24 April 2019
Nicholas Tse now holds 23.42 percent of a listed company, See Corp. Photo:
Nicholas Tse now holds 23.42 percent of a listed company, See Corp. Photo:

Nicholas Tse: eye on back-door listing?

Actor Nicholas Tse has become the largest shareholder of See Corp (00491.HK) after picking up 350 million shares in the listed company for HK$122.5 million (US$15.8 million).

Tse, founder and chief executive of Post Production Office, now holds 23.42 percent of See Corp, the Hong Kong Economic Journal reported Thursday.

He paid 35 HK cents per share in the transaction last week, according to Hong Kong stock exchange data. That is a 7.89 percent discount to the stock’s last closing price of 38 HK cents. 

Trading in See Corp has been suspended pending an announcement.

The two companies have similar businesses and corporate direction, See Corp chairman Hoffman Ma Ho-man told HKEJ. 

The listed firm posted HK$41 million in revenue in the first half this year, mainly from two movies it produced during the period. 

Tse was quoted last year as saying that he had no plan to float Post Production Office, although there were rumors he would seek a back-door listing for his firm, whose valuation was put at HK$6 billion. 

The company was founded in 2003 and entered mainland China in 2009. Its clients include HSBC Holdings (00005.HK), Standard Chartered (02888.HK), Canon Inc, Sony Corp, Coca-Cola and Mercedes-Benz.

An example of artists tapping back-door listings for their companies is Stephen Chow Sing-chi’s takeover of Emcom International Ltd in 2010. The company was then renamed Bingo Group Holdings Ltd. Chow holds 64.65 percent of shares in Bingo.

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