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.

据《证券日报》道，电广传媒发布公告，称将收购河北保定百世开利有线广播电视综合信息网络有限公司49%股权。

电广传媒虽然迈出了省外跨区域的发展的步伐，但收购如此微利公司，能否在省外区域的收购和合并中取得更大的收益和发展，值得进一步关注。

百世开利公司是在1999年注册成立，控股股东为河北广电信息网络集团股份有限公司，持有51%的股权。香港的Solar Touch Limited公司占百世开利49%的股份。

在2005年，香港广域离岸有限公司收购了Solar Touch Limited公司49的股份。

现在百世开利进行了第三次股权转让，就是电广传媒收购Broadway Offshore Limited公司49%的股权。

在2005年变更股权后，百世开利一直处于亏损状态，而在此状况下，却给Broadway Offshore Limited公司每年近400万元的分红，”一位内部消息人士称。