100Most applying for initial public offering

Satirical weekly magazine 100Most has applied for an initial public offering on the Hong Kong Stock Exchange.

Its publisher Most Kwai Chung Limited, which also owns various book titles including Blackpaper Magazine and is the operator of an online multimedia channel "TVMost" that produces sarcastic videos, submitted a draft document to the Hong Kong Stock Exchange on Wednesday (26 July).

The 63-people company revealed it earned a revenue of HK$95 million for the year ended March 31, 2017, in which 51.8% of the revenue was driven by its digital media services.

This marked a 74% year-on-year increase.

According to the document, the company has also earned a net profit of HK$36 million in the 2016-17 financial year.

Founded by media producers Lam Yat-hei, Au Bu and Chan Keung in March 2013, 100Most and TVMost aims to create derivative work that is meant to be funny and reflective of the general mood of youngsters.

In 2016, one of its advertising production, 明 NESCAFÉ 極品白咖啡【情深咖啡未曾飲】, which features legendary singer Leon Lai selling Nescafé instant coffee with a redo of his classic song and fun jokes, tops the chart of 2016 Q2 YouTube Ads Leaderboard.