‘ATV could be Asia’s Netflix’: investor’s plan to save Hong Kong’s dying TV station
Boss of tech company China Trends highlights the broadcaster’s selling points after offering HK$500 million in loans
The latest investor offering to throw a lifeline to ATV has revealed ambitious plans to transform the dying station into “Asia’s Netflix” after its free-to-air licence expires at the end of the month.
The new bid to turn around the cash-strapped broadcaster has echoes of past promises made by former mainland investor Wong Ching, who said he would turn Asia Television into “Asia’s CNN” six years ago but ended up in court trying to liquidate the company.
Xiang Xin, chairman of Hong Kong-listed tech firm China Trends, told the Post he aspired to turn the city’s oldest television station into another Netflix – the global provider of streaming movies and TV series – after offering HK$500 million in loans for ATV.
“We wish to transform ATV into Asia’s Netflix, and there is no other target in sight that is better-positioned than this one to take the shift,” Xiang, who is already an ATV creditor, said on Friday.
Xiang was born on the mainland but has lived in Hong Kong for more than 20 years
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His company raised eyebrows on Wednesday when it said in a regulatory filing that it wanted to extend a lifeline of up to HK$500 million in loans to reinvigorate ATV and develop its online television business.
