- Government licensing action is moving TV stocks in Hong Kong, as PCCW (OTCPK:PCCWY) moved up as much as 8.6% in regional trading after the government gave it a 12-year free-to-air broadcast license.
- The move comes after the city had been left with just one such broadcaster as the government shut down the license of Asia Television, Hong Kong's oldest TV station.
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HKTV had risen almost 30% in U.S. trading Tuesday on expectations it was stepping in to save the nearly bankrupt ATV, but gave back gains yesterday, -21.2%, as the company denied those reports. HKTV was down 12.5% in Hong Kong trading Thursday.
- I-Cable Communications (OTCPK:ICABY) is awaiting word on its OTA license and moved up more than 4% in Hong Kong on positive hopes there.