HK's i-Cable jumps most in more than 4 years on termination of pay TV licence

i-CABLE Communications

15/02/2023 02:15

** Shares of Hong Kong's television and telecommunicatons
services provider i-CABLE Communications Ltd  1097.HK  jump as
much as 55.1% to HK$0.076 in resumed trade, on track for the
biggest daily pct rise since September 2018 if gains hold
    ** Stock, which halted trade on Tuesday afternoon, hit the
highest since June 23, 2022; the biggest pct gainer on the Hong
Kong bourse
    ** i-Cable says the government has approved its unit's
application for termination of its Domestic Pay Television
Programme Service Licence in the city amid fierce competition
among global Pay TV content providers and Pay TV operators 
    ** The company, with a current market value of HK$457 mln
($58.24 mln), says it will drive for strategic transformation by
increasing investment on Free TV channels and multimedia
business while it will invest in digital assets to support its
Free TV business and strengthening its Free TV content offered 
    ** The government announced on Tuesday the termination of
the domestic pay television programme service licence of Hong
Kong Cable Television Ltd from June 1, 2023
    ** The Hang Seng Composite Index  .HSCI  slips 1% while the
Hang Seng Commerce & Industry Index  .HSNC  and the Hang Seng
Index  .HSI  both fall 1.1%
($1 = 7.8465 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))