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No official reason was given by the HK government.
Some are speculating the reason that HKTV got rejected was because there was influence from the PRC government that they didnt want HKTV to have their licence granted. As Ricky Wong had always been very anti-china with his political views, and that if he was granted a FTA licence, ATV may go bankrupt in less than a year. ATV is heavily invested by Chinese mainlanders, and is said to be the mouthpiece of the Mainland government. HKTV is the most ambitious and innovative of the the newcomers, with very strong public support in HK. The mainland government does not want further influence from HKTV.
Currently HKTV can either file for a judicial review, wait another few years with the possibility that they may grant more FTA licences or buy ATV. The former option is the most likely situation.
They've already laid off over 300 employees, with more to come in the coming weeks.
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