Metro Broadcast is launching a 24-hour financial news channel in another bid by Hutchison Whampoa and Cheung Kong (Holding) to revive its struggling station. Yesterday, Hutchison group managing director Canning Fok Kin-ning said the Monday launch of the Cantonese-language Metro Finance channel was a fresh start for Metro Broadcast, which operates Metro Radio. But he admitted Metro Broadcast had turned into a 'fiasco' as a business venture. 'We are a market leader in every core business, but, sorry, we were caught by Metro Broadcast,' Mr Fok said. 'We made Orange an innovation and success, and now I think we are finally doing something innovative at Metro Radio.' Since its start-up in 1991 in a 50:50 joint venture by Hutchison and parent Cheung Kong, Metro has trailed competitor Commercial Radio, in terms of advertising revenue and listeners. Analysts estimated that Commercial Radio had twice as many listeners, and four times Metro's share of the HK$500-million radio advertising market. Mr Fok admitted that Hutchison had more red than black years in the history of Metro, but analysts think Hutchison could have recovered all its investment in Metro by selling its online version - Metroradio.com - for a hefty HK$310 million. Mr Fok, who has signed international deals worth billions of dollars in the past two years, figures there is market potential to provide more financial news in Hong Kong, where he considers investors do not have the full picture before investing. Metro Radio, in preparing for Monday's launch, has lined up 12 major investment banks, including Goldman Sachs, BNP Paribas Peregrine and Merrill Lynch to offer investment advice to listeners on a daily basis. All of them have handled deals for Hutchison in the past 12 months. 'We hope to help people make money - not just buying before others, but also selling before others,' Mr Fok said. While declining to disclose the actual investment amount, Mr Fok - who is believed to be the key driving force for launching a purely financial channel - said the running costs were much more than the incremental investment costs. Significant revenue enhancement was expected to be driven by advertising and sponsorships. Independent stock commentator Lennon Chan Wing-luk, a Commercial Radio anchor, said: 'I think the new approach for Metro is perfectly right. 'They have got such wide connections in Hong Kong and so no businessman is likely to show any disrespect.' Industry is likely to be curious in checking out Metro's financial news coverage, particularly that related to businesses owned by Li Ka-shing - ranging from property to electricity. 'We will observe management independence, and I have specifically ordered that no controls are needed,' Mr Fok said. Meanwhile, he dismissed speculation Hutchison was considering buying China Resources' 10 per cent stake in Hongkong International Terminals (HIT). 'They are happy shareholders. We have no discussions about buying their stake,' Mr Fok said. This week HSBC sold about 6 per cent in Modern Terminals - the SAR's second-largest container terminal after HIT - at a price estimated to be HK$800 million to majority shareholders Wharf Holdings and China Merchants Holdings (International). Separately, Mr Fok confirmed discussions with Telekom Malaysia over mobile unit T M Mobile, but said he was not 'enthusiastic' about it.