Hony backs Hong Kong consortium bidding for TV channel
Chinese GP Hony Capital has joined a consortium led by David Chiu, chairman of Hong Kong-listed property developer Far East Consortium International, that is applying for a domestic free-to-air television license.
The newly-established entity, Forever Top, also counts Pansy Ho, daughter of Macau tycoon Stanley Ho, and Sze-Lim Li, founder and chairman of Guangzhou-based R&F Properties among its shareholders.
The consortium plans to set up a brand new TV station providing free and multifaceted information and entertainment services in Hong Kong, including Chinese and English language programs and 24-hour news channels. It will invest about HK$3.2 billion ($517 million) in the first six years, according to a release. The Office of the Communications Authority confirmed Forever Top had submitted an application.
David Chiu is the son of Deacon Chiu, former owner of Asia Television (ATV), the city's oldest free-to-air TV network group. The move by Forever Top came after the Hong Kong government decided not to renew ATV's free-to-air broadcast license. The network has been struggling financially over the past few years.
Hony has an established interest in the movie and entertainment industry. Last year, it partnered with TPG Growth, the growth equity arm of TPG Capital, to help set up a Hollywood studio, named STX Entertainment. The studio recently secured a three-year financing deal with China's Huayi Brothers Media.
In 2013, Hony and home appliance retailer Suning Commerce bought a controlling interest in Chinese online TV provider PPTV.
More on Greater China
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.