Most Kwai Chung
Most Kwai Chung is a Hong Kong magazine and online-media company known for the satirical publication 100Most and the TVMost digital-media platform.
Last updated August 31, 2026
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Overview
Most Kwai Chung Limited is a Hong Kong media company whose best-known properties are the satirical magazine 100Most and the online video platform TVMost. The company developed from a group of youth-oriented publishing and media projects associated with the “Most” brand, whose style combines short-form commentary, parody, Cantonese humour and topical entertainment. Its output has generally been aimed at young adult audiences in Hong Kong and has used deliberately irreverent treatments of local popular culture and television conventions. The company’s roots can be traced to Blackpaper Limited, established in 2009 by lyricist and media creator Tsui Ka-Ho, also known by the pen name Lam Yat-hei, together with Iu Kar-ho, known as Ah Bu, and Luk Ka-chun, known as Chan Keung. Their early publication, Black Paper, began as an inexpensive monthly A5 postcard-sized publication containing a single interview. The format was intentionally concise and accessible. From 2012, the project also developed short video interviews and topical clips, extending the group’s reach beyond print. The creators subsequently introduced several related publishing ventures. White Paper became a vehicle for books addressing youth-oriented subjects, while 100Most was launched in 2013 as a satirical weekly magazine. The “Most” naming convention was a deliberate parody of TVB, Hong Kong’s dominant television broadcaster, including an echo of the broadcaster’s Cantonese name. The group’s humour often drew on the recognisable formats, personalities and production conventions of Hong Kong television while recasting them in a comic or critical register. TVMost, established in 2015, became the group’s most prominent digital venture. It used online video, streaming and social-media distribution to publish topical and sarcastic material with a strongly local Hong Kong character. Some of its programmes and clips imitated or spoofed television formats, allowing the brand to transfer the group’s print sensibility into a faster and more shareable digital environment. The broader group also included Whitepaper Publishing Limited, French Rotational Production Limited, Number Eighteen Limited, formerly Most Records Limited, and General manager Management Limited. Most Kwai Chung Limited was incorporated in 2017 as the corporate vehicle for the growing media business. The name combines the “Most” brand with Kwai Chung, the Hong Kong district where the company’s headquarters is located. The company applied for a Hong Kong listing in July 2017. After an initial application was rejected in January 2018, it resubmitted its application later that month and proceeded with an initial public offering in March 2018. Its retail offering reportedly attracted exceptionally high subscription demand, and the offering raised HK$81 million. The company’s public identity has therefore combined a listed corporate structure with a deliberately informal, satirical media personality. Its main business is not conventional mass-market consumer products but the creation, publication and monetisation of magazines, videos, books, entertainment content and related media services. The available reference material does not establish a current product-by-product operating breakdown, present management roster or official website. It does, however, identify the company as an active Hong Kong-listed media group and records a March 2026 agreement under which Brave Steed Legacy Limited, owned by mainland Chinese entrepreneur Ma Liyang, agreed to acquire the majority stake historically held through Blackpaper Limited. The reported agreement involved the sale of interests held by Iu Kar-ho and Luk Ka-chun, with media announcement following on 11 March 2026.
History
Most Kwai Chung emerged from a cluster of Hong Kong publishing and digital-media projects created by a group of writers and media producers. The earliest identified predecessor was Blackpaper Limited, formed in 2009 by Tsui Ka-Ho, Iu Kar-ho and Luk Ka-chun. Its first publication, Black Paper, used an unusually compact format: a low-priced A5 postcard containing a single interview. The publication’s economy and brevity suited a young readership and established the group’s preference for short, direct and easily shareable content. Beginning in 2012, the Black Paper project expanded into short video interviews and topical clips. These activities helped the creators build a broader media identity rather than remaining solely a print publisher. The group launched additional publications aimed at similar youth audiences, including White Paper, which published books on youth-oriented subjects. The satirical weekly magazine 100Most followed in 2013 and became the principal print expression of the “Most” brand. The name “Most” was designed as a parody of TVB and its Cantonese name. This naming strategy reflected the group’s close engagement with Hong Kong television culture. Its content frequently used parody, imitation and compressed commentary to address local entertainment, public figures and current topics. The approach was recognisably rooted in Hong Kong Cantonese popular culture rather than a generic international media style. In 2015, the group established TVMost. The platform used internet video, streaming and social-media distribution to publish satirical clips and programmes. It became the group’s most successful venture according to the reference material. TVMost allowed the company to respond more quickly to topical events and to reproduce, mock or reinterpret television conventions in a digital setting. This transition from inexpensive print products to online video was central to the group’s development. Most Kwai Chung Limited was founded in 2017 to serve as the corporate entity for the expanding business. Its name refers both to the “Most” brand and to Kwai Chung, the Hong Kong district in which its headquarters was located. The company submitted a listing application to the Hong Kong Stock Exchange on 26 July 2017. The first application was rejected in January 2018, but a second application was submitted on 29 January 2018. The company subsequently advanced its IPO plans and became a Hong Kong-listed company under stock code 1716. The 2018 offering attracted unusually strong retail interest. The retail tranche was reported to have been oversubscribed 6,288 times, while the offering raised HK$81 million. This gave the company a prominent capital-markets profile relative to its origins as a small, inexpensive interview publication. Blackpaper Limited remained the majority owner described in the reference material. The wider group included 100Most, TVMost, Whitepaper Publishing Limited, French Rotational Production Limited, Number Eighteen Limited, formerly Most Records Limited, and General manager Management Limited. These entities indicate a business scope spanning magazines, online video, books, music-related activities, production and management services, although the available material does not provide detailed current revenue or operational information for each subsidiary. On 5 March 2026, Blackpaper Limited reportedly reached an agreement with Brave Steed Legacy Limited for the sale of a 65 percent majority interest in Most Kwai Chung. Brave Steed Legacy was described as being owned by mainland Chinese entrepreneur Ma Liyang. The reported sellers were Iu Kar-ho and Luk Ka-chun, and the transaction was announced to the media on 11 March 2026. The available references do not establish the transaction’s completion status, post-transaction management structure or the company’s subsequent operating strategy.
- 2026
Proposed majority-stake transaction
[1]Blackpaper Limited reportedly agrees to sell a 65 percent majority interest to Brave Steed Legacy Limited.
- 2018
Hong Kong IPO
[1]Following a renewed application, Most Kwai Chung completes its listing process under stock code 1716.
- 2017
Most Kwai Chung Limited is founded and applies to list
[1]The corporate company is established and submits a listing application to the Hong Kong Stock Exchange.
- 2015
TVMost is established
[1]TVMost is created as an online video and social-media platform focused on topical Hong Kong satire.
- 2013
100Most launches
[1]The group introduces 100Most, a satirical weekly magazine that gives the Most brand a prominent print outlet.
- 2012
Black Paper expands into short video
[1]The original compact interview publication develops short video interviews and topical clips for its young audience.
- 2009
Blackpaper Limited is formed
[1]Tsui Ka-Ho, Iu Kar-ho and Luk Ka-chun establish Blackpaper Limited, the predecessor associated with the later Most media group.
Products and positioning
A Hong Kong youth-oriented media group positioned around concise, topical and irreverent Cantonese-language satire across print, online video, publishing and related entertainment activities.
Magazine and short-form media · 2009
Black Paper
Black Paper was the group’s founding publication. It began in 2009 as a low-priced monthly A5 postcard containing a single interview, giving readers an unusually brief and inexpensive editorial format. From 2012, the project expanded into short video interviews and topical material. Its concise style and focus on young-adult interests established the editorial approach later associated with the Most brand.
Satirical magazine · 2013
100Most
100Most was a satirical weekly magazine launched in 2013. It extended the group’s short-form editorial style into a recurring print publication built around topical humour, commentary and parody. The magazine’s content was strongly connected to Hong Kong popular culture and helped make the Most name visible before the group’s later emphasis on online video.
Online video and digital media · 2015
TVMost
TVMost is an online media platform established in 2015. It publishes video and social-media content using sarcastic, locally specific Hong Kong humour, and has sometimes imitated the formats and conventions of TVB programming. The platform became the group’s most successful venture according to the reference material and represented its shift from compact print products toward internet video and streaming.
Books and publishing · 2013
White Paper
White Paper was the group’s book-publishing imprint, operated through Whitepaper Publishing Limited. From 2013 through 2021, it published books addressing youth-oriented topics. The imprint broadened the group’s media activities beyond magazines and video while retaining its focus on subjects and formats intended for younger Hong Kong readers.
Brand decisions
2026
Agreement to sell a majority stakeM&ABackground
Blackpaper Limited historically held a majority interest in Most Kwai Chung.
Action taken
Blackpaper Limited reportedly agreed to sell a 65 percent majority stake to Brave Steed Legacy Limited, owned by Ma Liyang. The reported sellers were Iu Kar-ho and Luk Ka-chun.
Aftermath
The agreement was announced to the media on 11 March 2026. Completion and the resulting management structure are not established by the available material.
2018
Initial public offeringOtherBackground
After resubmitting its listing application, the company sought public-market financing in Hong Kong.
Action taken
Most Kwai Chung completed its IPO and began trading under stock code 1716.
Aftermath
The retail tranche was reported as 6,288 times oversubscribed and the offering raised HK$81 million.
IPO proceeds. HK$81 million (2018 IPO)
2017
Creation of a listed corporate vehicleStrategyBackground
The expanding Most group included publishing, online video and related media businesses that required a consolidated corporate structure.
Action taken
Most Kwai Chung Limited was founded and submitted an application to the Hong Kong Stock Exchange.
Aftermath
The initial application was rejected in January 2018, after which the company reapplied and proceeded toward an IPO.
2015
Launch of TVMostProduct launchBackground
The group sought to take advantage of the growing reach of internet video, streaming and social media.
Action taken
It established TVMost as a digital platform for topical and satirical video content.
Aftermath
TVMost became the group’s most successful venture according to the available reference material.
Recent events
- 2026
Agreement announced for a majority-stake sale[1]
M&A · Leadership change
Blackpaper Limited reportedly agreed to sell its majority stake in Most Kwai Chung to Brave Steed Legacy Limited, an entity owned by mainland Chinese entrepreneur Ma Liyang. The agreement was announced to the media on 11 March 2026.
- 2018
Most Kwai Chung proceeds with its initial public offering[1]
Other
After resubmitting its listing application, the company proceeded with an IPO. The retail tranche was reported as heavily oversubscribed and the offering raised HK$81 million.
- 2017
Most Kwai Chung applies for a Hong Kong listing[1]
Other
Most Kwai Chung submitted an application to list its shares on the Hong Kong Stock Exchange as the media group expanded beyond its original publishing activities.
Sources1 sources
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