Hong Kong media magnate buys stake in HTC: Report
HTC’s stock might be in a continuous downward spiral with over 50 per cent drop since the beginning of this year itself but at-least someone is thinking that it is the right time to invest in the Taiwanese smartphone maker. According to a report Wall Street Journal, Hong Kong’s media mogul Jimmy Lai has bought around 2 per cent stake in HTC over the last two months.
“HTC is undervalued and there is an opportunity for growth,” Lai’s spokesman told WSJ in a statement.
While there is no clarity on how HTC plans to rise up from its current condition, Jimmy Lai must be privy to some secret information, which would have led him to bet on a company with not-so-bright future.
WSJ notes that Jimmy Lai could also turn out to be an activist investor and demand changes in the top management but there is no confirmation on whether he plans to do so. While Lai intentions are yet to be determined, his interest in HTC is a good news for the struggling smartphone maker.
According to Jimy Lai’s Wikipedia biography, his actual name is Lai Chee-Ying and he founded Giordano, an Asia clothing retailer, and Next Media, a Hong Kong-listed media company and a Chinese-language media group. You can read more about Lai in this BusinessWeek profile.
Image Credit: AP