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Monday, September 18, 2000

HONG KONG BUSINESS AWARDS 2000

Broad CyberWorks responsibilities for Cheung


The merger of Cable & Wireless HKT with Pacific Century CyberWorks will enable the telecommunications company to develop outside Hong Kong, according to its former chief executive Linus Cheung Wing-lam.
"HKT can now take on global aspirations and also enter lines of business on a much wider scale," said Mr Cheung, who is now deputy chairman of CyberWorks.

The merger also enabled HKT to move from being a standalone telecoms operator to an integrated Internet company.

"Telephone companies have to transform - with liberalisation, with commoditisation of the IDD voice and with a lot of those challenges a telephone company does not have a very bright future," said Mr Cheung.

The merger was due to the decision by London-based Cable & Wireless to sell its 54.39 per cent stake in HKT as part of a move to rationalise the company.

The takeover battle between Singapore Telecommunications and CyberWorks at the start of this year coincided with the HKT`s implementation of a management restructuring programme.

"I had to not only manage the merger but also make sure we did not take our eyes off the ball so that market share, performance and a lot of things were delivered on the restructuring. I was very focused on both things," Mr Cheung said.

The restructuring flattened the management structure and increased the number of departments reporting directly to Mr Cheung as chief executive.

"It shortened the chain of command," said Mr Cheung.

Mr Cheung intends to stay with the merged company until he retires.

After the merger there was speculation he was considering a job with the Airport Authority - a rumour he refused to comment on.

"I am very loyal to my job - I have proved that with my track record at the Swire Group, at Cable & Wireless HKT and hopefully at CyberWorks," said Mr Cheung.

His new role at CyberWorks will require him to work closely with his new boss, chairman Richard Li Tzar-kai. The position gives him broader responsibilities than overseeing the telecoms side of the business although he declined to be specific on the areas under his responsibility.

"I will be putting a lot of my time into sharing the burden of Richard [Li] in many ways and that involves strategic leadership, new investments, mergers and acquisitions," said Mr Cheung.

"My scope is not HKT - my scope now is CyberWorks on a global basis," said Mr Cheung.

Since their inception in 1990, the DHL/South China Morning Post Hong Kong Business Awards have won respect for their role in recognising outstanding contributions to the development of the SAR`s reputation as Asia`s leading financial centre.

The time has come to start judging for this year`s winners. Award categories include Businessman of the Year, The Executive Award, Young Entrepreneur Award, International Award, Enterprise Trophy and Owner-Operator Award. Nominations close on October 9 and the awards will be presented on December 7. To find out more about making a nomination, talk to Tony Turner at 2161-9234/2161-9233 or fax [phone].
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14:24 19-SEP-2000
PCCW, 1stop-toys.com, Asia2B to develop e-commerce biz

Toy e-commerce Website 1stop-toys.com will join forces with PCCW (0008-HK), Asia2B/CommerceOne, DigiLogistics.com and TradeCard to develop e-commerce business.

1stop-toys.com has over 100 members who are mainly Hong Kong and mainland manufacturers. They also include wholesalers and retailers from South East Asia, Europe and North America. It offers more than 1,000 different types of products to members on the Internet.

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17:09 19-SEP-2000
PCCW to use $780m on developing a Malaysia online service

Pacific Century CyberWorks Ltd (PCCW) will invest 380 million ringgit (HK$780 million) over the next five years to develop an online service in Malaysia, according to Bloomberg.com.

Keith Harrison, managing director of Pacific Century CyberWorks Global Communication Services, said the company`s initiative in Malaysia also paved way for its regional expansion under the joint venture with Telstra.

The company`s plan include strengthening its data centre facilities to offer Internet-related services in the country.

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14:19 20-SEP-2000
PCCW (0008-HK)`s parent to appeal for breaching of contract

Pacific Century CyberWorks Ltd`s parent, Pacific Century Regional Development (PCRD) said that it will appeal after a ruling by the Singapore High Court that the PCRD had breached an agreement with Canadian Imperial Investment (CII)

In the ruling, it was decided that when PCRD transferred its 75 pct stake in Quinliven, a carpark development company, to Tricom Holdings (currently known as PCCW) last year last April without telling CII, it had broken a previous joint venture agreement with CII.
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14:26 20-SEP-2000
PCCW (0008-HK) to suspend trading in the afternoon

Trading in Pacific Century CyberWorks (PCCW) will be suspended with effect from 2:30 pm today, pending an announcement regarding a possible disposal of part of its equity holding by Cable & Wireless plc in the company today by way of an equity placement.

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15:24 20-SEP-2000
PCCW parent said to subscribe part of PCCW shares placed

Cable & Wireless plc placed 1.04 billion PCCW (0008-HK) shares in the afternoon and it is rumoured that PCCW`s parent company Pacific Century Regional Development (PCRD) will subscribe for part of the shares.

PCCW will be announcing its company results on September 28 and by rule PCRD could not increase its shareholding in the company one month before any results announcements. Sources said however PCRD will be applying to the stock exchange for a waiver.

PCCW Group previously disposed of 240 million shares at $15.811 each to institutional investor on August 9, including the Tracker Fund (2800-HK).

Now, it may gain more than $1 billion by subscribing the shares at $9.68-$9.98 each.

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10:01 21-SEP-2000
PCCW joins Vodatel Networks to bid for Macau 2G licence

Yim Hong, managing director of Vodatel Networks Holdings Limited (8033-HK), told the Hong Kong Economic Times that the group will team up with PCCW (0008-HK) to bid for the second generation mobile phone (2G) licence in Macau. The target subscribers will be 400,000 Macau residents as well as several million visitors to Macau.

Apart from Peoples, five other Hong Kong mobile phone operators have also submitted tenders for the Macau 2G licence.

The bidding will be on a "beauty contest" basis and the results will be released between late-September and early-October.
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10:41 21-SEP-2000
PCCW (0008-HK) share placing less one time oversubscribed

According to Cable & Wireless placing agent Merrill Lynch, the $10 billion Pacific Century CyberWorks share placement receive an oversubscription of less than 100 pct. the majority of the subscribers were retail investors who had a 50/50 chance of successful subscription.

The buying activities are expected to put pressure on PCCW`s share price this morning.

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CyberWorks dives after C&W sale

By Vivian Chu, CBS.MarketWatch.com
Last Update: 4:34 AM ET Sep 21, 2000 NewsWatch
Latest headlines

HONG KONG (CBS.MW) -- Shares of Pacific Century CyberWorks tumbled over 15 percent on Thursday, weighed down by Cable & Wireless plc`s sale of a 4.9 percent stake in the Internet company.

CyberWorks` (PCW: news, msgs) shares dove 9.3 percent at the open and closed down 15.81 percent at 9.05 Hong Kong dollars. It was the most heavily traded stock on Thursday.

U.K.-based Cable & Wireless (CWP: news, msgs) (UK:CW: news, msgs) placed about 1.04 billion CyberWorks shares at a price of 9.88 Hong Kong dollars each, or an 8 percent discount to Wednesday`s closing price of 10.75 Hong Kong dollars.

The sale reduces C&W`s shareholding in CyberWorks to 15.3 percent from the 20.2 percent stake it acquired in the company after it sold Cable & Wireless HKT, Hong Kong`s dominant telecom firm, to CyberWorks last month.



Both retail and institutional investors accounted for selling of CyberWorks, said Alan Pau, director of South China Securities in Hong Kong. "Normally after a share placement, the placement price becomes the support. But now we are seeing that the placement price has become the resistance."

He expects the stock to trade from 9.50 to 10.50 Hong Kong dollars in the near term, he added.

Many investors who had earlier sold short CyberWorks shares were cashing in on Thursday`s tumble. Short-selling, which allows an investor to profit from a drop in share price after betting that it will fall in the future, was another factor weighing down CyberWorks shares in recent weeks, added Chris Tinker, strategist at Deutsche Bank in Hong Kong.

"People have been short-selling CyberWorks because of the share overhang and perceived problems of the company," he said. "Sentiment about CyberWorks has been universally bearish in recent weeks, so it`s been a good downside trade for most investors."

Some of those problems include the recent failure of two high-profile joint ventures. Earlier this month, U.S. Internet investor CMGI (CMGI: news, msgs) abandoned plans to set up a venture capital fund with the company; the next day, Taiwanese broadband company Gigamedia (GIGM: news, msgs) pulled out of a three-way agreement with CyberWorks and another Taiwan Internet firm.

Investors have also voiced concern over CyberWorks high-debt level and its overall business model. The company aims to become the world`s premier provider of telecommunications, digital technology and new media services -- an ambitious undertaking for an Internet start-up.

CyberWorks is headed by Richard Li, younger son of Hong Kong billionaire Li Ka-shing.

Going forward, CyberWorks` shares will likely remain under pressure. C&W has agreed to keep another 5.2 percent stake in CyberWorks for six months, and the remaining 10.1 percent stake for one year. The prospect of further placements by C&W will continue to squeeze CyberWorks` share price, said analysts.

On Wednesday, CyberWorks` American Depository Receipts fell 13 percent to $12.38 in New York.