Hong Kong Television Network LimitedNASDAQ
Mar. 31, 2015, 1:55 PM
- Hong Kong Television (NASDAQ:HKTV) has soared 28.3% in U.S. trading on news that its executive chairman, Wai-Kay "Ricky" Wong, is buying a controlling stake in his nearly bankrupt rival Asia Television.
- Media reports have mainland China businessmen Wong Ching and Wong Ben-Koon selling their stakes to Ricky Wong; the two controlled 52% of ATV.
- The financial details are undisclosed and regulators would need to clear the deal; the Executive Council is holding a special meeting tomorrow to discuss it.
- But the government "would rather renew ATV's licence than let it die," says political scientist James Sung Lap-kung.