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CMMB (471.HK) completed the acquisition of the 'AsiaStar' system, accelerating business mergers and growth

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EQS-News / 26/04/2022 / 08:50 UTC+8

 

CMMB (471.HK) completed the acquisition of the "AsiaStar" system, accelerating business mergers and growth

 

Asia's largest high-orbit satellite based mobile data connectivity and transmission service provider - CMMB (stock code: 471) is pleased to announce that "Fully Exempted Connected Transaction" has been completed and the Company has successfully acquired the "AsiaStar" system with an expected value of US$120 million (equivalent to HK$1,000 million) from the Controlling Shareholder, Chi Capital at the consideration of HK$1.00.

 

The completion of the acquisition enables CMMB to possess Asia's only satellite based mobile data connectivity and delivery service platform located at the 105E geostationary (GEO) orbit (high-orbit) operating in 1467-1492 MHz L-band spectrum, and the satellite-5G broadcast-unicast ConvergedTM technology, which has been adopted by the International Telecommunication Union as a Vehicular Multimedia Standard (ITU-T F.749.3 & ITU-T H.551). Therefore, CMMB has possessed the relevant network infrastructure to become Asia's "Data-as-a-Service" operator with the largest coverage and transmission capabilities coupled with unmatched low-cost economies and data security, focusing on the new energy smart vehicle industry to provide in-vehicle infotainment and data telematics services. In the future, it also plans to extend related services to smart cities, smart vessels and remote data connectivity.

 

Moreover, the acquisition also enables the Company to rapidly become a key part of China's "Digital New Infrastructure", serving as a backbone for the coming nationwide connected-car service network to support tens to hundreds of millions of vehicles in collaboration with the terrestrial 5G network.

 

At the same time, CMMB has also become the only Hong Kong based aerospace Internet operator. Through the continuous development of the platform and the continuous release of mobile data satellite transmission capabilities, the Company will actively integrate into the construction of the digital economy in the Greater Bay Area, and cooperate with Mainland industry partners to accelerate the deployment of services in the Greater Bay Area, building the solid foundation for nationwide rollout in the future. In parallel, the Company also plans to extend the service platform to the ASEAN region by leveraging its Greater Bay Area ecosystem support. Related pilot and trial services are currently under planning.

 

CMMB expects that the acquisition of high-quality satellite assets will not only help the Company become the most valuable satellite based mobile Internet data transmission services platform in Asia, but also enable it to collaborate with a wide range of industrial partners to advance the realization of comprehensive automatic driving system and Internet of Vehicles information system, comprehensive smart auto-cabin, thus providing car users with more convenient and high-quality in-vehicle infotainment and eCommerce consumption.

 

In order to further optimize the above platform, the Company is in active discussion with the Controlling Shareholder and third parties for further acquisitions. Relevant progress will be announced in due course.

 

At present, the Company's main goal is to develop into a full-fledged satellite connected-car service operating platform so as to grow revenues and achieve the market value that the Company deserves, and the Company hopes to continue delivering encouraging progress in the near term.

 

 



File: CMMB (471.HK) completed the acquisition of the "AsiaStar" system, accelerating business mergers and growth

26/04/2022 Dissemination of a Marketing Press Release, transmitted by EQS Group.
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