PCCW-News, Berichte & Stories 03.KW in Deutsch/Englisch - 500 Beiträge pro Seite

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11:05 13-JAN-2001
PCCW (0008-HK) expects to sign re-financing pact next Friday

Although PCCW has earlier revised up the interest spread for its US$4.7 billion re-financing, some banks still have not replied if they will take part in the re-financing as at the latest date for them to give a reply.

Currently, more than 10 banks have promised to take part in the re-financing while five to six banks have indicated that they will give a reply next Tuesday and Wednesday, the Hong Kong Economic Times reported citing the lead arranger.

The lead arranger, however, believed that there will be 18 to 20 arrangers to the re-financing eventually, after taking into account the five said banks, and that a re-financing pact will be reached next Friday.

(End)

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Cyberport close to retail centre deal
Keith Wallis


An artist`s impression of Cyberport`s Cyber Centre, where the retail outlets and restaurants will be located

CYBERPORT Management is close to awarding the main construction contract for the eye-catching retail centre at the Cyberport development at Telegraph Bay.
The firm, which is implementing the Cyberport project for parent company Pacific Century CyberWorks (0008), received tenders in mid-December from a raft of contractors.
These are thought to include Gammon Construction, Leighton Contractors and Paul Y Construction.
CyberPort Management project director John Latter told iBusiness that the retail centre ``will be a very airy building`` with a fabric roof and skylights.
Contractors have taken two approaches to what is a ``technically challenging`` scheme - those who really want to build it and developed their bids accordingly and those who`d prefer not to be involved.
Mr Latter said overall construction of the Cyberport project is currently within the $15.2 billion budget agreed between PCCW and the government.
``Prices in the construction market are stable. The budget is looking OK, although we rather hoped prices were lower,`` he said.
The Cyberport project, with the first phase due for completion by the end of 2002, has managed to avoid the cash and financing problems that have beset PCCW.
On Thursday, PCCW said it had postponed its underwater global fibre project, 1 Cyber-Network, and also scrapped the launch of any new Internet protocol backbone project until it can raise cash.
PCCW is currently arranging US$4.7 billion (HK$36.66 billion) worth of refinancing, due by February 15.
Mr Latter said the retail complex has been designed by US architect, the Jerde Partnership International which designed the Peak Galleria including Cafe Deco, Jakarta`s Batam Centre and the Malacca waterfront complex in Malaysia.
The retail centre, which will include bars, restaurants and shops, will be open to both Cyberport residents and visitors.
Mr Latter said CyberPort Management is ``working very hard with Jerde`` to identify the types of facilities that should be included to serve different culinary tastes.

The retail centre is the second key building to go-ahead at the site. PaulY Construction is already working on a $1 billion contract to build one of the main office buildings.
CyberPort Management has two other main construction contracts underway together with three piling projects.
Australia`s Leighton Contractors (Asia) is building approach roads and associated infrastructure, while Hsin Chong Construction is building a sewage treatment plant. Various suppliers, such as Schindler Lifts, Chevalier and Johnson Controls, have won subcontracts at the site.
Mr Latter said there were ``some raised eyebrows`` when PaulY Construction was awarded both the advance works contract and then the hotel project because of the firm`s connection as the Li family`s favoured contractor. PaulY Construction built the Cheung Kong Center in Queen`s Road.
15 January 2001 / 12:06 AM

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PCCW unit in venture
Staff reporter, Hong Kong iMail

PCCW Mobility Services, part of the global communications sector of Pacific Century CyberWorks (0008), yesterday joined forces with PNM Solutions to develop mobile sales services - which allow a company`s field staff to gain access to their corporate database through handheld devices.
Mobile sales is offered on PCCW Mobility Services` GPRS (General Packet Radio Service) network, and was developed by PNM Solutions, using technology, applications and services from Sun Microsystems, Oracle, BEA Systems and iLink.net.
PCCW Mobility Services rolled out its GPRS service in November last year. Mobile sales is based on proprietary technology developed by PNM Solutions.
It offers sales staff a real time link to relevant company information and back office support in different locations.
PNM Solutions specialises in mobile commerce, customer relationship management and supply-chain management.
15 January 2001 / 12:13 AM

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Telstra-PCCW float faces delay
By Glenda Korporaal, in Hong Kong
15jan01

Speculation is mounting in Hong Kong that Telstra and Pacific Century CyberWorks may be forced to delay the planned float of their internet protocol backbone joint venture (IPBC) in the face of cautious market sentiment.

Increased market wariness towards telco stocks and the high valuation placed on the venture by the partners have been cited as the main factors that could delay the spin-off beyond the initial mid-year planned date.
The South China Morning Post quoted analysts at the weekend as saying the partners would need to substantially cut their valuation on the venture if they wanted to go ahead with the float.

They pointed out that the Telstra-PCCW joint venture had a higher unit cost than direct competitor Asia Global Crossing, and this would lower its competitiveness and affect share sales.

Telstra and PCCW have valued their IP backbone joint venture at $US6 billion, compared with Asia Global Crossing`s $US3.9 billion market capitalisation when it listed last October.

The two companies plan to sell up to 10 per cent of the IPBC to investors through a stock market listing to reduce debt and raise additional capital for investment.

CyberWorks deputy chairman Francis Yuen Tin-fan said last week that plans for listing the joint venture were yet to be finalised.

"It`s too early to say when we can list it but, of course, we would like to go for an IPO as soon as possible," he said.

The speculation follows last week`s news that Telstra and Richard Li`s CyberWorks would have to agree to pay a higher interest rate margin on a $US1.5 billion syndicated loan arranged for their joint venture.

The internet protocol backbone company is a key part of the alliance established between Telstra and CyberWorks in April last year which includes Telstra taking a 60 per cent interest in Asia-Pacific mobile phone company Regional Wireless Co.

In the US last week, Telstra chief executive Ziggy Switkowski defended the cost of Telstra`s alliance with the Hong Kong telecommunications group, arguing it could give the company a foothold into Asia and possible entry into China.

Dr Switkowski said the IPBC venture would be the largest carrier of traffic in Asia outside Japan.

Meanwhile, in Hong Kong, shares in PCCW have fallen to a new low of $HK4.55, compared with a high of $HK28.57 last year, on concerns over its financial situation.

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Seven banks to let PCCW refinance


HONG KONG: Seven banks have so far committed to the US$4.7 billion refinancing term loan for Pacific Century CyberWorks (PCCW) after margins on the deal were raised last week, banking sources said yesterday.

The Bank of East Asia, the Industrial and Commercial Bank of China (ICBC) and Bayerische Landesbank have joined Barclays, Chase Manhattan, HSBC, BOCI and the Mizuho Financial Group as equal status arrangers on the facility, which refinances PCCW`s acquisition loan for Hong Kong telecom Cable & Wireless HKT.

ICBC is committing US$400 million, and Bayerische Landesbank and the Bank of East Asia are both committing US$300 million.

Four banks have also joined the syndicate: Sakura Bank, Sanwa Bank and Bank of Nova Scotia have each committed US$150 million, BCI Bank pledged US$175 million.

Bankers close to the transaction say two or three more banks are expected to commit, as well.

Market reaction to the loan before the repricing on January 5 had been frigid, with bankers citing narrow pricing and poor global lending appetite for telecom debt.

Under the repricing, the US$1.5 billion, three-year tranche will offer a margin of 85 basis points above LIBOR instead of 50 basis points. The margin on the US$2.3 billion five-year tranche has been raised to 115 basis points from 65, and the US$900 million seven-year tranche now pays 145 instead of 80.

Top level participants are expected to sign the deal next Friday, with general syndication to follow immediately.

Separately, syndication on the US$1.5 billion term loan for PCCW`s Internet Protocol backbone joint venture with Telstra Corp, is also expected to wrap next Friday. Margins on the PCCW-Telstra loan were raised this week because of initial lukewarm market response. Eight banks are known to have committed to the joint venture loan, with a couple more said to be mulling the new yields. The deal will not go into general syndication.

Agencies via Xinhua

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PCCW wird Kredite am Freitag unterschreiben

Nach Aussagen aus Bankenkreisen zufolge wird PCCW am Freitag dieser Woche Kredite in Höhe von 6,2 Mrd US-$ unterzeichnen.

Dann wird PCCW den vieldiskutierten 4,7 Mrd US-$ Kredit unterzeichnen, mit dem man den Kauf von C&W HK finanziert. Zu den kreditgebenden Banken gehören unter anderem die Bank of East Asia, Bank of China, Bank of Nova Scotia, BCI Bank, Sakura Bank, Sanwa Bank und die Bayerische Landesbank.

Weiter wird erwartet, dass das IP-Backbone-Jointe Venture von PCCW und Telstra am Freitag auch ihren 1,5 Mrd US-$ Kredit unterzeichnen werden.

-js- 15.01.01 09:11:00

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PCCW entwickelt Lösung für mobile Verkäufer

PCCW Mobility Service, ein Teil der globalen Telekommunikationseinheit von PCCW, will zusammen mit PNM Solution einen mobilen Verkaufs-Service entwickeln. Dies schreibt die "South China Morning Post".

Der neue Service erlaubt es den Verkäufern des Unternehmens via des GPRS-Netzwerkes von PCCW Mobility Service realtime auf die heimische Datenbank durch Handhelds zurückzugreifen.



-js- 15.01.01 09:45:00

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C&W will PCCW-Aktien für 3 HK-$ verkaufen: -8 %

Die Talfahrt der PCCW-Aktie geht weiter. Das Unternehmen verlor heute teilweise schon über 8 % auf 4,15 HK-$, einem neuen Tiefststand. Vor allem viele Stop-Loss-Verkäufe sorgten heute für Druck auf die Aktie. Auch die Spekulationen, was C&W nach dem Ende der Lock-Up-Periode am 15. Februar mit dem 15 % Anteil an PCCW macht, sorgen für weitere Verunsicherung. Heute waren Gerüchte laut geworden, dass C&W die Hälfte seines Anteils zu einem Preis von 3 HK-$ je Aktie nach dem 15. Februar auf den Markt werfen wolle. Dies führt natürlich zu weiterem Verkaufsdruck bei dem Papier.

Zu Börsenschluß hin konnte man wieder leicht ansteigen und schloß bei 4,20 HK-$, was immer noch einem deftigen Minus von 7,7 % entspricht.

-js- 15.01.01 10:29:00

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09:28 16-JAN-2001
PCCW, Huajian launch bilingual Internet browser

Pacific CyberTrans (Beijing) Technologies Company, a joint venture between Pacific Century CyberWorks (PCCW) (0008-HK) and Huajian Group Cmpany, said that it has launched a newt Chinese-English, bilingual Internet browser. The joint venture also formed a long-term alliance with several mainland enterprises such as China Telecom and Legend (0992-HK).

Huajian is owned by China`s largest research organisation ¡V the Chinese Academy of Sciences. CyberTrans is 51 pct-owned by PCCW, which contributed RMB51 million as start-up capital. Huajian holds a 49 pct stake in the joint venture.

PCCW has acted as the exclusive overseas agent for Huajian`s machine translation software since July 1, 1999, said Richard Li, chairman of PCCW.

The software last year enjoyed a favourable marketing position in Singapore, Thailand, Malaysia, the Philippines, Indonesia, Brunei, and New Zealand.

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11:26 16-JAN-2001
PCCW wins approval for JV launches, bond issues

Pacific Century CyberWorks (PCCW) (0008-HK) shareholders gave approval at an extraordinary general meeting this morning on the proposed formation of the strategic alliance with Australia`s Telstra, the establishment of three joint ventures and the issuance of US$750 million (about HK$5.85 billion) convertible bonds to Telstra.

According to the agreement between PCCW and Telstra, PCCW would re-sell its global wholesale business to the IP backbone network firm to the new venture. In return, PCCW would own a 50 pct stake in the IP backbone firm and obtain a maximum of US$1.125 billion (about HK$8.775 billion) in cash.

PCCW will also dispose 60 pct of its mobile wireless phone business to Telstra for a consideration of US$1.68 billion (about HK$13.104 billion) in cash.

(End)

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11:46 16-JAN-2001
PCCW (0008-HK) reported to launch PCTV in Q1 to replace iTV

Sources quoted by the Apple Daily said PCCW will launch its first pay-TV service tentatively called Pacific Century TV (PCTV), in Q1 as it has completed some debt restructuring.

PCTV will be the outcome of merging the existing iTV service with other third-party productions.

The company did not intend to set up any production centres for original programming.
(End)

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11:52 16-JAN-2001
Richard Li: PCCW share loss relatively less than other telecoms

Chairman of Pacific Century CyberWorks (PCCW) (0008-HK) Richard Li declined to answer questions raised by shareholders at the company`s extraordinary general meeting this morning whether it would be the right time for bargain hunting on PCCW shares.

Mr Li, however, said that the decrease in PCCW share value has been lower than the average 70-80 pct fall experienced by other telecommunications and Internet companies in the industry. He said the stock is unable to go against the trend in the falling market.

When asked about the company`s share buyback plan, he reiterated that he as the indivdual, together with PCCW`s parent company Pacific Century Regional Development Ltd (PCRD), have acquired shares and convertible bonds totalling HK$8 billion.


(End)

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Cyberworks shares hit year low, again
By Vivian Chu, CBS.MarketWatch.com
Last Update: 3:27 AM ET Jan 15, 2001

HONG KONG (CBS.MW) - Shares of Pacific Century CyberWorks tumbled to a year-low for the third straight session on Monday, weighed by concerns that Cable & Wireless will sell its stake in CyberWorks once a lock-up period expires next month.
Shares of CyberWorks (PCW: news, msgs) dove 7.7 percent to 4.20 Hong Kong dollars, after losing over 8 percent earlier in the session.

Britain`s Cable & Wireless (CWP: news, msgs) received a 20.2 percent stake in CyberWorks after the Internet company bought its Hong Kong unit, C&W HKT, last year. Under the agreement reached with CyberWorks, Cable & Wireless can sell a 7.7 percent stake it holds in CyberWorks after February 21.

Cable & Wireless`s last sale of part of its CyberWorks stake sent the latter`s share price tumbling. Last September, CyberWorks lost 15.8 percent to 9.05 Hong Kong dollars one day after Cable & Wireless sold 4.9 percent in the company.

CyberWorks could not be immediately reached for comment. But a company official reportedly said it had not yet found a buyer for the stake as of last week.

CyberWorks` shares have also been battered by news that poor market conditions may force it to delay a planned listing of its Internet Protocol backbone company, which is jointly owned by Australia`s Telstra Corp. (TLS: news, msgs) .

The IP backbone company has been billed as the leading carrier of voice, data and Internet traffic in Asia outside Japan. Last November, Telstra`s CEO said the venture was worth about $6 billion.

But weak investor sentiment for telecom firms worldwide and concerns about the venture`s high valuation may force the companies to cut its valuation if they want to go ahead with the offering.

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15 January 2001 1332 hrs (GMT) 2132 hrs (SST)
PCCW shares fall 8% to 52-week low
by Tony Wong

The share price of Hong Kong`s Pacific Century CyberWorks continues to plumb new lows in Monday trading.

The counter fell nearly eight percent, shaken by a possible share placement by major shareholder Cable and Wireless and a report that the listing plan for the company`s Internet Protocol backbone joint venture with Australia`s Telstra may be shelved.

Pacific Century CyberWorks` share price fell nearly eight percent on Monday to HK$4.20, hitting a new 52-week low.

The sell-off was precipitated by a report that Cable and Wireless may place out its stake in CyberWorks at below its current traded price after its lock-up period expires next month.

Market talk that the company`s Internet Protocol backbone joint venture with Telstra may delay its listing also weighed down on the counter.

Reports said Cable and Wireless, which holds about 15 percent of CyberWorks, may begin to sell a four percent stake after mid-February and the rest of the 15 percent after mid-August.

The British phone giant had already sold about five percent of CyberWorks through a placement last year.

Given the slump in the global telecom market, analysts said Cable and Wireless would understandably want to get rid of CyberWorks`
shares.

"I think somewhere between HK$3.5 and HK$4 is the range they are willing to sell. Below that, Cable and Wireless may consider undervalue and may want to wait longer," said Shea Kai Ming, Senior Investment analyst, Tai Fook Research.

Analysts said the delay in listing CyberWorks` IP backbone joint venture may lead to a lower earnings forecast for the company and would slow down its development in the already overcrowded wholesale bandwidth market.

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PCCW Denies Shut-Down of iTV; Confirms Telstra May Buy M1
Jan 16, 2001 - 13:00:13 HKT
Quamnet News Service

Pacific Century CyberWorks Ltd. (0008), Richard Li`s Internet and telecoms company, has no plans to shut down its interactive television unit iTV, said Rebecca Leung, its executive vice president for corporate communications.

The Oriental Daily News reported today, without citing its sources, that PCCW will close its iTV next month as it had been in red since its launch three years ago. PCCW had invested HK$6 billion to HK$7 billion in the unit, the paper said.

Meantime, Leung said Robert Chan, PCCW`s chairman for China, is still heading his team to handle the development of several units including iTV, NOW (Network of the World) and IMS (interactive multimedia service).

Separately, she confirmed that Australia`s Telstra Corp. is in talks to buy a 15 percent stake in MobileOne, Singapore`s second-biggest cell phone company, from Cable & Wireless Plc.

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PCCW shares hit new lows
By Joe Leahy in Hong Kong
Published: January 15 2001 17:45GMT | Last Updated: January 16 2001 00:39GMT



Shares of Hong Kong`s Pacific Century Cyberworks, the internet and telecommunications company, slumped to a new low on Monday on speculation that Cable & Wireless of the UK plans another big stake sale.

PCCW shares fell 7.69 per cent to HK$4.20 - less than one quarter of the company`s share price when it took over Cable & Wireless HKT, Hong Kong`s dominant telephone operator, barely five months ago.

Selling was driven by renewed speculation that Cable & Wireless would liquidate half of its remaining 15.3 per cent stake in PCCW when a lock-up period on the shares expires on February 21, analysts said.

The threat of a share "overhang" has proved to be one of the biggest drawbacks of the deal through which Cable & Wireless sold majority control of C&W HKT in exchange for cash and shares from PCCW last year.

Graham Wallace, C&W chief executive, has always maintained he is in no hurry to sell and the group is in the rare position among telecoms companies of having a large cash surplus.

Nevertheless, the expectation among investors that C&W would sell soon after the lock-up has proved impossible to shake off and its downward pressure on the PCCW share price may force the company to cut its losses as soon as it can.

The falls come as PCCW, which is controlled by Richard Li, the son of Li Ka-shing, Hong Kong`s richest tycoon, is due to finalise the details of new mobile phone and fibre optic cable joint ventures with Telstra Corp, Australia`s dominant telephone company.

"The big thing is that Cable & Wireless will be looking to dump the next tranche at a time when there`s already a great deal of pressure on the [telecommunications] sector globally," said Richard Ferguson, telecoms analyst with Nomura International.

PCCW`s acquisition of C&W HKT was concluded on August 17 last year. The transaction, valued at US$28bn, left the UK company with a 20.2 per cent stake in PCCW, of which it sold one quarter in September. Short-selling by investors and traders before that deal helped shave a third off PCCW`s share price then.

Since then, the stock has been caught in the downwards spiral affecting the telecommunications and internet sectors globally.

At Monday`s price, PCCW`s market capitalisation was about US$11.7bn, a fraction of its high in February last year, when it was valued at more than US$30bn while HKT was separately worth US$41.5bn.

PCCW officials declined to comment on the share`s performance on Monday. However, analysts expressed disbelief that Cable & Wireless would go through with the sale at these levels. "How much value can Cable & Wireless realise from selling at HK$3.50," said one analyst with a foreign brokerage in Hong Kong.

Additional reporting by Dan Roberts in London

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Tuesday, January 16, 2001
Share-sale cloud swamps CyberWorks
HUI YUK-MIN, BEN KWOK and DAVID WILDER

Pacific Century CyberWorks` shares plunged to a new low yesterday amid intensified worries of pending placements by major shareholders.
The counter finished at HK$4.20, down 7.69 per cent.

But investor concern pushed the share price to as low as HK$4.15, the lowest since CyberWorks completed its backdoor listing in August 1999 by taking over Tricom Holdings, a telecommunications service provider.

Brokers said CyberWorks was hit by negative rumours from two fronts.

According to one rumour, Hikari Tsushin president Yasumitsu Shigeta was placing the company`s 1.56 per cent stake in CyberWorks shares. Another had it that Britain-based Cable & Wireless (C&W) was willing to place its 7.6 per cent stake in the company as low as HK$3.

"Rumours were that Hikari Tsushin is placing CyberWorks shares," said Francis Wong, a director at Celestial Securities. "Fund managers are looking to increase their exposure in TMT [technology, media and telecoms] stocks, though not through CyberWorks."

The fall in CyberWorks shares offset rebounds in technology and telecoms stocks, leaving the Hang Seng Index flat at 15,293.76, down 1.66 points.

Hikari Tsushin is Japan`s No 2 Internet investment company and an official denied the rumours, saying that Mr Shigeta had no intention of disposing of the CyberWorks shares.

Mr Shigeta`s company, which holds 342.5 million CyberWorks shares following a US$1 billion share-swap with Richard Li Tzar-kai in February, has faced paper losses of HK$6.4 billion in his CyberWorks shares, representing an 82 per cent drop in valuation.

Brokers said fears had intensified that C&W might place out a 7.6 per cent stake in CyberWorks after the share lock-up period expires on February 17.

They said hedge funds had heavily sold down CyberWorks shares on rumours that C&W was planning to sell CyberWorks shares at HK$3 next month. "It definitely hurt sentiment but they can only sell after February 17 so it would be premature to suggest that they`d sell it at HK$3," said Sunny Chan at KGI Securities.

"If I was C&W, I wouldn`t sell at the moment because at HK$3, they`d only get HK$4.5 billion so I don`t think it`s worthwhile to sell at the moment unless they`re really pessimistic about the future."

SG Securities analyst Jonathan Iu said: "The counter seemed to be searching [at the] bottom despite no genuine selling."

Meanwhile, CyberWorks shareholders will vote today on whether to accept the strategic alliance with Australia`s Telstra Corp.

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North Asia News
Tue, 16 Jan 2001, 1:16pm HKT
CyberWorks Shareholders Approve Telstra Pact, Raising $3.35 Bln
By Cathy Chan


Hong Kong, Jan. 16 (Bloomberg) -- Pacific Century CyberWorks Ltd., Richard Li`s Internet and telephone services venture, won approval from shareholders to sell telecom assets and bonds to Telstra Corp. of Australia, raising $3.35 billion it will use to repay debt due next month.

CyberWorks` shareholders approved the plan to surrender control of the company`s mobile phone business to Telstra and set up an Internet protocol venture with Australia`s largest phone company. The vote also supports CyberWorks issuance of $750 million in subordinated convertible bonds to Telstra.

Telstra will pay $1.68 billion for its 60 percent stake in the regional mobile company, which mainly comprises CyberWorks` wireless assets in Hong Kong and Singapore. CyberWorks will also receive $1.125 billion from the IP Backbone company, an infrastructure venture in which it holds 50 percent.

Li, the son of billionaire Li Ka-shing, needs to repay a $9 billion loan in February it raised to help pay for its takeover of Cable & Wireless HKT Ltd. last year. The company is facing an uphill battle to reduce debt after its stock lost 84 percent of its value since its peak in February last year, making it harder to sell equity to raise funds.

CyberWorks stock lost a third of its value since it raised $1.6 billion from a rights and bond issue Oct. 23.

CyberWorks-Telstra was also forced to borrow a quarter less than the $2 billion planned for the IP backbone venture because bankers are balking at lending to telecommunications companies.

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PCCW stellt eigenen Internet-Browser vor

Pacific CyberTrans, ein Joint Venture von PCCW und einer Organisation der Chinese Academy of Sciences, hat heute seinen zweisprachigen Internet-Browser vorgestellt. Mit dem neuen Browser möchte man die Vormachtsstellung von Microsoft und Netscape in China angreifen. Das Joint Venture hat bei der Entwicklung des Browsers mit mehreren großen chinesischen Unternehmen, wie China Telecom und Legend, zusammengearbeitet. Der Browser ist der erste Chinesisch-Englische Browser. Der Verkaufspreis für das Programm wurde noch nicht festgelegt.

Pacific CyberTrans ist zu 51 % in Besitz von PCCW. Die restlichen Anteile werden von Huajian, einer Einheit der Chinese Academy of Sciences gehalten.

PCCW ist bereits seit 1999 der exklusive Auslandsagent für die Übersetzungs-Software von Huajian. Die Software hat sich eine führende Marktposition in mehreren asiatischen Ländern erobert.

-js- 16.01.01 08:24:00

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PCCW und Richard Li zum Rückgang der Aktie

Weiter abwärts geht es heute bei PCCW. Die Aktie verliert bisher wieder über 2 % und notiert bei 4,10 HK-$. Das Tagestief lag schon bei 4 HK-$. Einige Aktionäre sprachen Richard Li, den Chairman von PCCW, auf der außerordentlichen Hauptversammlung auf den fallenden Kurs an.

Li sagte, dass es momentan einen allgemeinen Abwärtstrend bei Internet- und Telekommunikationsaktien gebe, dem man sich nicht widersetzen könne. Im Vergleich zu anderen Internetwerten, die im Durchschnitt 70 bis 80 % verloren, habe sich PCCW nach seiner Meinung noch gut gehalten.

Er bekräftigte auf der Versammlung nochmals, dass das Management sein bestes tue. Auf einen Aktienrückkaufplan angesprochen, sagte er, dass er persönlich und seine Singaporer Firma PCRD allein Aktien und Wandelanleihen im Wert von 8 Mrd HK-$ erworben hätten.

Am frühen Morgen gab PCCW eine Erklärung heraus. Laut diesem Statement hat das Unternehmen keine Erklärung für den Fall des Aktienkurses und dem hohen Volumen der letzten Tage. Man erklärte, dass es zur Zeit keine Übernahmeverhandlungen oder sonstigen wichtigen Gespräche gibt, die kurz vor dem Abschluß stehen.

-js- 16.01.01 09:07:00

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Aktionäre genehmigen PCCW-Joint Ventures

Die Aktionäre von PCCW genehmigten heute auf einer außerordentlichen Hauptversammlung die drei Joint Ventures mit der australischen Telekomunternehmung Telstra. Außerdem erhielt PCCW grünes Licht zur Ausgabe von Wandelanleihen in Höhe von 750 Mill US-$ an das australische Unternehmen.

Mit dieser Genehmigung kann PCCW nun eine IP-Backbone-Unternehmung, ein regionales Mobilfunkunternehmen und eine Internet-Daten-center bilden.

Durch die Joint Ventures erhält PCCW 3,325 Mrd US-$ von Telstra. Mit diesem Geld wird das Unternehmen von Richard Li einen Teil seiner Kredite, die im Februar fällig werden, zurückzahlen.

-js- 16.01.01 09:25:00

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Bringt C&W PCCW für 3 HK-$ auf den Markt ?

PCCW fiel heute in einem gemischten Markt auf ein 17 Monats- Tief bei 4,075 HK-$. Grund ist die Angst vor dem Verkauf der PCCW - Anteile von C&W Plc. im nächsten Monat. C&W Plc. hält noch 14,9 % an PCCW.

Gerüchte sprechen derzeit davon, dass C&W Plc. die Anteile zu einem Kurs von 3 HK-$ bis 3,6 HK-$ an den Markt bringen will, also noch einmal bis zu 25 % unter dem heutigen Kurs.

Lawrence Wu, Analyst bei Asia Asset Management Ltd. erwartet deshalb übr einige Wochen noch einen Überhang an PCCW- Aktien auf dem Markt.

In den letzten 4 Tagen hat PCCW noch einmal 15 % verloren. Der gestrige Rückgang war der größte Tagesverlust seit dem 24. Oktober. Insgesamt 7,7 % hatte PCCW nachgegeben.

-fjs- 16.01.01 11:26:00

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PCCW unter 4 HK$

Die Aktien der Hongkonger Pacific Century CyberWorks kommen einfach nicht zur Ruhe. Nachdem einige schon gedacht haben, es hätte sich ein Boden bei 5 HK$ gebildet, werden diese nun bitter enttäuscht. Die Aktien PCCWs gehen noch immer nicht in eine sanftere Flugkurve beim Aktienkurs über und erreichen tagtäglich neue Jahrestiefs. Heute wurde die vor ein paar Monaten noch unglaublich Marke von 4 HK$ durchbrochen. Die Gründe sind vielschichtig. Als erstes natürlich die Sorge mit C&W Plc, dass sie ihre Anteile auf den Markt schmeißen werden (bis 17 August 4% danach die restlichen 11%), dann der Telstra Deal und seine Finanzierung und eine teilweise unklare Strategie. (sb)

© Emerging Markets Research, 17.01.01
http://www.em-research.de

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PCCW ernennt neuen Vorstand

Pacific Century Cyberworks haben heute einen neuen Vorstand berufen. Es ist der aktuelle Group Chief Operating Officer William Kam Hung Cheung. Kam arbeitet seit 29 Jahren bei der Hong Kong Telecom. Er wird ab sofort Teil des Vorstandes sein. (sb)

© Emerging Markets Research, 17.01.01
http://www.em-research.de

[Kersken]

PCCW hat 75% seit Fusion verloren

Die Marktkapitalisierung der ehemals so wertvollen Pacific Century CyberWorks oder auch kurz PCCW hat seit der Fusion mit der C&W HKT im August um sage und schreibe 75% abgenommen. Dies heißt nicht nur, dass die Anleger einen riesigen Verlust ertragen müssen, sondern auch dass PCCW einige der Projekte verschieben bzw. zu schlechteren Konditionen abschließen musste. Eines davon ist zum Beispiel der Telstra Deal. (sb)

© Emerging Markets Research, 17.01.01
http://www.em-research.de

[Kersken]

Richard Li und PCRD kauften PCCW-Aktien für 8 Mrd. HK$

Auf die Frage wann Richard Li seine Anteile an PCCW erhöhe, antwortete er, dass die in Singapur gelistete Firma Pacific Century Regional Developments (PCRD) und er selber schon 8 Mrd. HK$ ausgegeben haben um Aktien zu einem Preis von 6,5 HK$ und wandelbare Optionsscheine zu kaufen. (fs)

© Emerging Markets Research, 16.01.01
http://www.em-research.de

[Kersken]

Leung von PCCW äußert sich zu NOW

Rebecca Leung von PCCW äußerte sich heute zu den Gerüchten, dass PCCWs Tochter NOW entweder geschlossen oder mit existierenden PayTV-Diensten verbunden werde und das Robert Chan, der Vorstand des Medienunternehmens, seinen Posten aufgeben soll. Sie sagte, dass Robert Chan immer noch die Verantwortung für das Integrieren der PayTV-Sparte in NOW trägt.

Zuvor hatte Chan selber gesagt, dass man keine Bekanntmachung veröffentlichen werde bevor man definitive Pläne habe. (fs)

© Emerging Markets Research, 16.01.01
http://www.em-research.de

[Kersken]

PCCW wird noch diese Woche Vereinbarung zu Anleihen unterzeichnen

Rebecca Leung von PCCW bestätigte heute, dass das Unternehmen noch diese Woche die Vereinbarung zu zwei der Anleihen unterzeichnen wird. Zum einen soll der Vertrag für die Anleihe für PCCW in der Höhe von 4,7 Mrd. US$ unterzeichnet werden und andererseits der für die 1,5 Mrd. US$- Anleihe des IP Backbone Jointventures. (fs)

© Emerging Markets Research, 16.01.01
http://www.em-research.de

[Kersken]

PCCW bekommt Zustimmung für Jointventures

Auf einer außerordentlichen Hauptversammlung hat PCCW heute morgen die Zustimmung der Aktionäre erhalten, die geplante strategische Allianz mit Telstra einzugehen. So wurde sowohl der Bildung aller drei Jointventures zugestimmt als auch der Ausgabe einer Wandelanleihe in der Höhe von 750 Mio. US$ an Telstra. (fs)

© Emerging Markets Research, 16.01.01
http://www.em-research.de

[Kersken]

PCTV von PCCW soll im ersten Quartal starten

Laut der Apple Daily soll PCCW schon im ersten Quartal seinen ersten PayTv-Dienst starten. Wahrscheinlich wird er unter dem Namen "Pacific Century TV" (PCTV) laufen und das Produkt von Zusammenschlüssen zwischen existierenden iTV-Diensten und anderen Dritten Partnern sein. Das Unternehmen hat nicht vor irgend welche Produktionsstätten für den neuen Dienst zu errichten. (fs)

© Emerging Markets Research, 16.01.01
http://www.em-research.de

[Kersken]

Richard Li: PCCW-Aktien fielen unter Durchschnitt

Auf die Frage, ob man die aktuell sehr niedrigen Börsenkurse von PCCW zum "Sonderangebote jagen" nutzen soll, lehnte der PCCW-Chairman Richard Li eine Antwort ab. Er gab aber zu verlauten, dass die Aktien des Unternehmens nur weit weniger Verluste hinnehmen mussten als der Durchschnitt unter den Telekommunikations- und Internetunternehmen. Auch sein Unternehmen könne sich nicht gegen den Trend stemmen. (fs)

© Emerging Markets Research, 16.01.01
http://www.em-research.de

[Kersken]

SingTel untersucht mögliche Optus-Übernahme

50 Vertreter von Singapore Telecommunications Limited (SingTel) haben angefangen die Mobilfunksparte Optus von C&W zu untersuchen. Zuvor hatte das Unternehmen wohl schon ein Angebot zur Übernahme gemacht. Laut einer australischen Finanzzeitung soll Singtel ein Vorhaben bekundet haben, 52.5% der Mobilfunksparte zu kaufen.

Andere Interessenten an Optus sind die Vodafone Group Plc., die Telecom Corporation of New Zealand, Hutchison Whampoa und die Deutsche Telekom. (fs)

© Emerging Markets Research, 16.12.00
http://www.em-research.de

[Kersken]

14:23 16-JAN-2001
PCCW (0008-HK) denies terminating iTV, NOW services

Rebecca Leung, executive vice-president of Pacific Century CyberWorks (PCCW), has denied that the company is terminating its iTV and NOW services. NOW business is still operational. She said she never heard of resignation by PCCW chairman of Greater China region Robert Chan,

The US$4.7 billion refinancing arrangement for PCCW and US$1.5 billion arrangement for IP backbone JV are expected to be finalised this week. The company is awaiting confirmation from banks.

Part of the US$4.7 billion refinancing will be used to repay the debts due February 28.

(End)

[Kersken]

10:05 17-JAN-2001
Hang Seng Index opens up 46 pts at 15,409, PCCW low at $4.05

The Hang Seng Index opened up 46 pts at 15,409 pts this morning.

Affected by rumours that Britian`s Cable & Wireless may dispose of Pacific Century CyberWorks`s (0008-HK) shares after the expiry of its lock-up period in mid-February, PCCW`s shares took a downturn to hit a new 52-week low.

(End)

[Kersken]

10:15 17-JAN-2001
PCCW (0008-HK) drops below $4.00 at $3.95

The HSI opened slightly higher and then turned around for a fall.

Pacific Century CyberWorks shares has fallen through the $4 mark and was last quoted at a low of $3.90.

Swire Pacific (0019-HK) shares remained unchanged after losing an arbitration case on land fees.

Other major blue-chips are almost unchanged.

(End)

[Putzteufel]

Was ist denn das für ein Thread?
Die Kersken-early-Morning-Show - Mit PCCW als Dauergast?

Besten Dank für die guten und zahlreichen Infos!

Was meinst Du? Sollte man langsam Positionen aufbauen oder noch bis Mitte Feb. warten.

MfG Putzteufel

[Cityhai]

PCCW hat 75% seit Fusion verloren

Die Marktkapitalisierung der ehemals so wertvollen Pacific Century
CyberWorks oder auch kurz PCCW hat seit der Fusion mit der
C&W HKT im August um sage und schreibe 75% abgenommen.
Dies heißt nicht nur, dass die Anleger einen riesigen Verlust
ertragen müssen, sondern auch dass PCCW einige der Projekte
verschieben bzw. zu schlechteren Konditionen abschließen
musste. Eines davon ist zum Beispiel der Telstra Deal. (sb)

© Emerging Markets Research, 17.01.01
http://www.em-research.de




PCCW ernennt neuen Vorstand

Pacific Century Cyberworks haben heute einen neuen Vorstand
berufen. Es ist der aktuelle Group Chief Operating Officer William
Kam Hung Cheung. Kam arbeitet seit 29 Jahren bei der Hong Kong
Telecom. Er wird ab sofort Teil des Vorstandes sein. (sb)

© Emerging Markets Research, 17.01.01
http://www.em-research.de

Wird wohl erst besser werden C&W UK seine Antleile komplett abgegeben haben.

[Cityhai]

Spätestens mit dem Telstra/ PCCW Mobilfunkjointventure zeigte
sich für die meisten Beobachter das Potenzial Asiens und im
speziellen der Volksrepublik China. Jedoch spielt PCCW im
Handymarkt überhaupt keine Rolle in dem kommunistischen Staat;
dominanter Marktführer ist China Mobile!

[Kersken]

Telstra Has to Go with the Low
New lows being set by Pacific Century CyberWorks shares are reinforcing market perceptions that Telstra has picked a weak sister as its pan-Asian alliance partner.
By Pete Young

The internet and telecom company slid a further 3 per cent on the Hong Kong Exchange, to $HK4, less than half its value three months ago.


Market rumours suggest that PCCW shares could sink to as low as $3 although some analysts put the net asset value of the stock at around $6.


The risk to Telstra from PCCW`s slumping share price "is the perception it is allied with a company that is going down the drain", said Nigel Coe, a Hong Kong analyst with Deutsche Securities. "But on our forecasts, there shouldn`t be liquidity concerns with PCCW ... it`s not going to go bankrupt."


Even at current prices, it is not sensible for Telstra to convert into PCCW shares the $750 million note it holds as part of the partnership pact it renegotiated last October. The lower the share price goes, the more Telstra will lose if it converts the bond into PCCW stock. But the deal has an escape clause which allows Telstra to force a straight repayment of the $750 million at any time over the next four years.


The October agreement won approval this week at PCCW`s annual general meeting. It is a vital element in the company`s ability to lock in further billions in bank support and repay bridging finance, analysts say.


PCCW`s arrangements with its banks are contingent on the Telstra deal, said Coe.


The renegotiated deal gives Telstra control over a joint mobile venture and trims $1 billion from the capital it had to invest. Coe said he expected the agreement to be signed, sealed and delivered in the next two weeks, although Telstra officials are talking in terms of months.


According to Telstra spokeswoman Catherine Payne, PCCW`s share slump "doesn`t change our position ... we remain committed and confident".

[Kersken]

Thursday, 18 January, 2001
Pac Cent`s performance will be dragged down by PCCW
- by Michelle Chong

[ASW Singapore, 17 Jan 01] Pacific Century Regional Developments Ltd’s (PRCD) share price is likely to remain weak affected by concerns over subsidiary, Pacific Century CyerWorks (PCCW). According to reports on Quamnet and News Interactive, investors fear that Britain’s Cable and Wireless (C&W) will divest about half of its 15.3% stake in PCCW when the restriction on the divestment of PCCW’s shares is lifted on 17 Feb 01. Although the market believes that C&W will sell the shares for as low as HK$3 per share, which is at another 28.6% discount to its last closing price of HK$4.20, PCCW sources indicated that it is helping C&W to look for potential investors.

When queried about the poor performance of PCCW’s share price by shareholders, the shares traded to a high of HK$28 in early 2000, Mr Richard Li, the chairman of the group, claimed that he and other family companies have already spent some HK$8 billion mopping up shares in the market. The most recent acquisitions were at about HK$6.50 per share. Mr Li then argued that PCCW’s shares had fallen in line with most Internet companies.

Besides the possibility of a overhang of PCCW’s shares, investors are also wary of the group’s high interest payments, which are eating into profits. PCCW recently had to pay higher interest rates as bankers became concerned about their lending to the telecommunications group. PRCD’s shares are currently trading at S$0.785, down S$0.025.

This article was filed 17 January, 2001 12:14 PM

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© AsiaStockWatch.com Pte Ltd, 1999 - 2001, All Rights Reserved.

[Kersken]

Telstra stands by its (PCCW) man
January 18, 2001

Despite precipitous falls in the share price of Richard Li’s Pacific Century CyberWorks (PCCW), Telstra Corporation (TLS) is apparently unfazed. A Telstra spokesperson was quoted this morning in the South China Morning Post that: “It doesn`t change Telstra`s position. Telstra remains confident and we are working to finalise the alliance.”

PCCW fell below HK$4 (A$0.93) yesterday for the first time since it took over Cable & Wireless HKT in August 2000, shaking the confidence of at least some investors over whether the Telstra-PCCW alliances would progress as scheduled. PCCW closed at HK$3.875 (A$0.90) yesterday, down 5.7%.

The most recent selling has been sparked by fears that Cable & Wireless plc will unload half of its 15.3% stake in PCCW next month when it comes out of escrow. Despite discussions, PCCW so far has been unable to come up with a buyer for the stock, leaving a large overhang over the market.

The falling share price is likely to hit the US$750 million that Telstra has agreed to take up in PCCW convertible notes as part of its US$2.4 billion investment.

The deal with PCCW has already been renegotiated once, seeing Telstra win greater control over the Hong Kong Mobile Network and improve the terms of its debt issue. However, it is unlikely the terms of the deal could be adjusted again, as PCCW shareholders approved an alliance with Telstra on Tuesday and Telstra shareholders will vote on January 31.

At 1125 AEST, Telstra Corp shares were trading 4c higher at $6.90.

[Kersken]

10:22 18-JAN-2001
HSI rises near 100 pts, red-chips, PCCW, Swire in rebound

The Hang Seng Index (HSI) rose near 100 pts as Nasdaq gained last night on better-than-expected earnings by computer corporations.

Certain stocks which had fallen in the past few days rebounded in early trade: China EB Ltd (0165-HK) gained 4 pct to $7.60; PCCW (0008-HK) climbed 3.2 pct to return to the $4 mark. Swire (0019-HK) also moved up 1.4 pct to $52.25.

(End)

[Kersken]

Wednesday, January 17, 2001

TELECOMS
Price plunge queried as CyberWorks deal clears
BEN KWOK

Many Pacific Century CyberWorks shareholders found it hard to suppress their anger about the counter`s weak share price after the company`s extraordinary general meeting yesterday.
"When I first bought into Cyberworks, I never imagined there were so many risks involved," one 68-year-old shareholder said.

He said he had bought 30,000 shares at an average price of HK$8 to HK$9.

"Now I wish I hadn`t."

CyberWorks` share price has fallen 73 per cent since its August merger with Cable & Wireless HKT, wiping out more than US$30 billion in market capitalisation.

Many shareholders bought into HKT at more than HK$15.30 before the takeover by CyberWorks and have been averaging down their costs by buying more shares in the merged group. However, with the share price this low, they are looking at significant losses.

"Many stocks go up and down, but for CyberWorks, it`s only lower and lower," another shareholder said.

"I have heard [many complaints among female shareholders]. One said she lost almost HK$200,000, and another was even worse off, as she bought at HK$20."

In a meeting closed to the media, chairman Richard Li Tzar-kai spent less than five minutes seeking approval to form an alliance with Telstra Corp of Australia.

However, it took him 15 minutes to answer shareholders` questions about CyberWorks` share price.

Asked when its share price would hit bottom, Mr Li did not seem to impress his shareholders.

"We had no way to counter the trend [of global technology stock sell-offs] under the current situation," he said.

Mr Li said global telecommunications and Internet stocks had fallen an average of 70 per cent to 80 per cent, but the loss in percentage terms was less for CyberWorks than its counterparts.

"The reason is, and I dare say, only one other Internet company in the world managed to merge into a real business in such a short period," he said.

In a move to boost share sentiment, Mr Li and his Singapore-listed flagship, Pacific Century Realty Development, injected about US$1 billion into CyberWorks by underwriting a rights issue and convertible notes last November.

However, these investments have lost about 37 per cent in value in less than two months.

Shares in CyberWorks, which have plunged 85 per cent from a HK$28.50 peak, fell 2.4 per cent yesterday to HK$4.10 after touching a post-merger low of HK$4. Worries about a pending placement of 1.59 billion shares by Cable & Wireless have been blamed for the past month`s underperformance.

On Monday, ABN Amro downgraded CyberWorks to reduce from add, saying there was "still significant downside from the current depressed levels".

It said exposure to China`s Internet market and broadband services, the key reasons CyberWorks was traded at a premium to similar stocks around the region, was constrained and that CyberWorks appeared to be trading as "the most expensive [incumbent telecoms] in its universe".

[Kersken]

Wednesday, January 17, 2001

TELECOMS
Cable & Wireless intent on cutting stake
AUDREY SNEE

Analysts in London say Cable & Wireless clearly intends to sell part of its remaining stake in Pacific Century CyberWorks as soon as possible.
At a recent results presentation to analysts, the company said it was preparing to sell out, according to several of those present.

"One or two questions invited the company to lend some support to CyberWorks, but this opportunity was not taken up," said one analyst.

"The usual reply is that it has complete confidence and will review the strategic issues, but Cable and Wireless did not carry that conviction."

Cable & Wireless, which acquired 20 per cent of CyberWorks stock as part payment for its stake in Cable & Wireless HKT, has the option to sell 7.7 per cent between February 15 and 17. "C&W has been very open that it will be looking to exit as soon as possible," said another analyst.

A Cable & Wireless spokesman said: "Until the lock-up period expires next month we do not rule out any option, and will make our decision based on market conditions at that time. A lot can change in a month."

Another issue Cable & Wireless had to consider was that CyberWorks` IP backbone joint venture with Telstra Corp put it in direct competition with its own Australian subsidiary C&W Optus, analysts said.

[Kersken]

PCCW given nod for Telstra venture
Hong Kong iMail staff reporter and Bloomberg


Troubled CyberWorks chairman Richard Li Tzar- kai has lost at least another $1.5 billion on paper as the shares he purchased recently in his company were 37 per cent more expensive than yesterday`s closing price

PACIFIC Century CyberWorks shareholders yesterday approved its pact with Australia`s Telstra but the move failed to arrest the company`s ever-sliding share price.
PCCW (0008) shares fell to a new 52-week low of $4.10 on rumours that Britain`s Cable & Wireless may dump PCCW shares after the expiry of its lock-up period in mid-February.
Cable & Wireless can sell half of its 15.3 per cent stake in PCCW when the lock-up period expires in February.
The company sold a 4.9 per cent stake in PCCW through a placement last September.
It can also start selling the rest of the stake after August this year.
PCCW dropped 10 cents, or 2.38 per cent yesterday.
PCCW yesterday won approval from shareholders to sell telecom assets and bonds to Telstra, raising $3.35 billion which will be used to repay debt due next month. CyberWorks` shareholders also approved the plan to surrender control of the company`s mobile phone business to Telstra and set up an Internet protocol venture with Australia`s largest phone company.
In addition, the vote supported CyberWorks issuance of $750 million in subordinated convertible bonds to Telstra.
Telstra will pay $1.68 billion for its 60 per cent stake in the regional mobile company, which mainly comprises CyberWorks` wireless assets in Hong Kong and Singapore.
CyberWorks also will receive $1.12 billion from its IP Backbone company, an infrastructure venture in which it holds 50 per cent.
PCCW shares have shed 15 per cent in the past five days.
PCCW chairman Richard Li Tzar-kai told the company`s extraordinary general meeting yesterday that he and Singapore-listed Pacific Century Regional Development had earlier spent $4 billion buying up PCCW`s shares at $6.50 each and $4 billion on exchangeable bonds.
Mr Li has lost at least $1.5 billion on paper as the shares he purchased were 37 per cent more expensive than yesterday`s closing price.
At yesterday`s close Mr Li`s own PCCW shares were worth just $2.5 billion.
There have been market rumours that Cable & Wireless would place its shares at between $3 and $3.50.
However, Dao Heng Securities was sceptical that Cable & Wireless would go this low.
The brokerage said Cable & Wireless would realise about $5.8 billion if it sold its 7.65 per cent stake at $3.50 per share but would reduce the value of its remaining 7.65 per cent stake which could not be sold until August.
It would be better for Cable & Wireless to sell when PCCW`s share price rebounded.
It said the drop in PCCW`s share price on Monday had reduced its market capitalisation to US$11.7 billion. This would increase the company`s fund-raising costs as banks would demand higher interest.
Several minority shareholders who attended yesterday`s meeting expressed disappointment over the company`s future.
They said share sales by PCCW`s senior management at high prices had indirectly dragged down the counter.
One shareholder told the media that former shareholders of Hong Kong Telecom (HKT) were the most unfortunate ones following PCCW`s latest share price plunge.
She said that PCCW had relied on the deal with HKT to stop its share price heading south prior to the official merger.
Otherwise, PCCW`s shares would have fallen by at least 90 per cent.
PCCW`s acquisition of HKT was just ``dragging HKT into the waters``. It would take 10 years for PCCW to get back to the ``glory days``.
18 January 2001 / 01:51 AM

[Cityhai]

IP-Backbone-JVs

PCCW wird den Plan zum Spin-Off des IP Backbone-Joint Ventures mit Telstra
verwerfen, sollte man merken, dass man auf dem Markt nicht den erhofften Preis
erzielen kann. Dies sagte der Chairman von PCCW, Richard Li. Momentan
bestehe aber der Plan noch, das Joint Venture in diesem Jahr an die Börse zu
bringen.

[Cityhai]

Donnerstag 18. Januar 2001, 10:55 Uhr

Börse Hongkong dank festen Telekoms fester

Hongkong, 18. Jan (Reuters) - Die Börse Hongkong hat am Donnerstag dank
eines robusten Telekomsektors, den Gewinnen von Pacific Century
CyberWorks (PCCW) und den Vorgaben des US-Marktes fester geschlossen.
Der Hang-Seng-Index legte 267,27 Punkte oder 1,75 Prozent auf 15.528,75
Zähler zu. Der Börsenumsatz blieb mit 9,23 (Vortag 8,43) Milliarden HK-Dollar
eher tief, was laut Marktteilnehmern vor allem mit den in der kommenden
Woche beginnenden Neujahresfeiertagen in China zusammenhängt.

agu/par

[Kersken]

iLink May List by Feb., Delays Adding New Partners: ODN
Jan 18, 2001 - 11:57:52 HKT
Quamnet News Service

iLink.net, which is 41 percent-held by Pacific Century CyberWorks (0008), may start trading on the Growth Enterprise market by the end of February, though its listing hearing has been postponed to Jan. 30, the Oriental Daily News reported, without naming sources. The hearing was delayed to allow sponsor BNP Paribas Peregrine Securities Ltd. and the exchange time to further discuss details of the prospectus. iLink, a data center operator, won`t introduce new strategic partners before its listing, the paper said.

iLink reportedly plans to raise HK$163.84 million next month by issuing 128 million new shares at HK$1.28 each, The shares will account for 12 percent to 15 percent of its total issued share capital, provided the local exchange exempts the company from the 15 percent minimum public float requirement.

[Kersken]

15:43 18-JAN-2001
Richard Li says support is still there for PCCW (0008-HK) stocks

On earlier reports which suggest a lack of interest from fund houses on PCCW shares to be placed by Cable & Wireless plc after the lock-up, Richard Li, chairman of PCCW, said that not all fund houses are not willing to subscribe.

He said he believes that some who are familiar with his company will continue their support.

(End)

[Kersken]

PCCW: vielleicht kein IPO des IP-Backbone-JVs

PCCW wird den Plan zum Spin-Off des IP Backbone-Joint Ventures mit Telstra verwerfen, sollte man merken, dass man auf dem Markt nicht den erhofften Preis erzielen kann. Dies sagte der Chairman von PCCW, Richard Li. Momentan bestehe aber der Plan noch, das Joint Venture in diesem Jahr an die Börse zu bringen.

-js- 18.01.01 09:27:00

[Kersken]

PCCW fall has investors on edge
By GLENDA KORPORAL
19jan01

HONG Kong investors are waiting on tenterhooks for finalisation today of the $US1.5 billion ($2.7 billion) loan to the joint venture between Telstra and Pacific Century CyberWorks, following a sharp fall in PCCW`s share price.

"People are holding their breath on this after what has happened in recent months," said JS Cresvale Securities analyst David Blennehassett, referring to PCCW`s share price plunge.

"Let`s hope they can get it done. Friday is the big day," he said.

Earlier this month, Telstra and PCCW agreed to cut the amount of funds they were seeking for their Internet Protocol backbone joint venture from $US2 billion to $US1.5 billion and at higher interest rate margins in the wake of the tougher market conditions for telco and internet stocks.

But concern about PCCW`s 20 per cent share price fall over the past week and the continued lack of market confidence in the sector have raised questions about whether the financing can be wrapped up by today.

Local investors` confidence in the deal was yesterday helped by the confirmation from Telstra that it still planned to go ahead with the multi-billion-dollar alliance with the Hong Kong telecommunications company.

PCCW`s fall from grace has generated speculation in Hong Kong about whether Telstra might pull out of the deal.

But a Telstra spokesman was quoted in the local press yesterday reaffirming the company`s confidence in the deal.

[Kersken]

Friday, January 19, 2001

TELECOMS
CyberWorks up as Li remains confident
BEN KWOK

Pacific Century CyberWorks` share price rebounded nearly 10 per cent yesterday after chairman Richard Li Tzar-kai promised to facilitate the sale of stock held by Britain-based Cable & Wireless (C&W).
The counter had declined for six straight sessions, partly on rumours CyberWorks had been arranging a share-swap with C&W.

"We heard market rumours that there is some kind of share swap going on with CyberWorks," Vincent Koo, chief investment officer of Polaris Asset Management, said. "That pretty much explained recent volatility."

According to various sources who have contacted CyberWorks management recently, a sell-out of C&W`s 14.9 per cent stake in CyberWorks could come before mid-February.

CyberWorks would end up with a new strategic shareholder willing to swap some assets in exchange for C&W`s CyberWorks shares.

Investment banks close to CyberWorks suggested that C&W would be interested in expanding its core carrier business, such as Internet protocol backbone, in exchange for its Asian investments business. This transaction could come in either an assets or shares swap with an international telecoms company.

They added that under the present telecoms environment, there was not likely to be a buyer to take up the CyberWorks shares in cash.

Spokesmen for CyberWorks were not available for comment.

Mr Li, interviewed yesterday while having lunch with his father Li Ka-shing, said the company would announce the method of placement in due course.

"The share sale [by C&W] will be planned in such a way that we will communicate and co-operate with each other," he said.

In September, C&W raised HK$10.3 billion by cashing in a 4.9 per cent stake in CyberWorks, after the unexpected sale by Mr Li and his senior directors, which raised more than HK$4 billion.

Analysts believe C&W, which sold CyberWorks shares at HK$9.88 per share, was determined to cash out its remaining stake in CyberWorks as soon as possible.

But the fall in global telecoms and Internet valuations had dimmed its hopes.

Worries about the pending share placement pushed CyberWorks` share price to less than HK$4 on Wednesday, or off more than 20 per cent since the start of the year.

With the help of a 2.4 per cent rebound which pushed the Nasdaq to a one-month high yesterday, CyberWorks managed to buck its losing trend and closed at HK$4.25.

The counter rose 9.7 per cent, or HK$0.375, on a turnover of HK$5.05 billion.

Asked how the market would be able to absorb the placement, Mr Li said he was confident it would be in an orderly manner. "We will still get support from a lot of funds which are familiar with our business," Mr Li said.

[Kersken]

North Asia News
Fri, 19 Jan 2001, 2:17pm HKT
CyberWorks Surges on Hope for Cable & Wireless Stake (Update1)
By Cathy Chan


Hong Kong, Jan. 19 (Bloomberg) -- Pacific Century CyberWorks Ltd., tycoon Richard Li`s Internet and telephone services venture, rose for a second day as investors speculated that the company found a buyer for Cable & Wireless Plc`s 14.9 percent stake in the company.

CyberWorks rose as much as 10 percent to HK$4.675, extending yesterday`s 9.7 surge yesterday. The shares closed morning trading at HK$4.55.

CyberWorks, whose stock lost 80 percent of their value last year, is helping C&W find a buyer for its stake, a third of which it can sell after Feb. 17. Finding a buyer now would relieve investor concern the shares would be sold on the open market, further depressing CyberWorks` share price.

Some traders are speculating that ``CyberWorks has already secured the sale,`` said Voon San Lai, an analyst at G.K. Goh Securities Ltd. Rebecca Leung, a CyberWorks spokeswoman, declined to comment.

C&W owns 3.3 billion CyberWorks shares as partial payment for its controlling stake in Hong Kong`s dominant phone company, Cable & Wireless HKT Ltd. It can sell half the stake in February.

Next month, CyberWorks is due to repay a $9 billion loan that it used to buy HKT last year. The company is scheduled to sign an agreement today to borrow $4.7 billion from banks after it promised to pay more interest, ending months of negotiations, bankers arranging the loan said.

Some investors said CyberWorks shares are rising in part because of speculation that Richard Li`s father, billionaire property tycoon Li Ka-shing, may use his own money to buy part of C&W`s stake.

Such a sale would pose regulatory concern because the elder Li is chairman of Hutchison Whampoa Ltd., the city`s largest conglomerate, which controls Hutchison Telecom Co., the city`s second-biggest phone company. Regulators would be likely to criticize such a move as anti-competitive.

Traders said hopes for a cash infusion from the elder Li were fueled by a public lunch held by father and son yesterday at the Shangri-La Hotel. Li Ka-Shing previously bankrolled his son`s creation of Satellite Television Asian Region Ltd., and Hutchison also owns a stake a CyberWorks property project in Tokyo.

[Cityhai]

Fonds mit PACIFIC CENTURY CYBERWORKS LTDSHARES HD -, 05 (924882) in den Top Holdings

Anteil in %
930675
ACM New Alliance - Greater China Portfolio B
4,30%
930674
ACM New Alliance - Greater China Portfolio A
4,30%
930677
ACM New Alliance - Greater China Portfolio I
4,30%
973762
HSBC GIF-Asian Equity
2,30%
988048
HSBC GIF-Asian Opportunities
5,50%
935570
INVESCO GT Newly Industrialised Countries
2,50%
973792
Invesc GT Greater China Ops. Fund A
6,20%
986881
Invesco GT Asia Enterpise Fund A
3,30%
972229
Invesco GT Hong Kong Fund
5,20%
972532
Parvest Asian Growth D
2,46%
986474
Parvest Greater China C
5,86%
986473
Parvest Greater China D
5,86%
989567
Parvest Hong Kong C
6,82%
973009
Trinkaus Asien Fonds
2,89%
986579
UBS (Lux) Equity Fund - Hong Kong
4,80%
979217
nordasia.com

[Kersken]

PCCW: Kreditverhandlungen abgeschlossen

Bereits am Montag hatte PCCW angekündigt, am Freitag den Vertrag über die Finanzierung der verbleibenden 4,7 Mrd. US-$ Restschuld aus dem Kauf von C&W HKT, unterzeichnen zu wollen.

Zu den kreditgebenden Banken gehören unter anderem Bank of China, Barclays Capital Asia, Chase Manhattan Asia, Mizuho Financial Group, Hongkong and Shanghai Banking Corporation, Hang Seng Bank , Bank of East Asia, Industrial and Commercial Bank of China, Standard Chartered Bank, BOCI Capital Ltd. und Bayerische Landesbank Girozentrale.

Tatsächlich hat sich PCCW gestern mit den genannten Kreditinstituten einigen können.

der Zinssatz für einen dreijährigen 1,5 Mrd. US-$ Kredit wurde auf 85 Basispunkte über dem LIBOR festgesetzt, eine 2,3 Mrd. US-$ schwere Tranche wurde für 5 Jahre auf 115 Basispunkte über dem LIBOR angesetzt und der letzte Teil, 900 Mio. US-$ wird 145 Basispunkte über dem LIBOR verzinst und steht für 7 Jahre.

PCCW hat sich allerdings noch nicht festgelegt, in welcher Währung der Kredit aufgenommen werden soll. Vermutlich in HK-$. Dies ergibt dann weitere 10 Basispunkte Aufschlag für jede der drei Kreditpakete.

-fjs- 20.01.01 16:53:00