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China Digital TV Holding Management Discusses Q4 2010 Results - Q&A Transcript

Now, the second reason is the December of last year is deadline of setting up a province level cable company and each province ordered by the Central Government, Chinese Central Government. So, smaller cable operator in that period, in the fourth quarter who were aggressive increasing their spending on convergence project to position themselves better in the further in a possible consolidation.

So, that factor lead to some unexpected surge in the market demand. So, we do not think that we can repeat that growth rate in the 2011. But if you look at our guidance for Q1, on year-over-year basis we will see that we can still achieve more than 35%, actually increase in that revenue. We think it is also still a very healthy signal.

I don’t know if we answered your question, Philip.

Philip Wan – Morgan Stanley

Sorry, I think I was in – my question was I would like to understand the gap between your guidance in the fourth quarter, I mean the last, just on guidance terms, 3.7% at the end of the fiscal year?

Unidentified Company Representative


Dong Li

[Interpreted] So, Philip we make, the China Digital TV is making its guidance based on the information we collect from our customer by summing up their own budget expectation, but actually in the fourth quarter a lot of our customers, their actual investment in those projects even in the past that their own expectation at the quarter beginning so that’s why we said that with various unexpected search in the marketing. I don’t know if that answers your question.

Philip Wan – Morgan Stanley

Okay, that’s helpful, thank you. And then my second question is about your integrated chip business. Looks like it is going to be a new book riser for your company in 2011 and you mentioned that it will contribute around 46% of your total revenue and just want to get some color from you, what is your expectation in terms of revenue contribution in the first quarter and also your expectations in terms of shipment volume for ASP and even if you can share with us your expected margin compared with smart card business going forward? It will be very helpful, Thank you.

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