China Mobile, China’s largest telecom operator, will buy 45.8 million to-be-issued shares of Mango Excellent Media at RMB 1.6 billion (USD 230 million) via one of its subsidiaries, the latter disclosed with the Shenzhen Stock Exchange on Monday.
It’s the company behind Mango TV, the fourth largest video site in China following iQiYi, Youku and Tencent Video. The China Mobile subsidiary will also buy 11.5 million shares at RMB 400 million of Mango Excellent Media in this private placement.
Part of the proceeds is meant to be used to create more video content for Mango TV.