Phoenix Satellite Television, an operator of Chinese-language television channels, received lukewarm response from investors when its shares began trading for the first time Friday on Hong KongÆs Growth Enterprise market GEM.
Hong Kong-based Phoenix closed unchanged at HK$1.08 from its offer price after reaching a high of HK$1.17 earlier in the day. The company issued 720 million shares to raise HK$777.6 million $99.74 million. Merrill Lynch and Bank of China International co-managed the transaction.
Phoenix, which launched in 1996, is a joint venture between Satellite Television Asian Region Star TV Bank of China and Liu Changle, a Chinese businessman. The company posted a loss of HK$78 million...
