In Hong Kong, the pro-China Sing Tao News Group has been on the market for more than a year, and on Tuesday (Feb. 2), it was finally implemented by Guo Xiaoting, the daughter of Guo Yingcheng, the chairman of the “domestic real estate” Jia Zhaoge Group, who bought 28% of the shares for HK$370 million, and became the major shareholder; the current chairman Ho Chu Kwok’s shares dropped to 3.37%.
Guo Xiaoting is 27 years old this year, and it is still unclear whether there will be any changes in the management of the 83-year-old Sing Tao after the rich second generation takes charge of the company; however, it is widely estimated that Sing Tao will maintain its pro-China editorial policy in the future.
Hong Kong 01, another pro-China media company, announced on Wednesday that it is laying off about 40 employees, mainly from the operations department and back office colleagues, accounting for about 5 percent of the overall staff. Hong Kong 01 said it would provide reasonable and appropriate severance packages to affected employees in accordance with labor laws.
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