Hong Kong Chinese tycoon's daughter to buy stake in Hong Kong media firm
Hong Kong: Kwok Hiu-ting, the daughter of China's Kaisa Group Holdings Ltd. chairman, has agreed to procure the stake in prominent Hong Kong media firm Sing Tao News Corp. for about HK$370 million ($48 million), media reports said.
Charles Ho, the chairman of Sing Tao, agreed to sell 246.6 million shares at HK$1.5 each to Kwok, according to a statement to the stock exchange on Wednesday. The price represents a 65% premium to Sing Tao’s last close of HK$0.91 on Jan. 28 before a trading halt, reports Bloomberg.
Sing Tao shares surged as much as 54% in resumed trading Wednesday afternoon in Hong Kong, their biggest intraday gain since July 2005. The stock climbed about 17.6% to HK$1.07 as of 1:46 p.m. local time, reports Bloomberg.
“The acquisition of the stake in Sing Tao is my personal investment,” Kwok was quoted as saying by South China Morning Post. “I invest in the group mainly because of Sing Tao’s diversified media platform, strong brand, influence [in the community] and due to its high-quality news coverage.”
The development occurred at a time when China is engaged in a bitter conflict with Hong Kong over numerous issues.
Hong Kong, a former British colony, was handed over to China in 1997, and the Basic Law preserves its autonomy as a Special Administrative Region under the principle of “one country, two systems”.
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