External reports (aggregated public sources), Value Investors Club

Value Investors Club

External reports (aggregated public sources)

Equity Bottom-Up

Hong Kong Television Network / Equity Bottom-Up

<ul><li>HKTV is a prominent e-commerce platform in Hong Kong facing challenges from the pandemic and retail market.</li><li>Founder Ricky Wong has shown a history of moonshot diversifications and strong leadership from executives like Jelly Zhou, leading to renewed optimism for the company.</li><li>With a low valuation, potential for growth, and Ricky Wong's history of successful ventures, HKTV could be a lucrative investment opportunity in the future.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

HKTV is a prominent e-commerce platform in Hong Kong facing challenges from the pandemic and retail market.Founder Ricky Wong has shown a history of moonshot diversifications and strong leadership from executives like Jelly Zhou, leading to renewed optimism for the company.With a low valuation, potential for growth, and Ricky Wong's history of successful ventures, HKTV could be a lucrative investment opportunity in the future.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Hong Kong Television Network / Event-Driven

<ul>
<li>Online shopping platform play <a href="https://www.smartkarma.com/entities/hong-kong-television-network-limited" target="_blank" data-smartkarma-citation="entities:12953:1" rel="noopener">Hong Kong Television Network (1137 HK)</a> (better known as HKTV) has announced a buy-back of 11.25% of shares out, at $2.15/share, a 20.8% premium to undisturbed.</li>
<li>If successful, the Offer elevates co-founder Ricky Wong's stake, together with concert parties, to 51.55% (before exercising options), up from 45.75% currently. </li>
<li>HKTV has been in the news lately for all the wrong reasons: claims of non-payments to suppliers; and delaying its 2026 target after a 79% decline in FY23's net profit.</li>
</ul>


Online shopping platform play Hong Kong Television Network (1137 HK) (better known as HKTV) has announced a buy-back of 11.25% of shares out, at $2.15/share, a 20.8% premium to undisturbed.
If successful, the Offer elevates co-founder Ricky Wong's stake, together with concert parties, to 51.55% (before exercising options), up from 45.75% currently. 
HKTV has been in the news lately for all the wrong reasons: claims of non-payments to suppliers; and delaying its 2026 target after a 79% decline in FY23's net profit.


<ul>
<li>Six months and counting; yet <a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> continues to (slowly, but surely) chip away at various pre-conditions. </li>
<li>In its <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0609/2025060900588.pdf" target="_blank" rel="noopener">monthly update</a>, <a href="https://www.smartkarma.com/entities/hkbn-ltd" target="_blank" data-smartkarma-citation="entities:289:1" rel="noopener">HKBN Ltd (1310 HK)</a> said Mobile has proposed commitments to Hong Kong's Communication Authority,  and that the commitments are sufficient to effectively address the CA's concerns. </li>
<li>The CA is seeking industry feedback by the 13th June, but a favourable conclusion appears a lock. Elsewhere, no update on I-Squared's proposal. </li>
</ul>


Six months and counting; yet China Mobile (941 HK) continues to (slowly, but surely) chip away at various pre-conditions. 
In its monthly update, HKBN Ltd (1310 HK) said Mobile has proposed commitments to Hong Kong's Communication Authority,  and that the commitments are sufficient to effectively address the CA's concerns. 
The CA is seeking industry feedback by the 13th June, but a favourable conclusion appears a lock. Elsewhere, no update on I-Squared's proposal. 


HKBN (1310 HK): CA Approval (All But) Done. NDRC & MoC Still Outstanding

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/hong-kong-television-network-limited" target="_blank" data-smartkarma-citation="entities:12953:1" rel="noopener">Hong Kong Television Network (1137 HK)</a> vote on the share buyback for a maximum of 100.0m or 11.25% of outstanding shares at HK$2.15 was comfortably passed at the EGM.</li>
<li>The partial offer is designed to help the co-founders bypass the creeper rule and increase their grip on the shares. There is no minimum acceptance condition. </li>
<li>While the IFA opines the offer is fair and reasonable, it is unattractive. A 100% minority participation rate implies a minimum proration of 20.74%. The offer closes on 23 July.  </li>
</ul>


The Hong Kong Television Network (1137 HK) vote on the share buyback for a maximum of 100.0m or 11.25% of outstanding shares at HK$2.15 was comfortably passed at the EGM.
The partial offer is designed to help the co-founders bypass the creeper rule and increase their grip on the shares. There is no minimum acceptance condition. 
While the IFA opines the offer is fair and reasonable, it is unattractive. A 100% minority participation rate implies a minimum proration of 20.74%. The offer closes on 23 July.  


HKTV (1137 HK): HK$2.15 Share Buyback Is Unconditional

<ul>
<li>Back in May, online shopping platform play <a href="https://www.smartkarma.com/entities/hong-kong-television-network-limited" target="_blank" data-smartkarma-citation="entities:12953:1" rel="noopener">Hong Kong Television Network (1137 HK)</a> announced a buy-back of 11.25% of shares out, at $2.15/share, a mediocre 20.8% premium to undisturbed.</li>
<li>The thrust of the Offer was to lift co-founder Ricky Wong's stake to 51.55% from 45.75%.  But that required independent shareholders approving a whitewash waiver not to make a MGO.</li>
<li>I didn't expect shareholder pushback. <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2024/0709/2024070900793.pdf" target="_blank" rel="noopener">And there wasn't</a>. Tendering closes on the 23rd July. Keep an eye on CCASS movements. Shares gained 4.7% yesterday prior to the EGM outcome. Mmm.</li>
</ul>


Back in May, online shopping platform play Hong Kong Television Network (1137 HK) announced a buy-back of 11.25% of shares out, at $2.15/share, a mediocre 20.8% premium to undisturbed.
The thrust of the Offer was to lift co-founder Ricky Wong's stake to 51.55% from 45.75%.  But that required independent shareholders approving a whitewash waiver not to make a MGO.
I didn't expect shareholder pushback. And there wasn't. Tendering closes on the 23rd July. Keep an eye on CCASS movements. Shares gained 4.7% yesterday prior to the EGM outcome. Mmm.


HKTV (1137 HK)'s Low-Balled Buyback Gets The Nod

Hong Kong

Hong Kong Television Network Limited, through its subsidiaries, provides international telecommunications services and fixed telecommunication network services. The Company's services include broadband Internet access, local VoIP, IP-TV and corporate data services, direct dial, international calling cards, and mobile call forwarding services.

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Hong Kong Television Network (1137 HK)

Hktv (1137) - Tuesday, Sep 17, 2024

With a low valuation, potential for growth, and Ricky Wong's history of successful ventures, HKTV could be a lucrative investment opportunity in...

Value Investors Club

HKBN (1310 HK): CA Approval (All But) Done. NDRC & MoC Still Outstanding

You have Mobile's firm offer at a 2.1% gross spread. My bet is that the key PRC regulators are holding back until CA clears the transaction. Do not...

David Blennerhassett

HKTV (1137 HK)'s Low-Balled Buyback Gets The Nod

I didn't expect minority shareholders to push back. Expect pro-ration to be higher than the 20.74% base. I'd buy some shares around here. Keep an...

David Blennerhassett

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52-week Range

Market Cap (USDm)

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Hktv (1137) - Tuesday, Sep 17, 2024

With a low valuation, potential for growth, and Ricky Wong's history of successful ventures, HKTV could be a lucrative investment opportunity in...

Value Investors Club

HKTV (1137 HK): $2.15/Share Buy-Back

Shares are down 33% YTD, and 89% from its Jan 2021 peak. This Offer looks like an oportunistic share grab for the co-founders to assert majority...

David Blennerhassett

HKBN (1310 HK): CA Approval (All But) Done. NDRC & MoC Still Outstanding

You have Mobile's firm offer at a 2.1% gross spread. My bet is that the key PRC regulators are holding back until CA clears the transaction. Do not...

David Blennerhassett

HKTV (1137 HK): HK$2.15 Share Buyback Is Unconditional

The vote on the share buyback and whitewash waiver was comfortably passed. A 100% minority participation rate implies a minimum proration of...

Arun George

HKTV (1137 HK)'s Low-Balled Buyback Gets The Nod

I didn't expect minority shareholders to push back. Expect pro-ration to be higher than the 20.74% base. I'd buy some shares around here. Keep an...

David Blennerhassett