HK's Phoenix Media soars on tie-up with Alibaba's unit

Phoenix Media Investment (Holdings)

19/11/2018 03:08

** Shares of Hong Kong-based satellite TV provider Phoenix
Media Investment (Holdings) Ltd  2008.HK  surge as much as 42.4
pct to their highest since Aug. 10, after it cooperates with
Alibaba (China), an indirect wholly-owned unit under Alibaba
Group Holding Ltd  BABA.N  
    ** Stock later trims gains, still up 28.8 pct; set for best
day since its debut on June 30, 2000
    ** Co says its indirect wholly-owned unit Phoenix Satellite
Television Co Ltd signs a strategic cooperation memorandum with
Alibaba (China) Co Ltd, to explore opportunities for possible
cooperation in the areas of programme content, products,
platforms and internet technologies (http://bit.ly/2OQeH60)
    ** As of the previous close, the stock has fallen 40.54 pct
so far this year
    ** Hang Seng benchmark index  .HSI  is around flat  

 ((Reuters Messaging:
tingting.liu.thomsonreuters.com@reuters.net))