HKTV placement to raise $426m

Hong Kong Television Network (1137) is planning a share placement to raise as much as HK$426 million after its shares fell 10 percent from a historic high yesterday.

The operator of HKTVmall is set to place 80 million shares at a price range between HK$5.15 and HK$5.35 for general working capital and expanding its e-commerce business. That represents a discount of 11 percent to 14.3 percent compared with yesterday's closing price of HK$6.01. The company also could sell additional placing shares of 10 million.

In other news, Television Broadcasts (0511) appointed Li Ruigang a member of the executive committee, replacing Chen Wen-chi, and the remuneration committee.

Chief executive Mark Lee Po-on has been redesignated as the chairman of the executive committee and appointed to the investment committee.