Richard Li invests in media company 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... Avery Chen Friday, July 10, 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.