APT Satellite Holdings

APT Satellite Holdings Limited is a Bermuda-incorporated holding company focused on satellite communications through its Hong Kong-incorporated subsidiary, APT Satellite Company Limited. The operating company is commonly associated with the APSTAR brand and owns and operates a fleet of geostationary communications satellites serving customers across a broad area of Asia and adjacent regions. The operating business was established during the development of China’s commercial satellite-communications sector in the early 1990s. The company was incorporated in Hong Kong in January 1992 as Free Union Limited, changed its name to Trans-Asia-Pacific Satellite Communications Company Limited in March of that year, and adopted the name APT Satellite Company Limited in April. Its establishment received official approval from the State Council of the People’s Republic of China on 26 March 1992. APT Satellite Holdings itself functions as the listed holding structure associated with the operating company. APT Satellite was listed on the Hong Kong Stock Exchange on 18 December 1996. Because the listed holding company was incorporated outside Hong Kong while being indirectly controlled by Chinese state interests, it has been described as a red-chip company. The company’s ownership structure has included APT Satellite International as its largest shareholder, together with indirect and direct interests associated with China Satellite Communications, China Great Wall Industry Corporation and other entities connected with China Aerospace Science and Technology Corporation. This ownership profile places APT Satellite within China’s broader state-linked aerospace and satellite-communications ecosystem, while its corporate domicile and public listing have been in Bermuda and Hong Kong respectively. The company’s principal business is the ownership, operation and commercial use of communications satellites. The APSTAR fleet has included APSTAR-7, APSTAR-9, APSTAR-5C, APSTAR-6C and APSTAR-6D in orbit as of the period described by the available reference material. The wider APSTAR program has also included earlier or associated satellites such as APSTAR-1, APSTAR-1A, APSTAR-2, APSTAR-2R, APSTAR-5, APSTAR-6, APSTAR-7B, APSTAR-9A and APSTAR-6E. Satellite coverage extends across Asia, Europe, Africa, Australia and Pacific island markets, encompassing regions containing a substantial share of the world’s population. APT Satellite’s business is therefore infrastructure-oriented rather than consumer-facing. Its assets support satellite capacity and related communications applications, including the distribution and transmission of television, broadcasting, data and other telecommunications signals, although the available reference material does not provide a complete current service catalogue. The company’s strategic value lies in orbital positions, satellite capacity, network reach and long-term relationships with communications and media customers. APT Satellite Holdings has also held minority investments outside its core satellite fleet. The available ownership information records a 3.49% interest in CNC Holdings as of 31 December 2016. The same historical source reported a market capitalisation of approximately HK$3.816 billion as of 30 June 2016, but this is a time-specific historical figure rather than a current valuation. Current financial results, executive leadership, fleet composition and corporate website details are not established by the supplied material.

APT Satellite Holdings is the listed holding company associated with APT Satellite Company Limited, the Hong Kong operator of the APSTAR communications-satellite system. The group’s origins date to the creation of a Hong Kong satellite-communications enterprise in 1992, when the operating company was first incorporated as Free Union Limited on 21 January. It changed its name to Trans-Asia-Pacific Satellite Communications Company Limited on 10 March and then to APT Satellite Company Limited on 15 April. The establishment of the company was officially approved by the State Council of the People’s Republic of China on 26 March 1992. The business was developed as part of the expansion of satellite communications infrastructure serving the Asia-Pacific region. Its commercial identity became associated with APSTAR, a constellation of geostationary communications satellites designed to provide coverage for broadcasting, telecommunications and related data applications. The company’s satellite assets and coverage have extended beyond Asia to Europe, Africa, Australia and Pacific island markets. APT Satellite was listed on the Hong Kong Stock Exchange on 18 December 1996. The listed structure has been characterized as a red-chip company because the holding entity was incorporated overseas while being indirectly controlled by Chinese state interests. APT Satellite Holdings is incorporated in Bermuda, while the holding company and its operating subsidiary are headquartered in Hong Kong. The ownership structure has involved APT Satellite International as the largest shareholder. Historical ownership disclosures describe indirect and direct interests held by entities connected with China Aerospace Science and Technology Corporation, including China Satellite Communications and China Great Wall Industry Corporation. On the information available for 31 December 2016, the CASC-related consortium was described as controlling approximately 54.67% of APT Satellite Holdings, while APT Satellite International itself was approximately 57.15% owned by CASC-related interests. Other historical shareholders included Temasek Holdings and International Value Adviser, LLC. Earlier ownership arrangements also included SingaSat, a wholly owned subsidiary of Singtel, and Kwang Hua Development and Investment. The group’s core activity has remained the ownership and operation of communications satellites. The fleet identified in the available reference material includes APSTAR-7, APSTAR-9, APSTAR-5C, APSTAR-6C and APSTAR-6D. Earlier or associated APSTAR spacecraft include APSTAR-1, APSTAR-1A, APSTAR-2, APSTAR-2R, APSTAR-5, APSTAR-6, APSTAR-7B, APSTAR-9A and APSTAR-6E. These satellites have supported the company’s role as a capacity provider and communications-infrastructure operator rather than as a consumer brand. The company has also made investments outside its satellite fleet. A historical disclosure recorded a 3.49% equity interest in CNC Holdings as of 31 December 2016. The same period of reporting recorded a market capitalisation of HK$3.816 billion at 30 June 2016. No current market value, financial performance, executive roster or full present-day fleet status is established in the supplied reference material.

• 2016

  Historical ownership and investment disclosure

  [1]APT Satellite Holdingsen.wikipedia.org

  Historical disclosures identified APT Satellite International as the largest shareholder and recorded a 3.49% investment in CNC Holdings as of 31 December 2016.

• 2011

  CASC-related stake in APT Satellite International increased

  [1]APT Satellite Holdingsen.wikipedia.org

  China Great Wall Industry Corporation, a CASC-related entity, acquired a further 14.29% of APT Satellite International through the purchase of CASIL Satellite.

• 1996

  Hong Kong listing

  [1]APT Satellite Holdingsen.wikipedia.org

  APT Satellite was listed on the Hong Kong Stock Exchange on 18 December 1996.

• 1992

  Operating company incorporated

  [1]APT Satellite Holdingsen.wikipedia.org

  The Hong Kong operating company was incorporated as Free Union Limited on 21 January 1992 and later renamed Trans-Asia-Pacific Satellite Communications Company Limited and APT Satellite Company Limited.

• 1992

  State approval granted

  [1]APT Satellite Holdingsen.wikipedia.org

  The establishment of APT Satellite Company Limited received official approval from the State Council of the People’s Republic of China on 26 March 1992.

A state-linked, Hong Kong-based satellite communications infrastructure operator serving broad Asia-Pacific and intercontinental coverage markets through the APSTAR fleet.

• Satellite communications infrastructure

  APSTAR satellite fleet

  The APSTAR fleet is the group’s principal operating asset base. It consists of geostationary communications satellites used to provide satellite capacity across Asia and wider markets including Europe, Africa, Australia and Pacific island territories. The fleet supports broadcasting, telecommunications, data transmission and related communications applications. The reference material identifies APSTAR-7, APSTAR-9, APSTAR-5C, APSTAR-6C and APSTAR-6D as in-orbit satellites during the cited period.

• Communications satellite

  APSTAR-7

  APSTAR-7 is one of the communications satellites operated within the APSTAR system. It contributes satellite capacity to the group’s regional and intercontinental coverage network. The supplied material does not specify its launch date, payload configuration, service life or individual commercial applications.

• Communications satellite

  APSTAR-9

  APSTAR-9 is identified as part of APT Satellite’s in-orbit fleet. It is used as part of the group’s satellite communications infrastructure and contributes to coverage serving markets across Asia and other regions. Detailed technical specifications and current operating status are not provided in the supplied reference.

• Communications satellite

  APSTAR-5C

  APSTAR-5C is listed among the satellites owned and operated by APT Satellite. The spacecraft forms part of the company’s capacity platform for broadcasting, telecommunications and data-related services over its designated coverage areas. The reference material does not provide separate commercial or technical details for this satellite.

• Communications satellite

  APSTAR-6C

  APSTAR-6C is identified as an in-orbit member of the APSTAR satellite fleet. It supports the group’s role as a satellite-capacity operator serving communications markets across a wide geographic area. No specific launch, transponder, customer or end-of-life information is established by the supplied sources.

• Communications satellite

  APSTAR-6D

  APSTAR-6D is listed as one of the five in-orbit satellites in the APSTAR Satellite Fleet described by the reference material. It is part of APT Satellite’s communications infrastructure serving Asia and adjacent international markets. The supplied source does not detail the satellite’s technical design or current operational parameters.

• 2011

  Acquisition of CASIL SatelliteM&A

  Background

  China Aerospace Science and Technology Corporation sought to expand its indirect interest in APT Satellite International, the principal holding-company shareholder associated with APT Satellite Holdings.

  Action taken

  China Great Wall Industry Corporation acquired CASIL Satellite from China Aerospace International Holdings for HK$132.3 million, obtaining an additional 14.29% interest in APT Satellite International.

  Aftermath

  The transaction increased CASC-related influence over APT Satellite International and contributed to the state-linked ownership structure described in later disclosures.

  Source

• 2011

  CASC-related ownership of APT Satellite International expanded[1]APT Satellite Holdingsen.wikipedia.org

  M&A

  China Aerospace Science and Technology Corporation acquired an additional 14.29% interest in APT Satellite International through China Great Wall Industry Corporation by purchasing CASIL Satellite from China Aerospace International Holdings for HK$132.3 million.

• 1996

  APT Satellite listed on the Hong Kong Stock Exchange[1]APT Satellite Holdingsen.wikipedia.org

  Other

  APT Satellite became a publicly listed Hong Kong company on 18 December 1996, establishing the public-market structure associated with the APSTAR satellite business.

• 1992

  APT Satellite Company established and approved by the State Council[1]APT Satellite Holdingsen.wikipedia.org

  Other

  The Hong Kong operating company that later became APT Satellite Company Limited was incorporated in January 1992, renamed twice during the year, and received official establishment approval on 26 March 1992.

1. 1APT Satellite Holdingsen.wikipedia.org