TVB jumps 8pc as Taobao show rakes it in

Shares of Television Broadcasts (0511) rose 8.7 percent yesterday after its ninth live-streaming show on Taobao garnered over 100 million yuan (HK$110 million).

As a part of cooperation with Alibaba's (9988) e-commerce platform Taobao, TVB hosted its ninth live-streaming show on the evening of May 31, when major mainland online shopping platforms started the sales for the June 18 shopping gala.

The Wednesday show lasted nine hours, from 5 pm to 2 am, and attracted over 10 million visits.

The latest show featured Miss Hong Kong, with the previous candidates as guests.

TVB's first live-streaming show on Taobao was on March 7 and sold 23.5 million yuan worth of products in six hours, sending its shares to surge as much as 98 percent on the following day.

The Hong Kong-based broadcaster plans to have at least 48 live-streamed shows on Taobao this year, which is expected to bring substantial income to the company. TVB has suffered from annual net losses since 2018 and the reading for last year widened 24.7 percent yearly to HK$807 million.

Staff reporter