China Digital stirs frenzy on Wall Street
EmptyBUSAN, South Korea -- Investors are wild for shares of China Digital TV, the leading Chinese conditional access systems provider that raised $192 million in its New York Stock Exchange listing.
High demand for digital television service among China's growing middle class caught investor interest in the Beijing-based company that makes systems to protect broadcast content.
Shares of the company climbed 75% to $28 a share in its first full day of trade Friday.
As of June 30, the company had installed conditional access systems at 130 digital television network operators in 26 of China's 32 provinces, its U.S Securities and Exchange Commission filing showed.
With 139 million households subscribed to cable TV in China, the company says the market will continue to grow on the heels of government support and expected consolidation.