A licensee company shall not be permitted to hold directly or indirectly shares in any company the business of which is not directly associated
or connected with television
broadcasting.
Any subsidiary company held by a licensee company shall be subject to the approval of the BA and subject to the licensee company having a majority shareholding in the subsidiary company and control over its management.
A licensee company shall not be held in any form by a holding company.
Foreign Ownership and Control
(d) More than 65% of the issued shares in a television licensee company shall be held at all times absolutely and beneficially by persons who are permanent residents of and ordinarily resident in Hong Kong.
(e) (i)
(£)
(g)
(ii)
(iii)
Foreign interests will be allowed to Own Οι control under 35%
under 35% of the issued shares in a licensee company (the 35% rule).
Not more than 10% of the issued shares in a licensee company shall be owned or controlled by any single foreign shareholder (the 10% rule).
Where a foreign shareholder Owns or has interest in 2% or more
more of the issued shares in a licensee company, the licensee shall forthwith notify and seek approval from the Broadcasting Authority (the 2% rule).
24
Any foreign shareholder holding interests in a licensee company ΟΙ its holding company on 24 November 1987 should be allowed to retain his level of investment (as at
November 1987) in the licensee company in future. However, if his shareholding were to be reduced in future, he would not be permitted to rebuild his holding, other than in accordance with the new rules.
Subject
to recommendations (d) and
(d) and (e), no limit shall be imposed on the maximum percentage of shares an individual can hold in a licensee company provided that the individual is a permanent resident of, and ordinarily resident in, Hong Kong.