Investors lukewarm to Phoenix Satellite

Phoenix Satellite failed to raise enthusiasm after its debut on Hong Kong''s second board last Friday, but the fact that it listed at all can be seen as a success.

Phoenix Satellite Television, an operator of Chinese-language television channels, received lukewarm response from investors when its shares began trading for the first time Friday on Hong KongÆs Growth Enterprise market GEM.

Hong Kong-based Phoenix closed unchanged at HK$1.08 from its offer price after reaching a high of HK$1.17 earlier in the day. The company issued 720 million shares to raise HK$777.6 million $99.74 million. Merrill Lynch and Bank of China International co-managed the transaction.

Phoenix, which launched in 1996, is a joint venture between Satellite Television Asian Region Star TV Bank of China and Liu Changle, a Chinese businessman. The company posted a loss of HK$78 million...

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