Kwok Ying-shing takes helm at Sing Tao News Corp, shares rise

Sing Tao News Corporation's (1105) shares climbed by 3.37 percent to HK$0.92 in the morning, after it officially changed hands to new Chairman Kwok Ying-shing.

The group announced yesterday that on June 3, 2021, Charles Ho Tsu-kwok and Kwok Hiu-ting entered into the supplemental agreement to adjust the number of the sale shares from 246,552,045 to 250,000,000 and the total consideration from HK$369.83 million to HK$375 million with a price per share at HK$1.50.

The new board said that it thanks Ho and the former board of directors for their continuous dedication and hard work in building Sing Tao into a diversified media platform with strong brand influence and high-quality news content. It also thanked readers, partners, and advertisers for their long trust and support to the group.

The announcement came months after the company was reported to be sold to Kwok in February.

On completion, the purchaser Kwok holds 250 million shares, representing nearly 28.39 percent of the total shares of the company, while the vendor Ho's interest drops from 31.27 percent to 2.98 percent.

The vendor must appoint a placing agent to place the remaining 26,197,500 shares to independent thirds parties as soon as possible.

Siu Sai Wo, executive director and chief executive of Sing Tao, is the only remaining board member after the rest of them resigned.

Kwok Ying-shing, chairman and an executive director of Kaisa Group, succeeds Ho as chairman of Sing Tao, while his daughter Kwok Hiu-ting works as vice-chairman.

Zheng Wei, the vice president of Kaisa Culture Sports & Technology Group, has been appointed as executive director of Sing Tao.

Anthony Wu Ting-yuk, a member of the Chief Executive's Council of Advisers on Innovation and Strategic Development and the ex-chairman of the Hong Kong Hospital Authority, has been appointed as a non-executive director of Sing Tao.

Other new non-executive directors include Karson Choi Ka-tsan, the vice chairman of Early Light International, Han Yonghong who is a tutor to masters students and the deputy dean of the School of Law of the Guangdong University of Foreign Studies in the mainland.

In the audit committee, Anthony Wu is the chairman. Karson Choi and Han Yonghong are members.

Wu is also the chairman of the corporate governance committee while Kwok Hiu-ting and Karson Choi are committee members.

Kwok Hiu-ting is chairman of the executive committee.

Committee members include Kwok Ying-shing and Karson Choi.

Siu Sai-wo chairs the investment committee.

Kwok Ying-shing, Kwok Hiu-ting, and Karson Choi are among the committee members.

In the nomination committee, Kwok Ying-shing is chairman, while Kwok Hiu-ting, and all three non-executive directors are members.

Anthony Wu chairs the remuneration committee. Kwok Hiu-ting and Karson Choi are committee members.

Meanwhile, Judy Chan, Pansy Ho Chiu-king, Richard King Yun-zing, and Lee Cho-jat resigned as independent non-executive directors and from their positions in the board committees.-Photo: Bloomberg