Phoenix Satellite TV to issue 727 million share in GEM IPO

 

After the IPO, Star TV Holdings and Today's Asia will each hold 38.25% of the company. If the overallotment option is exercised those holdings will drop to 37.41%.

Phoenix broadcasts Chinese programming in China, Hong Kong and southeast Asian countries through the Phoenix Chinese Channel and the Phoenix Movies Channel. Under current regulations in China, only certain organizations are allowed to receive satellite broadcasting. They include hotels of three stars and above and organizations involved in education, research, news, finance, economics and trade. Residential buildings set aside for non-China residents can also receive it.

Phoenix recorded a loss of HK$78.5 million for the year ended June 30, a narrowing...

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