Property

Property Developer Henry Cheng Buys I-Cable Hong Kong Pay-TV Operator

Henry Cheng Kar-shun, who’s the chairman of property growth group New World Growth, has taken management of I-Cable, Hong Kong’s largest cable TV community operator and the territory’s second largest pay-TV operator.

Cheng-owned firm Celestial Pioneer disclosed that it had struck offers that give it 72% possession of Eternally Prime, an organization that owns a 43% stake in I-Cable.

Celestial mentioned that it was shopping for 40.5% of Eternally Prime from two present traders. However it disclosed neither the id of the exiting traders, nor the worth of the transaction. It’s understood that previous to the deal David Chiu Tat-cheong held 24.5%, property developer Li Sze Lim 16% and Hony Capital’s John Zhao 14%. Share buying and selling in I-Cable inventory was suspended and has not but resumed.

I-Cable gives broadband web and pay-TV providers throughout Hong Kong and claimed 754,000 subscribers on the finish of June. The market chief is NowTV, which delivers channels utilizing IPTV expertise.

The corporate, which has a concession till 2029, has struggled in recent times as digital opponents have emerged. It was bought by earlier proprietor Wharf Holdings in 2017, after I-Cable had misplaced cash for ten consecutive years. Eternally Prime stepped in with a capital injection of HK$700 million ($90 million), however since then I-Cable has been again to its traders 4 occasions for additional top-ups.

Adrian Cheng, CEO of New World Growth, can also be invested within the metropolis’s media and leisure scene. Amongst his initiatives is a five-year redevelopment of the State Theatre in North Level.

The Hong Kong media scene stays low-margin, fluid and politically influenced. Lately, key media property together with TVB, the town’s main free-to-air channel, and the South China Morning Put up and Sing Tao newspaper teams, have been acquired by mainland Chinese language homeowners, presumably on the behest of Chinese language authorities.

The political winds might now be shifting and, given the central authorities pushback in opposition to affect by Chinese language tech giants there’s speak that Alibaba might be made to eliminate the South China Morning Put up.

 

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