The market value of the Hong Kong Television Network, which operates an online mall, has hurtled past HK$10 billion (US$1.3 billion) following two days of rally.

Shares of HKTV closed at HK$12.04 on Tuesday, an increase of 14.67% following 9.32% on Monday. The assets of company founder Ricky Wong have risen to HK$4.27 billion as a result.

The stock-market surge came after HKTV last week announced its return to a profit of HK$109 million in the first half of the year, after suffering a net loss of HK$155.39 million the previous year.

Its bet on e-commerce seems to have paid off, in a change of focus after the company failed in 2013 to clinch a free-television licence from the government, whose decision caused a public outcry at the time on rumors that due process had not been followed. HKTV finally withdrew its application in 2018, officially ending ambitions of its foray into television and drama production.

HKTVmall has fared far better, propeling the market value of the company to three times of the city’s major broadcaster, Television Broadcasts, with the market rally.

The online platform aims to launch a food ordering service and e-wallet by the end of the year, according to the company’s result announcement document. It also hopes to sell software developed in-house to supermarkets and retailers around the world.

Francis Fong, an IT professional in Hong Kong, said HKTV’s success could be attributed to search engine optimization, website traffic management and joint promotion with other brands. He said it set a good example for overseas supermarkets.

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