One of Hong Kong’s leading broadcasters, Television Broadcasts Ltd., saw its shares almost double after its stars began selling products on the Alibaba-backed Taobao online platform.
(Bloomberg) — One of Hong Kong’s leading broadcasters, Television Broadcasts Ltd., saw its shares almost double after its stars began selling products on the Alibaba-backed Taobao online platform.
The company garnered sales of 23.5 million yuan ($3.37 million) in just six hours of the first of at least 48 live-streamed shows planned for this year, the company said in an emailed statement.
Shares of TVB, as the company is known, soared a record 98%, with trading volume 68 times the full-day, three-month average. The stock has surged more than 200% this month after the broadcaster announced its live-stream sales plan in February.
TVB, the city’s dominant free-to-air broadcaster, had been looking for ways to boost its business after struggling with net losses since 2018 amid increasing competition from internet rivals and a slowing local economy.
Other local entertainment stocks, Shaw Brothers Holdings Ltd. and Emperor Culture Group Ltd., also each surged at least 85% on Wednesday.
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