Richard Li invests in media companyBusiness | Avery Chen 10 Jul 2020
Cathay Media and Education Group has attracted PCCW (0008) chairman Richard Li Tzar-kai as a cornerstone investor for its Hong Kong initial public offering.
Cathay Media has developed popular TV series based on novels created by Louis Cha Leung-yung, including Demi-Gods and Semi-Devils in 2003, and the Heaven Sword and Dragon Saber in 2019.
The younger son of tycoon Li Ka-shing has agreed to subscribe to US$2.5 million (HK$19.5 million) worth of Cathay Media shares through his indirectly wholly-owned firm Oceanic Wisdom.
Other cornerstone investors of the flotation include Orchid Asia, Snow Lake Funds, and Foresight Orient Global Superior Choice, which agreed to subscribe shares worth US$70 million.
Cathay Media is to debut on July 15 and reportedly raised HK$1.24 billion after pricing its IPO at HK$3.1, the top end of the indicative price range.