Radio and Television Station of Shanghai (RTS), a Shanghai-based publicly owned institution, and its wholly owned subsidiary, Shanghai Media Group (SMG), represent one of China's largest state-owned media and cultural conglomerates, with the most complete portfolio of media and related businesses. The Oriental Pearl Media Company under SMG was the first cultural and media company in China to realize a market capitalization totaling more than ¥100 billion (US$15B) on the Shanghai Stock Exchange in 2015. By June 2015, SMG has more than ¥61B (US$10B) in assets and about 17,200 employees.