Cash strapped Hong Kong Broadcasting Company ATV recently devised a new crowd funding scheme in order to unload its financial burdens.

The company urges Hong Kong Citizens to buy the 10.75 percent stake in the station for $10,000 HKD per share, Jaynestars News reports.

Considered as a 'One Man, One Share To Save ATV Campaign', the company is in high hopes that the funds raised will be enough to pay their employees, who have been deprived of a full salary compensation since December 2014.

Like Us on Facebook

However, this idea doesn't sit well with the legal experts, who emphasized that the plan has the potential to violate Hong Kong's finance laws and also requires the approval of the Communications Authority.

The station sought advice from its consultation team with regards to their upcoming crowd funding plans and further added that they are exploring other options in order to attract more investments, according to ATV Director Ip Ka Po.

Stephen Au, an actor once connected to ATV, commented that the station's intention of raising funds is for the renewal of its broadcasting license before paying the worker's wages.

Ip Ka Po denies this, expressing the fact that ATV's first priority is to pay the December and January wages of their employees.

In a previous announcement, ATV said it faces the problem of paying $30 million HKD in order to renew their broadcasting license and complete the salary of employees.

Ip Ka Po confirmed that the majority shareholders, Wong Ching and Wong Ben Koon, reached a mutual agreement to lend ATV $15.6 million HKD, or 52 percent of the amount required for ATV to rise again.

This agreement will only be implemented if another shareholder, Taiwanese Businessman Tsai Eng Meng, will contribute the remaining 48 percent.

Ip Ka Po also calls the attention of the network's white knight and savior to step out and help, instead of sticking to a role of a spectator.

TagsATV, financial burdens