global giant wpp set to pounce on enfant terrible of local pr scene
Local boutique public relations firm iPR Asia will be absorbed into global giant WPP after a buyout expected to be announced later this month.
Lai See's sources say the world's largest advertising and PR firm - Ogilvy & Mather is a subsidiary - will acquire a majority stake in iPR from owner Ellen Kong, who established the company six years ago. It is now one of Hong Kong's top three firms specialising in listing-related investor and media relations.
iPR has 30 staff and 50 clients, many of them locally listed mainland corporates such as Shanghai Electric, China Oilfield Services and Minsheng Banking Corp (whose initial public offering earlier this year has been postponed).
iPR's client base was its key selling point to Britain-based WPP, which is keen to further expand its well-developed China presence.
In announcing a 32 per cent jump in last year's net profit recently, WPP claimed China revenue had grown 22 per cent.