TNAG-1817-FCO40-2578-Broadcasting-in-Hong-Kong-1988 — Page 218

Title: Shares in Television Companies (dated 17.3.1988)

Author: TONG Yuk-hon

The

conditions

companies.

Government has recently announced

the

for renewing the licence of the television

Before making

making the

announcement,

an official

revealed that there would be more restrictions

shareholding by foreigners.

on

However, the new conditions

in a way blur the nationality restrictions on shareholding

in television companies.

2.

The licence issuing conditions provide that in a

television company the total number of shares held by

foreign interests shall not exceed 49% (this is the

existing condition) and any single foreign shareholder

shall not own or control more than 10% of the share

capital of the television company.

This shows that

shareholding in a television company is an important

matter of public interest. That official also said that,

according to the research by the Broadcasting Authority,

countries like Britain, the USA, Australia and New Zealand

have more stringent conditions than Hong Kong regarding

shareholding by foreign companies.