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Phoenix Satellite TV Announces Hong Kong Listing
Phoenix Satellite Television Holdings Ltd, a leading satellite television operator broadcasting into China, announced Tuesday that it is going to be listed on the Growth Enterprise Market (GEM) of the Stock Exchange of Hong Kong on June 30, 2000.
The listing will offer 727,060,000 shares at the price range of 0.91 HK dollars (12 U.S. cents) to 1.29 HK dollars (16.5 U.S. cents). Some 654,354,000 shares, 90 percent of the total, will be the placing and the rest will be the public offer.
It is expected to raise approximately 662 million HK dollars ( 84.87 million U.S. dollars) to 938 million HK dollars (120.26 million U.S. dollars), which will be used in the development of new channels, enhancement of production capability, Internet initiative, development of magazine and so on.
The public offering of shares will be open from June 21 to 26.
Phoenix is a joint venture of Star TV, Today's Asia Ltd and China Wise International Ltd. The company currently owns and operates three television channels: the Phoenix China Channel, the Phoenix Movies Channel and the Phoenix CNE Channel.
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