Conglomerate (company) music industry, television and film production and distribution, financial services, and telecommunications. In China, many of the country's conglomerates are state-owned enterprises, but there is a substantial number of private conglomerates. Notable conglomerates include BYD, CIMC, China Merchants Bank, Hasee, Huawei, JXD, Ping An Insurance, TCL Corporation, Tencent, TP-Link, ZTE, Legend Holdings, Dalian Wanda Group, China Poly Group, Beijing Enterprises, and Fosun International. Fosun is currently China's largest civilian-run conglomerate by revenue. In South Korea, the "chaebol" are a type of conglomerate owned and operated by a family. A chaebol is also inheritable, as most of current presidents of chaebols
Owned-and-operated station Both of these channels have some regional stations, all of which are owned and operated by NHK. In the Philippines, networks such as ABS-CBN, GMA Network, and TV5 own and operate almost all of their local television stations, although a few affiliates also exist. As regional stations mostly rebroadcast/relay programmes from their parent network's flagship station (usually based in Metro Manila), the terms "network", "station" and "channel" can in practice be used interchangeably to refer to either one. In addition, networks are often informally referred to by their flagship stations' broadcast channel numbers; for example, ABS-CBN is referred to as