Social Mixer 2024 Singapore
marketing interactive Content360 Singapore 2024 Content360 Singapore 2024
HK businessman looks to have second go at acquiring Taiwan-based Apple Online

HK businessman looks to have second go at acquiring Taiwan-based Apple Online

share on

A Hong Kong business is reported to be looking to buy Apple Daily's sister website in Taiwan. He claimed that the acquisition plan did not involve any funding from China, according to multiple reports. 

According to the South China Morning Post, Kenny Wee who made his fortune in catering, was planning to acquire Apple Online, and claimed that he is the only owner of Avengers Limited - one of the potential buyers of the Taipei-based site. He added that should the acquisition go through, he would not transfer any stakes to people outside Taiwan.

The report said Wee previously tried to buy asset from Next Digital. In 2017, he tried to buy Apple Online and Hong Kong's Apple Daily from the company but failed. According to HK01, Wee said he was interested in buying the company before 29 June 2021. 

Meanwhile, Next Digital previously said in a statement that it accepted a non-legally binding proposal made under a letter of intent entered into with a potential purchaser in respect of a possible disposal by the group of the entire issued share capital of Amazing Sino International, which, along with its subsidiaries, publish the online edition of Taiwan Apple Daily. The proposal was subject to contract and due diligence which the potential purchaser anticipates to complete on or before 9 July 2021.

However, in August 2021, Next Digital confirmed that no definitive transaction agreement had been entered into. The company added that it was assessing the purchase price and other terms and conditions proposed by the potential purchaser. There was no timeline that had been agreed by the company and the potential purchaser as to whether any definitive transaction agreement would be entered into or that such disposal would proceed at all.

Wee said he was interested in buying Next Digital's assets in 2017, and added that jailed tycoon Jimmy Lai would not consider his proposal if he was involved in any finding from China, according to HK01.

Wee added that after acquisition, 300 employees will continue to work for the company and he will ask the editorial team to strengthen its offerings in entertainment and F&B. He will also respect the newsroom's political position of supporting neither the Democratic Progress Party nor the Kuomintang in Taiwan. 

Last year, Apple Daily lost a chunk of its employees following the police raid. A mass exodus was seen in the company and its teams managing financial news, English coverage, breaking news, and video content branded as Apple Action News. Not long after, the company shuttered its operations. 

Related articles:
Apple Daily sister brand Next Magazine with 100k subscribers ceases ops
Apple Daily reportedly compelled to shut 'in a matter of days'

share on

Follow us on our Telegram channel for the latest updates in the marketing and advertising scene.
Follow

Free newsletter

Get the daily lowdown on Asia's top marketing stories.

We break down the big and messy topics of the day so you're updated on the most important developments in Asia's marketing development – for free.

subscribe now open in new window