China Broadcasting Network Corp (CBN), a cable TV operator and a new entrant in China’s telecom sector, has received investments of more than CNY100 billion ($14.5 billion) from 47 companies, including 11 new investors, Chinese press reported.
With the addition of these new Chinese investors, CBN now has a total of 47 shareholders.
The operator said it will use these fresh funds to accelerate the deployment of its 5G network.
The e-commerce giant Alibaba committed CNY10 billion for a 9.88% stake in CBN, an investment level matched by China’s national electricity company State Grid.
CBN parent China Radio and Television Network has invested CNY51.6 billion for a 51% stake in CBN.
