Chinese media magnate Li Ruigang revealed as largest shareholder in Hong Kong’s TVB
Dubbed China’s Rupert Murdoch, Li holds an ultimate stake of 20 per cent in Hong Kong’s dominate free-to-air TV broadcaster
Chinese media magnate Li Ruigang ultimately holds about a 20 per cent stake in Television Broadcasts, making him the single largest shareholder in Hong Kong’s dominant free-to-air TV broadcaster, a ruling report from the Securities Futures Commission (SFC) has revealed.
Li, dubbed China’s Rupert Murdoch because of his vast media empire under China Media Capital (CMC), became an indirect investor in TVB when his company purchased an undisclosed stake in the broadcaster’s largest shareholder, Young Lion Holdings, in April 2015. Young Lion, the largest single shareholder in TVB, directly owns a 26 per cent stake in the broadcaster.
In the disclosure of shareholding structure made to the SFC, it was revealed that Li owns a 79.01 per cent stake in Young Lion, which gives him an indirect 20 per cent stake in TVB.
TVB chairman Charles Chan Kwok-keung, who owns 6 per cent of Young Lion, indirectly has a 1.56 per cent stake in the broadcaster. HTC Corp chairwoman Wang Hsiueh-hong ultimately owns 3.9 per cent of TVB while Mona Fong Yat-wah and her associates hold about a 3.9 per cent stake.
The disclosure was made after TVB applied to the SFC for a so-called whitewash wavier so that Young Lion is exempt from making a general offer to buy the outstanding shares in the company.
In January TVB offered to buy back 31.51 per cent of the company’s shares for HK$4.21 billion.
According to the ruling, SFC said a wavier should be granted subject to conditions.