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ATV - Asia Television Limited
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Dynasty viewers fuel ATV listing ambition

Samuel Yeung

ATV may be planning an initial public offer in the near future, after taking a bigger slice of the viewing audience from rival TVB in recent months, according to a report.

However, some analysts said a listing was unlikely this year as the company was still running at a loss.

ATV senior vice-president Steve Loo Chung-keung said the listing could occur by the end of the year, according to the report yesterday.

ATV programmes such as Taiwan-made My Fair Princess and Yong Zheng Dynasty - have prompted about 20 per cent of TVB's audience to defect.

Chief Executive Tung Chee-hwa is rumoured to be among the fan base for Yong Zheng Dynasty as he values the skills of Emperor Yong Zheng, the third emperor of the Qing dynasty.

'Our average prime-time rating now is 19 points, representing 1.2 million viewers per minute,' said Winson Lam, assistant controller of marketing at ATV.

'At the beginning of the year, we had only a seven or eight-point share.' A listing could also improve the gearing of key shareholder Lai Sun Group. In 1997, Lai Sun issued US$115 million in bonds, convertible into ATV shares if the station should launch an initial public offering before the bonds expire in January 2004.

'ATV should have a profit record for at least one year before seeking a listing,' said one analyst.

No profit record would be required for listing on the planned Growth Enterprise Market.

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