Hong Kong’s cable network provider i-Cable Communications has unveiled an $88 million (HK$692 million) share issue. It is intended to restructure the company and invest in new content.The share issue is structured as a 1-for-1 rights issue, with new shares offered at HK$0.109, a 38% discount to the last stock trade on Friday. I-Cable shares sank to HK$0.126 on Monday. They fell a further 4.6% on Tuesday to HK$0.12.The move is the first external fund-raising exercise since the loss-making company...
Chairman / CEO
Zhao spent his early career at Silicon Valley firms Vadem and Infolio, before transforming himself into one of China’s private equity pioneers. He heads Hony Capital for Legend Group-backed tech firms including Lenovo (buyer of IBM’s PC business) and was a key conduit between Wall Street and Chinese state-controlled enterprises. He frequently boasts China has the top digital infrastructure in the world and is vocal about viewing AI as a priority. But Zhao may regret diversification from tech into the wider digital economy. Investments in bike share firm Ofo, WeWork and restaurant chain Pizza Express were all cratering even before COVID-19. His film and TV investments have included China’s Linmon Pictures, Korean VFX player Dexter and Hollywood’s STX Entertainment.