ATV recently came up with a new crowdfunding idea to save the cash-strapped broadcaster, urging Hong Kong citizens to help buy 10.75 percent stake in the station for $10,000 HKD per share. Calling it the “one man, one share to save ATV” campaign, ATV hopes that the plan would temporarily raise ATV’s funds to pay its workers, but legal experts say that ATV’s crowdfunding plan could potentially breach Hong Kong’s finance laws as it needs approval of the Communications Authority. At a press conference, ATV Executive Director Ip Ka Po (葉家寶) announced that the station is currently consulting with its legal team about the crowdfunding plans and added that they are currently researching other options to raise funds. Former ATV actor Stephen Au (歐錦棠) criticized ATV, commenting that the station may be attempting to raise funds to renew its broadcasting license instead of paying its workers first, but Ip Ka Po clarified that ATV’s current priority is to pay the December and January wages to its employees. It was announced earlier that ATV needs to raise $30 million HKD to pay its license fees and workers. Ip Ka Po later confirmed that majority shareholders Wong Ching (王征) and Wong Ben Koon (黃炳均) agreed to lend ATV $15.6 million HKD or 52 percent of the $30 million HKD, but only on the condition that ATV’s other shareholder, Taiwanese businessman Tsai Eng Meng (蔡衍明), contribute the remaining 48 percent. Ip Ka Po also urged ATV’s “white knight” to come out now to save ATV, instead of staying on the sidelines to quietly observe. Creds: Oncc
This is pathetic. ATV lacks a viable business plan to continue as a going concern. It is just a desperate attempt stay afloat. The existing shareholders should either fund it or let it go into receivership and called it a day.
I knew it, they are like a money pit, no matter how much money these people put in, they will always need more cause these idiots don't know how to run the business. If they even try to do what HKTV is doing they would be doing fairly well. They have nothing, I wouldn't be surprised if they still uses TV equipments from the 90's.
