Rongfeng Holding Group chairman Wang Zheng poses with the ATV corporate logo after a press conference yesterday. He said he is going to make ATV the "CNN of Asia". Edmond Tang / ChinaDaily

Asia Television (ATV) plans to launch a Putonghua (the Mandarin Chinese language) channel that will broadcast nationwide through a cable system, mainland property tycoon Wang Zheng, who is expected to become a major shareholder soon in the local TV operator, announced yesterday.

The property mogul said he will have a meeting with ATV's top management today to discuss the plan of applying and launching a nationwide Putonghua cable channel.

Wang made the revelation in his first appearance after Payson Cha, a key shareholder of the TV operator, confirmed earlier this month that Wang had signed a contract that would make him a major ATV shareholder.

Wang could eventually come to hold a more than 50 percent stake in ATV, early reports said.

Wang also revealed yesterday that four of his relatives have joined ATV's board of directors, despite the fact that the deal for him to take over a stake in ATV has yet to be completed.

ATV has yet to submit an application to the Broadcasting Authority for a change in the company's shareholding structure, he added.

"I hope the deal will be completed as soon as possible," he said, stressing that his current post at ATV is still a volunteer position, which is "embarrassing" for him.

"I desperately hope to convert this volunteer status into an official one," he told reporters.

On questions about what strategies he would likely adopt to realize a turnaround in the loss-making TV operator, Wang said he has yet to draw up a concrete timetable for the operator's turnaround.

He said ATV's key problem lies not with its capital strength but with its strategies and talent pool.

Wang reiterated his early commitment that he will spend the next twenty years in his career life to help turn ATV into Asia's CNN.

Earlier reports said the property tycoon planned to invest more than HK$2 billion in ATV over 20 years.

With Wang's help, ATV last week signed strategic agreements on business cooperation with five state-owned enterprises from the mainland, including China State Construction Engineering Corp, Guangdong Enterprises, China Merchants Bank, China Life and Bank of Beijing.

The companies committed in the agreements to use ATV as an advertising platform and to provide billions of dollars in assistance if the need arises.

(HK Edition 03/16/2010 page2)