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)