leveraging their respective advantages in the areas of technology, operations and management.

"We are delighted to establish this strategic partnership with Gehua and leverage our mutual strengths to provide users a superior cloud computing platform," said Mr. Zhu Jianhua, China Digital TV's Chairman and CEO. "As China's leading television cable operator, we believe that Gehua's significant role in the development of interactive digital and high-definition TV make it an ideal partner for us. Cloud computing is core to China Digital TV's long-term development strategy and this agreement with Gehua marks a major step forward in this area. We believe the partnership with Gehua will help us elevate our cloud computing offer to a new level and further strengthen our TV services."

BEIJING, April 2, 2014 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of conditional access ("CA") systems and comprehensive services to China's expanding digital television market, today declared a special cash dividend of US$0.50 per share on the Company's ordinary shares, par value US$0.0005 per share. Each of the Company's American depositary shares represents one ordinary share.

Shareholders of record as of the close of business on April 9, U.S. Eastern Standard Time, will be eligible to receive the dividend. The dividend is expected to be paid on or around May 9, 2014.

"China Digital TV is always looking to provide excellent value to our shareholders and we believe that a special dividend is a prudent use of cash at this time. Our balance sheet and revenue remain strong enough to support our continued focus on R&D and other long-term objectives," commented Mr. Jianhua Zhu, China Digital TV's Chairman and Chief Executive Officer.

This is the fifth time that the Company has declared dividends to its shareholders since its initial public offering and listing on the NYSE in 2007. Going forward, China Digital TV's board of directors will continue to evaluate the Company's dividend policy based on various factors, including those relating to shareholder value.

As of December 31, 2013, China Digital TV had cash and cash equivalents and restricted cash totaling US$80 million, or US$1.35 per share on a diluted basis.

BEIJING, February 27, 2014 /PRNewswire/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of conditional access ("CA") systems and comprehensive services to China's expanding digital television market, today announced that it has reached a strategic agreement with Jishi Media Co., Ltd. ("Jishi Media") to cooperatively develop value added services ("VAS") in Jilin Province.

According to the agreement, China Digital TV and Jishi Media will establish a long-term strategic relationship and leverage their respective strengths to jointly develop VAS services, including cloud games, cloud motion-sensing games and OTT multi-screen interactive offerings. Jishi Media will provide technical support in the areas of cable network resources, and its large customer base in the province. Meanwhile, China Digital TV will leverage its industry-leading technological capabilities and project operations experience to offer solutions for cloud platform technologies.

Mr. Jianhua Zhu, chairman and chief executive officer of China Digital TV, commented, "We are very excited to announce this cooperative agreement with Jishi Media, one of China's best integrated provincial cable operators. Following network consolidation and two-way digital conversion, Jishi Media can now provide a solid foundation of a large customer base as we jointly develop our cloud services. We look forward to providing more high-quality value added services to high-definition interactive TV users in Jilin province."

Fourth Quarter 2013 Financial Results

• Net revenues in the fourth quarter of 2013 were US$25.9 million, representing an 11.9% increase from the same period in 2012 and a 12.1% increase from the third quarter of 2013.
• Diluted earnings per American depositary share (one ADS representing one ordinary share), or ADS, in the fourth quarter of 2013 were US$0.17, compared to US$0.07 in the same period in 2012 and US$0.08 in the third quarter of 2013.

"I am pleased to report that during the fourth quarter of 2013, increased demand resulted in China Digital TV shipping its highest volume of smart cards for the year, significantly exceeding our expectations," said Mr. Jianhua Zhu, China Digital TV's chairman and chief executive officer. "In addition to usual seasonal factors ahead of theChinese New Year, the better-than-expected shipment volume for this quarter was largely due to increased smart card demand from key Chinese cable TV operators, including in Jiangsu, Guangdong, Sichuan, Shandong, andJiangxi provinces. Smart card shipments in 2013 increased 11% from 2012, which was partially driven by the pent up demand after the completion of network consolidation in most provinces in 2012 led to delays in smart card purchases by certain cable operators."

Mr. Zhu continued, "The development and optimization of our value-added services and products, and the leveraging of our core technologies for new growth, remain key areas of focus for China Digital TV. As part of our ongoing efforts, in the fourth quarter of 2013, we launched the interactive video on demand transmission channel IP Quadrature Amplitude Modulation in Fujian Province and expanded the deployment of our cloud computing platforms to Kunshan and Changshu. In addition to value-added services, solid growth in the overseas market continues to be an important driver of our market diversification strategy, and in the fourth quarter and full year 2013 we made excellent progress in key markets such as Venezuela, Taiwan and India."

"In 2014, we will continue building on the achievements we made during 2013 solidifying our competitiveness in the mainland China smart card market, strengthening our smart card position overseas, and developing our diversification strategy internationally with a focus on new value-added service areas like video on demand systems and cloud services. In addition, we will also focus on building out our offering in the Internet TV and mobile TV sectors, where we believe our core technology should provide China Digital TV a strategic opportunity to expand into different business sectors," said Mr. Zhu.

Mr. Zhenwen Liang, China Digital TV's chief financial officer, commented, "China Digital TV was very pleased with the strong financial performance we saw in the fourth quarter of 2013. Our strength in the market enabled us to capitalize on the overall uptick in demand for smart cards, resulting in improved top and bottom line performance year-on-year and sequentially. In addition, we have continued to promote our strategy of investing in research and development to further improve our value-added services."

Business Outlook

Based on information available as of February 25, 2014, China Digital TV expects smart card shipments for the first quarter of 2014 to be in the range of 3.5 million and 3.8 million. Net revenues for the first quarter of 2014 are expected to be in the range of US$ 16.4 million and US$ 17.7 million.

BEIJING, January 10, 2014 /PRNewswire/ -- China Digital TV Holding Co. Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of conditional access ("CA") systems to China's expanding digital television market, announced today that it has raised its guidance for smart card shipments and revenue for the fourth quarter ended December 31, 2013.

China Digital TV now expects fourth quarter 2013 smart card shipments to be in the range of 4.8 million and 5 million exceeding the previously announced guidance range of 3.9 million to 4.2 million given on November 19, 2013. For the fourth quarter of 2013, China Digital TV now estimates net revenues to be in the range of US$25 million and US$26 million, compared to previous guidance in the range of US$17.6 million and US$18.9 million.

"Taking into account usual seasonal factors ahead of the Chinese New Year, our fourth quarter shipment volumes were better than we expected due to stronger smart card demand largely driven by operators in China's cable TV market," said Mr. Jianhua Zhu, China Digital TV's chairman and chief executive officer.

The outlook for the fourth quarter of 2013 is an estimate. Actual results are subject to the finalized financial reports of the fourth quarter of 2013.

Third Quarter 2013 Financial Results

• Net revenues in the third quarter of 2013 were US$23.1 million, representing a 13.5% increase from the same period in 2012 and a 26.9% increase from the second quarter of 2013.
• Diluted earnings per American depositary share (one ADS representing one ordinary share), or ADS, in the third quarter of 2013 were US$0.08, compared to net loss US$0.19 in the same period in 2012.

"China Digital TV is pleased to announce that our smart card shipments and revenue for the third quarter of 2013 exceeded our guidance, as we saw solid demand in several key cable TV markets during the ongoing digitalization conversion period," said Mr.Jianhua Zhu, China Digital TV's chairman and chief executive officer. "Demand was largely driven by our major customers, including those in Jiangsu, Zhejiang and Guangdong provinces."

Mr. Zhu continued, "As critical priorities of our ongoing diversification strategy, we are steadily building up the strength of our value added services offering in mainland China and smart card business in overseas markets. In the third quarter, in addition to our solid performance in mainland China, we made good progress in developing our smart card business in Taiwan, Thailand and other overseas markets, where we saw both sequential and year-over-year growth in revenues as a portion of China Digital TV's overall revenue. We also saw promising development in our cloud computing and video-on-demand offerings and we expect to see steady progress in these services in the coming quarters. We believe these value added services will contribute to the company's long-term growth."

Mr. Zhenwen Liang, China Digital TV's chief financial officer, commented, "China Digital TV is pleased that our continued focus on key provincial operators, overseas markets with strong potential and diversification of our CA business helped us deliver strong top-line results, despite the industry trend toward lower average selling price ("ASP") of smart cards. We will continue to focus on strong execution to minimize the impact of the lower ASP on our financial performance."

Business Outlook

Based on information available as of November 19, 2013, China Digital TV expects smart card shipment volumes for the fourth quarter of 2013 to be in the range of 3.9 million to 4.2 million. Net revenues for the fourth quarter of 2013 are expected to be in the range of US$17.6 million to US$18.9 million.

BEIJING, September 30, 2013 /PRNewswire/ -- China Digital TV Holding Co., Ltd (NYSE: STV) ("China Digital TV" or the "Company"), a leading provider of CA systems to China's expanding digital television market, today announced that it has reached an agreement with Heilongjiang Broadcast Television Network Co. Ltd. to deploy its Super VOD (video-on-demand) system in China's Heilongjiang Province.

The system will be operated in the city of Harbin before being extended to the whole of Heilongjiang Province. To date, there were a total of 5 million cable users in Heilongjiang Province, of which 1 million were in Harbin.

China Digital TV's Super VOD platform enables cable operators to offer interactive TV coverage without the need for heavy investment in two-way network reconstruction or replacement of set-top boxes, significantly increasing their competitive edge. Up to the present, China Digital TV's Super VOD system has also been deployed in Zhangzhou, Fujian Province, Guizhou province etc.

"As a leader in China's broadcasting and television industry, China Digital TV is focused on innovating around our value-added services to address the challenge of China's three-network convergence," said Dong Li, President of China Digital TV. "By building out intelligent, multi-functional and multimedia features, this cooperation will make an important contribution to the transition of cable TV to interactive TV for users in Heilongjiang, and will significantly improve the quality of our services in the province."

Second Quarter 2013 Financial Results

• Net revenues in the second quarter of 2013 were US$18.2 million, representing a 22.5% decrease from the same period in 2012 and an 8.6% decrease from the first quarter of 2013.
• China Digital TV shipped approximately 3.58 million smart cards in the second quarter of 2013, compared to 3.74 million in the same period in 2012 and 3.71 million in the first quarter of 2013.
• Gross margin in the second quarter of 2013 was 76.7%, compared to 76.4% in the same period in 2012 and 73.4% in the first quarter of 2013.
• Diluted earnings per American depositary share (one ADS representing one ordinary share), or ADS, in the second quarter of 2013 were US$0.03, compared to US$0.12 in the same period in 2012.

"Despite a range of challenges, including those posed by competition from IPTV and over-the-top ("OTT") services, and the stronger negotiating position cable operators have for pricing following provincial network consolidation completion, China Digital TV was able to meet our revenue guidance for the second quarter of 2013," said Mr. Jianhua Zhu, China Digital TV's chairman and chief executive officer. "We saw steady demand and performance during the second quarter in several key provinces, including Zhejiang, Jiangsu,Guangdong and Shandong. We are beginning to see conversion to high definition drive demand for our smart cards and we expect this trend to continue during the second half of the year."

Mr. Zhu continued, "The overseas market remains a key focus for driving China Digital TV's growth over the long-term, and we made good progress in Taiwan and other localities during the past quarter. As part of our diversification strategy, we continue to develop our cloud computing and video on demand offerings and network broadcast platform, and are in active discussions with potential partners to make these offerings even stronger. Intelligentization in areas like Internet TV, OTT set-top boxes and allowing users to view content across multiple platforms is beginning to drive operators' demand for our value-added service platforms, which is a trend we expect to gain strength going forward."

Mr. Zhenwen Liang, China Digital TV's chief financial officer, commented, "China Digital TV is working to continue improving execution in response to the impact that industry challenges following provincial network consolidation had on our accounts receivables and the average selling price ("ASP") of smart cards during the second quarter of 2013. Looking forward, we will continue to prioritize investment in value-added services with high growth potential."

Business Outlook

Based on information available as of Aug 20, 2013, China Digital TV expects smart card shipment volumes for the third quarter of 2013 to be in the range of 3.6 million to 3.9 million. Net revenues for the third quarter of 2013 are expected to be in the range of US$ 16.7 million to US$18.1 million.

First Quarter 2013 Financial Results

• Net revenues in the first quarter of 2013 were US$19.9 million, representing an 8.4% decrease from the same period in 2012 and a 13.9% decrease from the fourth quarter of 2012.
• Gross margin in the first quarter of 2013 was 73.4%, compared to 77.7% in the same period in 2012 and 76.2% in the fourth quarter of 2012.
• Diluted earnings per American depositary share (one ADS representing one ordinary share), or ADS, in the first quarter of 2013 were US$0.13, compared to US$0.12 in the same period in 2012.

"During the first quarter of 2013, despite normal seasonal slowness, China Digital TV saw higher than expected revenues and smart card shipment volumes due to the completion of cable network consolidation last year," said Mr. Jianhua Zhu, China Digital TV's chairman and chief executive officer. "Our leading position in China, where we had a 57% market share in the CA system market in the first quarter of 2013, enabled us to benefit from strong demand from provincial operators in Jiangsu, Shandong, and other regions. Looking forward, China Digital TV expects to see excellent market opportunities over the long term as digitalization leads to what we call 'intelligentization,' which includes the transition to HD and the industry development around the integration of Internet features into televisions."

Mr. Zhu continued, "China Digital TV is making steady progress in our overseas smart card business, particularly in India. We now have a local sales team in India, where we are seeing encouraging growth from a small base, and we believe that market has good long-term potential. We will continue to explore opportunities in overseas markets."

Mr. Zhenwen Liang, China Digital TV's chief financial officer, commented, "I am pleased to report that strong demand for our smart cards has resulted in revenues exceeding our expectations. In addition, during the first quarter of 2013, China Digital TV renewed agreements with several provincial cable operators, including those in Fujian and Jiangsu, which reflects a trend that will help us consolidate our position as the market leader during the next several quarters."

Business Outlook

Based on information available as of May 21, 2013, China Digital TV expects smart card shipments for the second quarter of 2013 to be in the range of 3.6 million to 3.9 million. Net revenues for the second quarter of 2013 are expected to be in the range ofUS$16.7 million to US$18.1 million.

Highlights for the Second Quarter 2012

• Net revenues in the second quarter of 2012 were US$23.5 million, representing a 5.0% decrease from the same period in 2011 and an 8.0% increase from the first quarter of 2012.
• China Digital TV shipped approximately 3.74 million smart cards in the second quarter of 2012, compared to 4.64 million in the same period in 2011 and 3.70 million in the first quarter of 2012.
• Gross margin in the second quarter of 2012 was 76.4%, compared to 81.4% in the same period in 2011 and 77.7% in the first quarter of 2012.
• Diluted earnings per American depositary share (one ADS representing one ordinary share), or ADS, in the second quarter of 2012 were US$0.12, compared to US$0.19 in the same period in 2011.

"While some provincial-level cable operators delayed card shipments during the quarter, the impact was lessened by revenue growth from sales of other products, such as multimedia home entertainment boxes and surface mounted device chipsets," said Mr. Jianhua Zhu, China Digital TV's chairman and chief executive officer. "During a challenging quarter, we were able to maintain China Digital TV's leading position in China's CA market, which we believe will help us benefit from a future uptick in demand as provinces gradually complete network consolidation."

"While we expect revenue and smart card shipment volumes to continue to be affected by industry headwinds during the coming quarters, we remain confident that there will be substantial increases in cable and digital penetration over the long term, especially in lower-tier cities and rural areas of China," Mr. Zhu continued. "I am also pleased to report that we are now seeing emerging opportunities for our more advanced, highly secured CA products driven by the upgrading of set-top boxes to high-definition. In addition, our research and development team continues to make encouraging progress as we focus on expanding our offering of products and services. To ensure long-term diversified growth, China Digital TV remains focused on building out our value-added services and partnerships."

Mr. Zhenwen Liang, China Digital TV's chief financial officer, commented, "Although we expect revenue and smart card shipment volumes for the full year 2012 to be lower than they were in 2011, we remain confident in demand for digitalization over the longer term. Our team is committed to research and development on next generation products and value-added services to further expand our revenue sources, solidify our industry leading position and continue to strengthen operational efficiency."

Business Outlook

Based on information available as of August 21, 2012, China Digital TV expects smart card shipments for the third quarter of 2012 to be in the range of 3.5 million to 3.8 million. Net revenues for the third quarter of 2012 are expected to be in the range of US$ 20.6 million to US$ 22.1 million.

BEIJING, June 26, 2012 /PRNewswire-Asia/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of conditional access ("CA") systems to China's expanding digital television market, today announced updated guidance for the Company's smart card shipment volume and net revenues for the second quarter ended June 30, 2012.

China Digital TV currently expects smart card shipment volume to be in the range of 3.7 million to 3.8 million and net revenues to be in the range of US$ 22.4 million to US$ 23.8 million for the second quarter of 2012. The Company had previously announced that it expected smart card shipment volume for the second quarter of 2012 to be in the range of 4.4 million to 4.6 million and net revenues to be in the range of US$ 25.44 million to US$ 26.41 million.

The primary reason for the updated guidance is the lower-than-planned smart card sales in several provinces in China in the second quarter of 2012.

Mr. Jianhua Zhu, China Digital TV's chairman and chief executive officer commented, "As cable network consolidation has been largely completed, we observed that smart card purchasing decisions in recent months have become more centralized at the provincial level. Particularly in the second quarter, a number of municipalities in several provinces, for example Henan and Zhejiang, delayed purchasing activities while awaiting alignment from the provincial-level operator. While these factors affected our shipment in the second quarter, we believe that the unmet demand for smart cards in these provinces would be fulfilled at a later stage. However, at present, it is hard for us to predict a timeline."

Mr. Zhu continued, "Our leadership position in China's digital television industry remains strong. Going forward, we will continue to focus on providing the best products and services in conditional access, while improving operational efficiency and financial management to support long-term growth."

China Digital TV expects to release its actual second quarter 2012 financial results in mid-to-late August 2012.

Highlights for the First Quarter 2012

• Net revenues in the first quarter of 2012 were US$21.8 million, representing a 12.6% increase from the same period in 2011 and a 25.4% decrease from the fourth quarter of 2011.
• China Digital TV shipped approximately 3.70 million smart cards in the first quarter of 2012, compared to 3.63 million in the same period in 2011 and 5.38 million in the fourth quarter of 2011.
• Gross margin in the first quarter of 2012 was 77.7%, compared to 79.5% in the same period in 2011 and 81.1% in the fourth quarter of 2011.
• Diluted earnings per American depositary share (one ADS representing one ordinary share), or ADS, in the first quarter of 2012 were US$0.12, compared to US$0.13 in the same period in 2011.

"I am pleased to report that China Digital TV has delivered another solid quarter with a net revenue increase of 12.6% from the same period in 2011, spurred by steady growth in smart card shipments and increased sales of other products. Demand for our products was largely driven by the continued investment from cable operators in digitalization projects," said Mr. Jianhua Zhu, China Digital TV's chairman and chief executive officer. "In the first quarter of 2012, our strong execution capabilities enabled us to maintain our leading market share of 58% in China's CA market. Meanwhile, we also saw progress in the development of our next generation products and services, as well as sales in international markets."

Mr. Zhu continued, "Looking ahead, we expect to witness steady market demand for our standard CA products this year, supported by continuous cable penetration and digitalization throughoutChina, including in regional markets. We also anticipate emerging opportunities for our more advanced CA products driven by the conversion to high-definition set-up boxes. In addition, as an industry leader in China's digital television industry, we remain focused on expanding our international business and exploring value-added services and partnership opportunities to meet the evolving industry needs and stay ahead of market trends."

Mr. Zhenwen Liang, China Digital TV's chief financial officer, commented, "Sustainable growth has always been a key focus of China Digital TV's development strategy. In addition to our longstanding efforts to improve operational efficiency, we are also committed to expanding our revenue potential through investment in research and development to capture opportunities in the evolving digital industry."

Business Outlook

Based on information available as of May 22, 2012, China Digital TV expects smart card shipments for the second quarter of 2012 to be in the range of 4.4 million to 4.6 million. Net revenues for the second quarter of 2012 are expected to be in the range of US$25.44 million to US$26.41 million.

Fourth Quarter 2011 Results

• Net revenues in the fourth quarter of 2011 were US$29.2 million, representing an 11.2% decrease from the same period in 2010 and a 12.7% increase from the third quarter of 2011. The year-over-year decrease was primarily due to a spike in smart card demand in the fourth quarter of 2010 caused by the year-end deadline for provincial cable network consolidation.
• China Digital TV shipped approximately 5.38 million smart cards in the fourth quarter of 2011, compared to 6.10 million in the same period in 2010 and 4.66 million in the third quarter of 2011.
• Gross margin in the fourth quarter of 2011 was 81.1%, compared to 80.8% in the same period in 2010 and 80.5% in the third quarter of 2011.
• Diluted earnings per American depositary share, or ADS, (one ADS representing one ordinary share), in the fourth quarter of 2011 were US$0.19, compared to US$0.15 in the same period in 2010.

"I'm proud to report that we delivered solid financial results in the fourth quarter of 2011, driven by continued momentum in smart card demand. The strong demand was a result of the ongoing cable network consolidation as well as cable operators investing in digitalization projects," said Mr. Jianhua Zhu, China Digital TV's chairman and chief executive officer. "In 2011, strong execution allowed us to solidify our market share and achieve a 12.8% annual growth in smart card shipment volume and a 13.7% annual increase in net revenues, surpassing outstanding results in 2010."

Mr. Zhu continued, "Cable operators continued to invest in diversified pay-TV services in 2011, in light of the further progress in cable network consolidation and a higher degree of digital penetration. However, commercialization of those value added services were in the early stages and the pace of market adoption remains to be seen in 2012. Given the mixed market sentiment, we expect shipment of smart cards in 2012 to be in line with 2011 levels. Going forward, in addition to developing our core CA business, we plan to continue carrying out research and development of next generation products and service solutions, as well as expanding our business overseas."

Mr. Zhenwen Liang, China Digital TV's chief financial officer, commented, "Throughout 2011, China Digital TV focused on expanding our revenue potential through investments in research and development for value-added services. Meanwhile, we are committed to creating value for our shareholders by managing operating expenses and continuously enhancing operational efficiency."

Business Outlook

Based on information available as of February 29, 2012, China Digital TV expects smart card shipments for the first quarter of 2012 to be in the range of 3.5 million and 3.7 million. Net revenues for the first quarter of 2012 are expected to be in the range of US$18.3 million and US$20.1 million.

BEIJING, December 29, 2011 /PRNewswire-Asia/ -- China Digital TV Holding Co., Ltd. (NYSE: STV) ("China Digital TV" or the "Company"), the leading provider of conditional access ("CA") systems to China's expanding digital television market, today announced that the payment of a special cash dividend (the "Dividend") to its shareholders, initially scheduled to be made on or around December 30, 2011, will be postponed as regulatory approval by the foreign exchange authority in China for the repatriation of U.S. dollars relating to the Dividend is still pending.

On May 20, 2011, the Company announced a special cash dividend of US$0.56 per share on the Company's ordinary shares, par value US$0.0005 per share. Shareholders of record, including holders of the Company's American Depository Shares ("ADSs"), as of the close of business on June 20, 2011, U.S. Eastern Daylight Time, are eligible to receive the Dividend. The record date for the Dividend is not affected by the postponement. The total amount of the Dividend is US$33.421 million. As of September 30, 2011, China Digital TV had cash and cash equivalents, restricted cash and bank deposits maturing over three months totaling US$231.0 million.

"This is a routine approval process, which, however, has been slower than we had anticipated," said Mr.Zhenwen Liang, China Digital TV's Chief Financial Officer. "We apologize for the inconvenience to our shareholders and will announce a new payment date as soon as practicable

Third Quarter 2011 Results

Second Quarter 2011 Results

"We are pleased to report that China Digital TV has delivered another solid quarter, with strong market demand for our advanced CA products driving revenue growth," said Mr. Jianhua Zhu, China Digital TV's chairman and chief executive officer. "Cable operators in China remain focused on accelerating the ongoing process of consolidation and investing in digitalization projects. In particular, the most significant demand increases came from several provinces, including Jiangxi, Guizhou and Sichuan. We believe China Digital TV's industry leadership and superior execution have enabled us to deliver faster than market growth."

Mr. Zhu continued, "For the second half of the year, we expect steady momentum in smart card demand. As always, we are confident we will maintain our position as the leading provider in our market. In parallel, we remain committed to the research and development of our next generation products and services, and are making significant headway in preparing for the next wave of growth in China's TV industry."

Mr. Zhenwen Liang, China Digital TV's chief financial officer, commented, "In addition to enhancing the execution and profitability of our core CA business, China Digital TV is focused on investing in long-term sustainable growth, and we have a number of exciting new initiatives under development."

First Quarter Results:

• Net revenues in the first quarter of 2011 were US$19.3 million, representing a 37.7% increase from the first quarter in 2010 and a 41.2% decrease from the fourth quarter of 2010.
• China Digital TV shipped approximately 3.63 million smart cards during the first quarter of 2011, compared to 2.57 million and 6.10 million smart cards in the first quarter of 2010 and the fourth quarter of 2010, respectively.
• Gross margin in the first quarter was 79.5%, compared to 77.5% in the same period in 2010 and 80.8% in the fourth quarter of 2010.
• Diluted earnings per American depositary share ("ADS") (one ADS representing one ordinary share) in the first quarter of 2011 were US$0.13, compared to US$0.10 in the same period in 2010.

"In line with our projections, cable television operators remained keen on investing in digitalization projects during the first quarter of 2011. Continued demand and stable prices for smart cards spurred another strong quarter, with an approximately 40% increase in both shipments and revenues compared to the first quarter of 2010," said Mr. Jianhua Zhu, China Digital TV's chairman and chief executive officer.

Based on information available on May 16, 2011, China Digital TV expects smart card shipments for the second quarter of 2011 to be in the range of 3.7 million to 4.0 million. Net revenues for the second quarter of 2011 are expected to be in the range of 20.08 million to 21.6 million US Dollars, representing a year-over-year increase in the range of 4% to 11.9%.

Fourth Quarter Highlights:

• Gross profit in the fourth quarter of 2010 was US$26.5 million, an increase of 153.3% from the same period in 2009 and an increase of 61.1% from the third quarter of 2010.
• Income from operations in the fourth quarter was US$19.2 million, a 317.6% increase from the same period in 2009 and an 86.1% increase from the third quarter of 2010.
• Non-GAAP net income attributable to China Digital TV Holding Co., Ltd., in the fourth quarter of 2010 was US$19.6 million, an increase of 203.5% compared with the same period in 2009 and a increase of 90.1% compared with the third quarter of 2010.
• Diluted earnings per American depositary share ("ADS") (one ADS representing one ordinary share) in the fourth quarter of 2010 were US$0.15, compared to US$0.10 in the same period in 2009.

Based on information available on March 1, 2011, China Digital TV expects smart card shipments for the first quarter of 2011 to be in the range of 3.50 million to 3.70 million.

• Net revenues for the first quarter of 2011 are expected to be in the range of US$19.22 million to US$20.24 million, representing a year-over-year increase in the range of 37% to 44%.

Highlights for the third quarter 2010

• Net revenues in the third quarter of 2010 were US$21.1 million, a quarterly record in the Company's operating history, and represented a 10.4% increase from the second quarter of 2010 and a 74.5% increase from the same period in 2009.
  
• China Digital TV shipped approximately 3.95 million smart cards in the third quarter of 2010, compared to 3.61 million smart cards shipped in the second quarter of 2010 and 1.96 million shipped in the same period in 2009.
  
• According to market data collected by the Company, China Digital TV entered into 14 out of a total of 20 new contracts to install CA systems in China in the third quarter of 2010.
  
• Gross margin in the third quarter was 78.0%, compared to 73.8% in the same period in 2009 and 78.7% in the second quarter of 2010.
  
• Diluted earnings per American depositary share (one ADS representing one ordinary share), or ADS, in the third quarter of 2010 were US$0.17, compared to US$0.08 in the same period in 2009.

"We are delighted to report record revenues for the third quarter of 2010, which were driven by continued increases in CA card shipments, relatively stable pricing, and a rebound in our service business," said Mr. Jianhua Zhu, China Digital TV's chairman and chief executive officer. "Demand for our core CA products has been accelerating as Chinese cable operators increased investment in digitalization projects in response to the government's policy to encourage the convergence of TV, telecom and Internet services, as well as ongoing consolidation of the domestic cable industry. In addition, as the industry environment improved, we were also able to gain market share by taking advantage of our superior customer base in China."

Business Outlook

Based on information available as of November 16, 2010, China Digital TV expects smart card shipments for the fourth quarter of 2010 to be in the range of 3.7 million to 3.9 million. Net revenues for the fourth quarter of 2010 are expected to be in the range of US$20.80 million to US$21.79 million, representing a year-over-year increase in the range of 52% to 59%.