Phoenix Satellite launches HK$1 billion IPO

Braving the choppy waters of a volatile market, Phoenix Satellite Television plans to raise up to HK$1 billion in an IPO on Hong Kong''s Growth Enterprise Market.

Phoenix Satellite Television, an operator of Chinese-language television channels, plans to raise up to HK$1 billion $128.3 million in an initial public offering on Hong Kong's Growth Enterprise Market, to help finance a new 24-hour regional news channel modelled on US-based Cable News Network CNN.

The Hong Kong-based company starts a roadshow in Singapore tomorrow. It then plans to talk to investors in Hong Kong before moving to Europe and the US. It will hold a press conference 20 June to announce details of the listing, which is being co-managed by Merrill Lynch and Bank of China International.

Phoenix, which launched in 1996, is a joint venture between...

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