David Chiu Tat-cheong, the son of the late former owner of troubled Asia Television Ltd., is leading a consortium to seek a free-television broadcasting license.
Forever Top (Asia) Ltd., the name of the group, submitted its application with the Communications Authority on April 15, the Hong Kong Economic Journal reported on Wednesday. The company was just incorporated on Jan. 9.
Partners of the consortium include Shun Tak Holdings Ltd. (00242.HK) managing director Pansy Ho Chiu-king, Guangzhou R&F Properties Co. Ltd. (02777.HK) chairman Li Sze-lim and Hony Capital (Beijing) Co. Ltd., a subsidiary of Lenovo Group Ltd. (00992.HK).
The consortium is said to have bid for ATV, the newspaper said, citing sources.
Chiu, chairman of property developer Far East Consortium International Ltd. (00035.HK), holds a 41 percent stake in the newly established company. His father was the late former ATV chairman Deacon Chiu Te-ken.
The consortium plans to invest HK$3.2 billion in six years in both hardware and program production, including Chinese, English and 24-hour news channels.
No information was made on the mode of broadcast that the proposed TV station is going to use.
Stephen Chan Chi-wan, former general manager of free-TV station Television Broadcasts Ltd. (00511.HK), said Chiu’s background may not be useful to the consortium’s application for a license as it all “depends on whether there is a good team as well as its plans for the whole operations”.
Translation by Vey Wong
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