Boston, MA 06/16/2014 (wallstreetpr) – Mr. Xueche He bought a stake in You On Demand Holdings, Inc. (NASDAQ:YOD). Xueche He was named No. 38 on Forbes most affluent Chinese list in the year 2010 with a net worth of RMB 12 billion. Mr. He purchased the stake from one of the largest mobile video supplier in China, named C Media Limited, in a private stock deal. Mr. He bought 2,285,715 limited Series E convertible preferred shares.
CEO remarked
The CEO, chairman, co-founder and the leading shareholder of C Media and Executive chairman of You On Demand Holdings, Inc. (NASDAQ:YOD), Mr. Xuesong Song, commented on the fact. He stated that Mr. He possessed high admiration for C Media’s long-standing strategic outlook of YOD along with its capacity to capitalize on China’s booming mobile, OTT coupled with digital cable entertainment space.
Song added that he had worked intimately and also fruitfully with Mr. He for more than ten years. Song expressed his confidence that the Executive Management and Board of Directors of You on Demand would highly gain from the skill and intense insight of Mr. He. As stated by Song, Mr. He could offer great expertise to YOD and its stakeholders.
Mr. He served multiple roles
Mr. He is an enduring resident of Hong Kong SAR. In fact, since the year 2007, he has served the prestigious role of the chairman of Honbridge Holdings Ltd. It is an investment holding company which concentrates on the resource and energy segment, listed under HK. In addition, he has been the vice-chairman of China Growth Equity Investment Limited from 2011 to 2013, heading the purchase of Pingtan Marine Enterprise (NASDAQ:PME). The latter is a leading U.S. listed deep-sea fishing business in China. Also, from 2002 to 2005, Mr. He played the role of the chairman of the Board of Guorun Holdings Ltd., a publicly listed company in Hong Kong Stock Exchange. Eventually, it amalgamated with Geely Automobile Holdings Ltd. Geely is the biggest private automobile maker in the PRC.
