Sing Tao Daily gets a new co-owner after Kaisa magnate’s daughter sells half of her controlling stake to scion of Hong Kong’s ‘Toy King’
- Kwok Hiu-ting, the 28-year-old daughter of Kaisa’s chairman, sold 14.2 per cent of Sing Tao News at an undisclosed price to a company owned by Karson Choi Ka-tsan
- The senior Kwok and Choi will both be co-chairmen of Sing Tao after the disposal, according to a filing to the Hong Kong Stock Exchange on Monday
Sing Tao News Corporation is ushering in a new co-owner after its controlling shareholder sold half of her stake in the publisher of Hong Kong’s oldest Chinese-language newspaper Sing Tao Daily to one of the city’s wealthiest families.
Kwok Hiu-ting, the 28-year-old daughter of Kaisa Group’s founder and chairman Kwok Ying-shing, sold 14.2 per cent of Sing Tao at an undisclosed price to Power Giant Holdings, a private holding company owned by Karson Choi Ka-tsan, according to the publisher’s filings to the Hong Kong exchange. The senior Kwok and Choi were announced as co-chairmen of Sing Tao on Monday.
Choi, 36, is the only son of Francis Choi Chee-ming, dubbed Hong Kong’s “Toy King,” whose Early Light International (Holdings) is the manufacturer of such licensed products as Elsa figurines from Walt Disney’s Frozen franchise, and Pinkfong’s Baby Shark puppets.
The senior Choi ranked 11th among Hong Kong’s wealthiest people last year according to Forbes, with a net worth estimated at US$8.1 billion. His businesses encompass toy manufacturing, real estate management and development, luxury watches and the Anchors nursery and kindergarten in Fanling.
“We can tell from the sale [of Sin Tao’s shares], that the pressure to pay debt is extremely high and the liquidity is really tight,” said Yan Yuejin, director of Shanghai-based E-House China Research and Development Institute. “It is mainly due to the recent dormant housing market.”
“Give us some time, Kaisa will be able to work out a solution,” Kwok said in the video.
Additional reporting by Pearl Liu