New York – Xuechu He, who was named #38 on Forbes richest Chinese list in 2010 with a net worth of RMB 12 billion, purchased a stake in YOU On Demand from C Media Limited (“C Media”), a mobile video service provider in China, in a private stock transaction. He purchased 2,285,715 restricted Series E convertible preferred shares.
“Mr. He has great appreciation for C Media’s long-term strategic view of YOU On Demand and its ability to capitalise on China’s fast-growing mobile, OTT and digital cable entertainment space,” said Xuesong Song, co-founder, Chairman, CEO and the largest shareholder of C Media as well as Executive Chairman of YOU On Demand. “I have worked closely and successfully with Mr. He for over a decade and I am confident that YOU On Demand’s Board of Directors and Executive Management will greatly benefit from the expertise and keen insight Mr. He can offer to YOU On Demand and its stakeholders.”
Xuechu He, is a permanent resident of the Hong Kong SAR. Since 2007, He has been Chairman of Honbridge Holdings Ltd., a HK listed investment holding company that focuses on the energy and resources sector. From 2011 to 2013, He served as a vice-chairman of China Growth Equity Investment Limited, leading the acquisition of Pingtan Marine Enterprise, the largest U.S. listed deep-sea fishing company in China. He was Chairman of the Board of Guorun Holdings Ltd. from 2002 to 2005, a publicly listed company in Hong Kong Stock Exchange that later merged with Geely Automobile Holdings Ltd., the largest private automobile manufacturer in the PRC.
