Popular local satirical media outlet 100Most is preparing for an initial public offering on the Hong Kong Stock Exchange.
Most Kwai Chung Limited – the operator of TVMost, 100Most and defunct predecessor Blackpaper – submitted draft listing documents to the stock exchange on Wednesday.
According to Wednesday’s application proof, the company earned a revenue of HK$95 million during the financial year ending March 31, 2017 – a 74 per cent year-on-year increase. The vast majority of the revenue originated from digital media advertising.
The company said it earned a net profit of HK$22 million in the 2015-16 financial year, and HK$36 million in 2016-17. As of July, it had 63 full-time employees.
Established by three young media producers using the pen names Lam Yat-hei, Chan Keung and Ah Bu, 100Most and TVMost are known for creating viral content satirising current affairs, and generally adopt a pro-democracy or localist political stance.
The three executives launched the Blackpaper magazine in 2010, the 100Most magazine three years later, and the TVMost digital media platform in 2015. TVMost’s presenters use stage names parodying the names of real journalists in Hong Kong.
Last year, Lam told Next Magazine that he had no plans to list the company: “I don’t understand finance, and I don’t want someone to kick me out after the company is listed.”
According to Wednesday’s documents, each of the three executives now hold a 30 per cent stake in Most Kwai Chung. Media Chinese International Limited – the holding company of Hong Kong’s Ming Pao newspaper – owns the remaining 10 per cent.
The documents also revealed that prominent Hong Kong lyricist Leung Wai-man – also known as Linxi – was appointed as an independent non-executive director of the company.
The company stated that it plans to conduct acquisitions and make alliances with “other market players” with the proceeds of its potential initial public offering.