It was NOT designed properly. The designer tried it with only one transistor (it had low hFE) then maybe it worked. I simulated it with a "typical" transistor that has "typical" hFE and it distorts very badly because it is almost always saturated. If the hFE is even higher then it is worse.
I biased it correctly but it still distorts if the hFE is lower or higher than "typical". The pre-emphasis will work fine. I forgot to add the 100pf but it is needed in a radio transmitter.