Hunan TV & Broadcast Intermediary subsidiary Huafengda Cable Holdings plans to acquire a 49 percent stake in Baoding-based Pascali Cable Television Network for 103 million yuan, the Securities Daily reported last week, citing a company filing.

The move comes as Hunan TV is looking to expand nationwide. But analysts have questioned whether the acquisition of Pascali, which posted profits of 670,000 yuan in 2010 after several years of losses, will help the company achieve its growth goals.

Pascali was established in 1999 as a majority-owned subsidiary of Hebei Television Broadcasting and Information Network Group Co., which controlled a 51 percent stake in the firm. Hong Kong-based Solar Touch Limited held the other 49 percent.

In 2005, Solar Touch Limited was taken over by Broadway Offshore, which acquired Solar Touch’s 49 percent stake in Pascali.

Those shares may now be transferred a third time if local authorities approve its sale to Hunan TV.

Pascali has reported substantial losses since its stockownership transfer in 2005. But despite its tough finances, the cable service company issued dividends worth 4 million yuan ($US 61.69 million) to Broadway Offshore Limited every year, an anonymous insider told Securities Daily.

據《證券日報》道，電廣傳媒發布公告，稱將收購河北保定百世開利有線廣播電視綜合信息網絡有限公司49%股權。

電廣傳媒雖然邁出了省外跨區域的發展的步伐，但收購如此微利公司，能否在省外區域的收購和合并中取得更大的收益和發展，值得進一步關注。

百世開利公司是在1999年注冊成立，控股股東為河北廣電信息網絡集團股份有限公司，持有51%的股權。香港的Solar Touch Limited公司占百世開利49%的股份。

在2005年，香港廣域離岸有限公司收購了Solar Touch Limited公司49的股份。

現在百世開利進行了第三次股權轉讓，就是電廣傳媒收購Broadway Offshore Limited公司49%的股權。

在2005年變更股權后，百世開利一直處于虧損狀態，而在此狀況下，卻給Broadway Offshore Limited公司每年近400萬元的分紅，”一位內部消息人士稱。