Beijing - China Digital TV, a provider of smart card systems for pay-TV operators in China, raised $192 million in an initial public offering of shares on Friday, then saw its shares more than double in value from $16 to a high of $35 during their first day of trading.

The Beijing-based company will use the funds in part to expand research and development, CFO Liang Xu told Bloomberg, adding that the company has not ruled out mergers and acquisitions.

China Digital TV's competitors in the Chinese market, where a 2010 switch from analog to digital has been set by the government, include News Corp.'s NDSs, Kudelski and Irdeto Access.

Related Links:
http://tinyurl.com/29tvfb

http://www.forbes.com/feeds/ap/2007/10/05/ap4192379.html (AP)

http://tinyurl.com/2czg3e (Bloomberg)

http://ir.chinadtv.cn