Date
17 December 2017
CMC chairman Li Ruigang says several Hong Kong-based media companies have approached his group for investment. Photo: China.cnr
CMC chairman Li Ruigang says several Hong Kong-based media companies have approached his group for investment. Photo: China.cnr

CMC-invested firms set sights on Hong Kong listing

More than half of the companies in which state-backed media investment fund China Media Capital owns stakes, are considering going public in Hong Kong, Apple Daily reported Tuesday, citing CMC chairman Li Ruigang.

Li did not provide further details on the listing plans, the newspaper said.

Quite a few of the Hong Kong-based media companies, including some newspaper operators, have actively approached CMC for possible investment, Li said without elaborating.

When asked if CMC is interested in buying stakes in Television Broadcasts Ltd., Li said he has not considered it so far.

CMC was founded in 2009 with an initial fund of 5 billion yuan (US$813 million), and initial investors included China Development Bank. It has since raised more capital and expanded its portfolio of media assets.

It acquired the Chinese-language Star China channels previously run by News Corp., as well as Fortune Star, the world’s largest Chinese film library. Last year, it also bought a major stake in news website Caixin Media, the report said.

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