Asia Television executive chairman Linus Cheung Wing-lam yesterday hailed the investment by Taiwanese rice-cracker tycoon Tsai Eng-meng, saying ot had solved the broadcaster's financial problems, and hinted that a transformation of ATV would take begin as soon as late March. Mr Cheung did not reveal details of the deal, but implied that it was worth more than HK$500 million, when commenting on the minimum figure needed to overcome the station's financial difficulties. 'As long as there is a new shareholder with investment, ATV's financial troubles are resolved. How that capital is injected is not important,' he said, adding that HK$300 million to HK$500 million would not have been sufficient. 'Any new investor coming to Hong Kong would have to take a long-term view of ATV's future. So the commitment is a very strong commitment,' Mr Cheung said. Such an investment during times of financial crisis was 'a vote of confidence for ATV and for Hong Kong', he said. Mr Cheung was speaking at a Lunar New Year celebration for the media industry organised by RTHK. Also attending were Phoenix TV chairman Liu Changle, also a shareholder in ATV, Secretary for Commerce and Economic Development Rita Lau Ng Wai-lan and general Stephen Chan Chi-wan, manager of ATV rival Television Broadcasts. Mr Cheung took the helm of ATV early last month in a turbulent two weeks that saw the arrival and swift departure of Ricky Wong Wai-kay, who had been brought in as chief executive. He then announced to the Legislative Council that ATV was bleeding HK$1 million a day and needed a HK$1 billion cash injection to survive the next three years. Mr Cheung said yesterday that a new investor would naturally be interested in a return, meaning there was a responsibility to turn around the fortunes of ATV, the city's perennial No2 station. He said ATV would announce a 'new direction, new culture, new standards' soon, beginning with small-scale reforms in late March before a transformation in October. 'We need to set new standards,' he said. 'It may be that we are fortunate to have this opportunity for a new beginning. We cannot go back to old ways in three years' time.'