NEW YORK, May 18, 2017 – The New York Stock Exchange (“NYSE” or the “Exchange”) announced today that the staff of NYSE Regulation has determined to commence proceedings to delist from the NYSE the American Depositary Shares (each representing one ordinary share) (the “ADSs”) of China Digital TV Holding Co., Ltd. (the “Company”) – ticker symbol STV.  Trading in the Company’s ADSs was halted on the afternoon of May 16, 2017 and trading in these securities will now be suspended immediately. 

NYSE Regulation has determined that the Company is no longer suitable for listing and has commenced delisting proceedings pursuant to Section 802.01D of the NYSE Listed Company Manual for the following reasons. 

First, Section 802.01D provides that the Exchange may commence delisting proceedings when a company has sold or otherwise disposed of its principal operating assets or has ceased to be an operating company.  Specifically, NYSE Regulation noted the Company’s December 29, 2016 sale of its interests in Beijing Super TV Co., Ltd. (“Super TV”), which represented a substantial majority of the Company’s operating assets. 

Second, Section 802.01D provides for delisting where an event or condition may exist which makes further dealings or listing of a security on the Exchange inadvisable or unwarranted in the opinion of the Exchange.  NYSE Regulation is concerned about the timing and certainty of the Company’s special cash dividend of US$1.50 per ordinary share, as this dividend represents a substantial majority of the current trading value of the ADSs and can only be paid after the completion of foreign currency exchange administrative procedures for the proceeds from the sale of its interests in Super TV.  In this regard, NYSE Regulation noted the Company’s May 16, 2017 disclosure concurrent with setting a June 15, 2017 payment date, stating that “The remaining proceeds are still in the procedures of currency exchange from Renminbi to U.S. dollars.  If the Company is unable to pay the dividend due to the foreign currency conversion, the Company commits to update the market with a new special dividend payment date as soon as possible.”

The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange.  The NYSE will apply to the Securities and Exchange Commission to delist the ADSs upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.

Company Contact:

Investor Relations

Tel: +86-10-6297-1199 x 9780

Email: ir@chinadtv.cn