EXHIBIT 21.1
List of Significant Subsidiaries of the Registrant
1. China VTV Ltd.- a Hong Kong company
2. VTV Global Culture Media (Beijing), Co., Ltd.- a Chinese company
3. Butterfly Effect Culture Media (Beijing) Co., Ltd.- a Chinese company (controlled through variable interest agreements)
4. Khorgas Butterfly Effect Culture Media Co., Ltd.- a Chinese company (controlled through variable interest agreements)
