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The collapse of the Chinese Stock Market is not helping US-registered China Digital TV Holdings, which fell 19.75 per cent last week, and has tumbled 24 per cent during the past month.
Investor confidence in the NYSE-quoted stock has not been good of late and the company’s share price has hit high-points $5.35 this past year, but also 52-week low points of its current $2.37 at end of trading on August 24th. Back in Dec 2010 its price was $9.21.
China Digital supplies ‘smart cards’ for conditional access to China as well as digital head-end equipment.
But sales have regressed, and largely new management installed. On Aug 13 Jianhua Zhu, China Digital TV’s CEO told investors that smart card shipments decreased by 40.6 per cent to approximately 2.11 million from 3.55 million in the prior year period. China Digital TV’s net revenues decreased by 39.3 per cent to $10.4 million from $17.2 million in the prior year period. The decrease was primarily due to a decrease in revenues from the sales of smart cards caused by the general market decline of the mature CAS business.