Will Chen Yongqi introduce new strategic shareholders after winning the bid at a low price? How will ATV explore the mainland market in the future and when will it be listed? These are still topics of common concern to Hong Kong's capital market and television industry.
On May 16, "Lixin Development" issued an announcement, announcing that the equity transaction of "ATV" had undergone major changes. This transaction involves two assets held by the company, one is 32.75% equity of "ATV" and the other is 50% equity. The purchaser is a company named "Rowen International Limited" (DGI). The company is incorporated in the British Virgin Islands, and Chen Yongqi holds 80% of the shares of the company.
People's Daily Online, Hong Kong, May 22nd Last year165438+1October 8th, "Lixin Development" and "DGI" reached an agreement on the above-mentioned equity transaction with a transaction price of HK$ 360 million, which was originally scheduled to be completed before May15th this year. However, after more than half a year's bargaining, Lixin Development, with a debt of HK$ 7.8 billion, was eager to sell its assets and was successfully bargained by DGI. The two sides reached a new agreement before the deadline, and the transaction price dropped to HK$ 230 million, a decrease of 36. 1%.
If it is sold at HK$ 360 million, Lixin Development can make a profit of about HK$ 65.438+0.79 million. Now it is sold at a low price of 230 million Hong Kong dollars. It is estimated that the loss of Lixin Development will be nearly HK$ 654.38 billion. As this transaction has undergone major changes, it must be re-approved by the shareholders and creditors of Lixin Development before implementation. Therefore, the completion date of the transaction was postponed to July 3, this year1day. At the upcoming shareholders' meeting, whether creditors accept the transaction price will be a key to determine whether ATV's equity can be successfully transferred.
The value of "ATV" has shrunk rapidly, which makes the market pay special attention. 1998, when Lixin Development sold the equity of ATV to a consortium headed by Feng Xiaoping, the value of ATV was about HK$ 654,380.4 billion. Even according to the transaction price of 1 1 last year, the value of ATV is around 1 billion. Now, after deducting the equity transaction, Lixin Development actually sold 32.5% equity of ATV for about HK$ 65,438+96 million, that is, the valuation of ATV was about HK$ 600 million, which was significantly discounted by more than 57% compared with the transaction of HK$ 1998.
Chen Yongqi, who originally held about 65,438+06% of the shares, became the major shareholder of ATV after the acquisition, and his shareholding increased to about 49%. He revealed that strategic shareholders will be introduced for "ATV" in batches. Last week, when "Lixin Development" and "ATV" implemented the equity transaction, it was reported in the market that Hong Kong listed companies were interested in buying part of the equity of "ATV". However, listed companies declined to comment on this rumor.
At present, two of the three local TV stations in Hong Kong have been listed-"Television Broadcasting" (HK, 055 1) and "Cable Broadband" (HK, 1097). ATV will also go public for financing in the future. According to the recent closing price, the market value of "TV Broadcasting" is about 654.38+007 billion, the market value of "Cable Broadband" is about HK$ 4 billion, and the market value of "ATV" is only 600 million. Is there such a big gap between its market value and its rivals in the same city?
Some insiders believe that the success of Chen Yongqi's price reduction lies in its eagerness to reduce debt. On the other hand, the current SARS epidemic makes TV advertisements bleak and the TV industry is not optimistic. So at present, the value of "ATV" seems to be "shrinking". Once Hong Kong's economy starts to recover, coupled with the synergistic effect of "ATV" landing in the Pearl River Delta, it is expected to rebound.