Chen Zhaobin, executive director and president of the group, said APSTAR V, jointly developed by his group and the US Loral Orion Inc. on a 50 percent to 50 percent basis, has entered the final phase of its overall construction.

Announcing the group's annual results at a news conference in Hong Kong, hen said APSTAR V is expected to be launched by the US Sea Launch Limited Partnership in September and will become operational at the end of this year.

Wu Shoukan, chief engineer of the group, said APSTAR VI, a high-power satellite constructed by French Alcatel Space Industries, will be launched by "Long March 3B" carrier rockets and is expected to become operational in 2005.

Chen said, APSTAR VI will become China's first civil service satellite to be equipped with an anti-jamming system to prevent all kinds of possible malicious interruptions in order to safeguard the interests of the customers.

The group, a listed company on both the Stock Exchange of Hong Kong Limited and New York Stock Exchanges, mainly provides high quality services in satellite communication and satellite TV broadcasting to the broadcasting and telecommunications sectors in Asia, Europe and the United States.

The group endeavors to build its satellite TV broadcasting platform in order to provide one-stop satellite TV broadcasting services and to improve its competitive advantages.

In 2002, the group's turnover and after-tax profit were 351.4 million HK dollars (US$45.05 million) and 24.4 million HK dollars (US$3.07 million) and the utilization rates of the groups' three satellites were 55.6 percent, 65.7 percent and 100 percent respectively.

(Xinhua News Agency April 8, 2003)