Profit Global Investment Limited

Decision on shareholdings of TVB (0511)
HK Communications Authority, 27-Sep-2019
In amazing legal contortions, the CA revokes its 2015 and 2016 approvals but issues new approvals based on new, unpublished "deeds of undertaking" and "statutory declarations" that although Dr Chan does not control the majority of the board of YHL, there is an "understanding and practice… that he would lead the YHL Board in relation to how votes in TVB were to be exercised". Therefore, mainland firm CMC and Mr Li Ruigang are not voting controllers of TVB, despite various rights in a "Relationship Agreement" that was not disclosed earlier. The decision follows a referral by the SFC.
Takeovers Panel’s ruling on TVB (0511) whitewash waiver and disclosure of shareholding structure
SFC, 10-May-2017
Takeovers Panel rules on whitewash waiver in relation to TVB (0511)
SFC, 10-May-2017

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