Tuesday, July 26, 2005

An Interview with Richard Li, Hong Kong

An Interview with Richard Li, Hong Kong: "When Richard Li sat down with Insight for our December 1999 interview which was actually completed in November in Hong Kong, Insight asked Mr. Li what was his vision for Pacific Century Cyberworks, his Hong Kong flagship company.
Richard�s response was:
� In the simplest terms Pacific Century Group aims to be the leading Internet investment
vehicle in the Asia-Pacific region, both by acquiring and funding net ventures and by
developing our own businesses. The model is akin to that of Japan�s Softbank or America�s GMGI, but we are going to go much further than that. At the core of our strategy is the Group�s Hong Kong-listed technology flagship Pacific Century Cyberworks. That was launched in May 1999 through the acquisition and renaming of a small Hong Kong listed company. Today PCC has a market cap of US$6.6 billion and is the third largest Internet company in Asia.�
On February 29, the Pacific Century Group took an immense step toward the realization of the goal set out above when it reached agreement with Cable & Wireless HKT Ltd. to acquire Hong Kong�s biggest telecommunications company for $38.1 billion. Pacific Century outbid Singapore Telecommunications Ltd., SingTel � the Singapore government owned phone company run by Lee Hsien Yang, the 42-year old son of Singapore�s former Prime Minister and current Senior Minister, Lee Kuan Kiew, in a contest that had the whole world watching.
The successful acquisition emphasizes the immense buying power that Asia�s new Internet start-ups wield and the increasing effect such companies will have in their stock markets and in the regional economies. Analysts believe that the deal also may indicate behind-the-scenes influence by the Chinese government, which indirectly owns 10 percent of HKT. China is believed to have opposed having the key t"


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