The owner of the popular satirical magazine 100 Most and website TVMost is seeking to list on the mainboard of the Hong Kong Stock Exchange, the Hong Kong Economic Journal reports.
Most Kwai Chung Ltd. said Ever-Long Securities Co. Ltd. will be the sole sponsor of its initial public offering.
The company started in January 2010, when Roy Tsui Ka-ho, more popularly known by his pen name Lin Rixi, and two former colleagues at Commercial Radio, Iu Kar-ho (“Ah Bu”) and and Luk Ka-chun (“Chan Keung”), came out with a one-page Chinese-language paper called Blackpaper Magazine.
The three went on to launch the weekly Chinese-language 100 Most Magazine in March 2013 and established the TVMost website in May 2015. The company is also engaged in book publishing.
According to a preliminary prospectus, Iu is the company’s board chairman and executive director, while Tsui and Luk also serve as executive directors.
Noted lyricist Leung Wai-man, who uses the pen name Lin Xi, is an independent non-executive director.
Tsui previously told media several times that he had no intention of listing TVMost.
Readership of the company’s print and digital contents covers “teenagers to young adults”, according to the prospectus. It said its products, partly works of parody, are “generally entertainment in nature”.
Most Kwai Chung had a revenue of around HK$95 million for the year ended March 31, 2017, up 73.7 percent year on year, while profit rose 61.9 percent to HK$36 million in the same period.
The company’s growth is mainly attributed to its digital media services, whose contribution grew to 78.2 percent of the company’s total revenue during the period.
As of July 27, the Facebook pages of 100 Most Magazine and TVMost have attracted more than 1 million and 680,000 “likes” respectively, the company said.
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