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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In amazing legal contortions, the CA revokes its 2015 and 2016 approvals but issues new approvals based on new, unpublished "deeds of undertaking" and "statutory declarations" that although Dr Chan does not control the majority of the board of YHL, there is an "understanding and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.
Organisations
- CMC Holdings Limited (KY)
- Profit Global Investment Limited (VG)
- SECURITIES AND FUTURES COMMISSION 證券及期貨事務監察委員會
- SFC Takeovers and Mergers Panel 證監會收購及合併委員會
- TELEVISION BROADCASTS LIMITED 電視廣播有限公司
- Young Lion Holdings Limited
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