22 March 2019

HKTV surges 66% on Wong digital plan

Hong Kong Television Network (HKTV) (01137.HK) soared Friday as investors cheered Friday’s announcement by chairman Ricky Wong {王維基} that the company will launch internet TV services.

The announcement came months after the government rejected its application for a free-to-air TV license.

HKTV surged as much as 92.2 percent in intraday trade before closing 65.9 percent higher.

The benchmark Hang Seng Index gained 0.48 percent to 22,921 points. The Hang Seng China Enterprises Index, the main gauge for H shares, rose 0.18 percent to 10,647. The Shanghai Composite Index added 0.24 percent to finish at 2,089 points.

HKTV rivals Television Broadcast (00511.HK) slipped 0.3 percent while I-CABLE Communications (01097.HK) climbed 5.1 percent.

Blue chips HSBC (00005.HK), China Mobile (00941.HK) and AIA Group (01299.HK) rose in a range of 0.7 percent to 1 percent.

Gaming plays spiked ahead of the Christmas holiday. Galaxy Entertainment (00027.HK) and Sands China (01928.HK) put on 2.6 percent and 1.2 percent, respectively. Smaller players gained significantly, with Amax International (00959.HK) up 9 percent and Macau Legend Development (01680.HK) adding 6.5 percent.

Snacks importer CEC International (00759.HK) picked up 9.4 percent after it said net profit increased 221 percent to HK$13 million (US$1.68 million) in the six months to October.

– Contact the writer at [email protected]



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