TVB (00511) rose more than 7% during trading, and at the time of publication, had risen by 6.15%, to HKD 3.45, with a turnover of HKD 1.9451 million.
According to the Wise Money APP, TVB (00511) rose more than 7% during trading, and at the time of publication, had risen by 6.15%, to HKD 3.45, with a turnover of HKD 1.9451 million.
On the news front, TVB announced a new framework agreement with Tencent Video, which is a comprehensive cooperation in the field of film and television dramas, following the strategic cooperation agreement signed by both parties last year. It is reported that the two sides will increase the number of customized dramas, doubling the current four, including the first four, such as "The Defected Hero," which are expected to be broadcast simultaneously in mainland China and Hong Kong in 2024. The additional four dramas will also begin filming this year and are expected to be broadcast in 2025.
Previously, TVB announced the sale of a total of 28.74 million new shares to major shareholder Shaw Brothers and newly introduced Chinese shareholder GF Securities, raising around HKD 109 million, to be used for co-production dramas in the mainland. In April this year, TVB issued a statement reiterating its expectations for significant positive EBITDA for the full year 2024. The announcement stated that co-production dramas were the largest source of revenue and profit growth for the company in mainland China this year.