China Economy recently reported that Wen Yunsong, the son of Chinese Premier Wen Jiabao, became chairman of the China Satellite Communications Group (China Satcom). The controlling shareholder China Aerospace Science and Technology Group made the decision. China Satcom was founded in 2011 and was managed by the State-owned Assets Supervision and Administration commission. It is one of six of China’s major telecommunications operators, and its primary business is satellite operations. China Satcom recently announced that the company will own 15 satellites and expects to have an income of RMB 160 billion (around US$24 billion) by the year 2015. By then, it will be the largest satellite operator in Asia.
Source: China Economy, February 21, 2012