Sing Tao News Corporation now has a new major shareholder.
Charles Ho, chairman of the company that publishes the Chinese-language Sing Tao Daily and the free English daily, The Standard, has sold a 28 percent stake in the firm to Guo Xiaoting, vice chairwoman of mainland property management firm, Kaisa Prosperity, for HK$370 million.
The stake sale reduced Ho's shareholding from 31 percent to 3 percent and made Guo the major shareholder. She did not have a stake in Sing Tao previously.
Guo, 27, is the daughter of Kwok Ying-shing, chairman of the mainland property firm, Kaisa Group.
Both Kaisa Group and Kaisa Prosperity are listed on the Hong Kong stock exchange.
Ho is a member of the political advisory body, the Chinese People’s Political Consultative Conference. He took control of Sing Tao in 2001.