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[b]Wall Street Journal Reporter über PCCW !!![/b] - 500 Beiträge pro Seite

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Hier ein Bericht über PCCW vom 01.02.00 mit Story und Aussichten der Firma
incl. einem Interview mit Richard Li.

Wenn ihr mich fragt: Eine StrongBuy-Story mit überschaubarem Risiko.

February 1, 2000

Tech Center
Pacific Century CyberWorks
Casts a Wide Net Over Asia

HONG KONG -- Li Ka-shing, this city`s best-known multibillionaire, is one tough act to follow. But Richard Li, his 33-year-old son, has risen to the challenge.

Last April, the younger Mr. Li bought a small telecommunications-equipment distributor and declared that he would turn it into the world`s largest high-speed Internet-access provider. Since
Mr. Li announced plans to take control of the company and rename it Pacific Century CyberWorks Ltd., believers have sent the share price soaring more than 1,400%. As a result, the
younger Mr. Li runs the seventh-largest company in Hong Kong in terms of market capitalization. Mr. Li`s own net worth has risen to more than US$6.5 billion. In nine months, he has created
-- on paper at least -- wealth that rivals what his father accumulated over a span of 50 years.

Now he`s got an even tougher act ahead: putting that money to good use, and proving that he has a viable, long-term business plan. That won`t be easy.

The younger of two sons, Mr. Li has long labored under the imposingly long shadow of his 71-year-old father, whose businesses span real estate, telecommunications, retailing and three or
four continents. A graduate of Stanford University who speaks English with an Oxbridge-British accent, Mr. Li earned his business credentials first by building Star TV, a satellite-television
network that he sold to Rupert Murdoch in 1995 for $950 million. Later ventures included satellite telephony, property and insurance. Then came Pacific Century CyberWorks, or PCCW,
which has overshadowed them all.

Mr. Li`s strategy for PCCW so far has been two-pronged. On the one hand, he`s turned PCCW into a giant Internet venture-capital fund. Through its CyberWorks Ventures arm, PCCW has
spent about US$600 million buying stakes in more than 30 Internet companies. Targets include software developers, content providers and other Internet infrastructure firms.

It`s not an original plan -- Japan`s Softbank Corp., controlled by Masayoshi Son, and the U.S. Internet conglomerate CMGI Inc. have both pursued, successfully, similar strategies of investing
in other Internet start-up firms. In fact, PCCW`s most lucrative investment so far has been a 3.4% stake in CMGI, which it bought in September in a share-swap deal valued at US$350
million. That stake is today valued at about US$910 million.

Last week, the two companies teamed up again to form a joint venture that will serve as a Hong Kong-based holding and management company for 18 of CMGI`s U.S.-based Internet
subsidiaries. Altogether, CyberWorks Ventures has turned a paper profit for its parent of more than US$1 billion since July, Mr. Li says in an interview.

"Unless there`s a very serious consolidation among technology stocks, we may have a profit every year," Mr. Li says.

But the more complex and ambitious side of Mr. Li`s business plan is to provide hybrid Internet access and interactive television to millions of subscribers in India, China and Japan. The
vehicle for that plan is Pacific Convergence Corp., a PCCW subsidiary.

Mr. Li plans to develop his Internet and television services in phases. The first phase, the Network of the World television channel, is scheduled to be rolled out this year and will initially offer
sports programming. Mr. Li intends to give the channel away through cable operators, defray the costs through largely prepaid advertising sales, then use the channel to promote PCCW`s
Internet service with more advertising.

The second phase will combine that television programming with Internet content. This content will be accessible to subscribers through set-top boxes developed by Intel Corp. through an
agreement with PCCW.

Here`s how it`s supposed to work. A viewer might watch, say, a rerun of the World Cup on his TV. Because that TV is connected to the Internet, he could access profiles of the players, view
highlights of past championships or answer questions from a soccer trivia quiz as easily as he can flip a channel. Eventually, Mr. Li hopes that viewer can watch the game, send e-mails and
order his favorite team`s jersey with a credit card.

The third step entails a revenue-sharing plan with cable operators. Under that plan, PCCW works with cable operators to upgrade their networks to permit two-way data access. That allows
the cable companies to charge higher user fees, of which PCCW receives a cut.

Mr. Li`s plan faces a number of daunting challenges. First, no one has ever done what Mr. Li wants to do, combining Internet content and television programming while coordinating satellite
and cable delivery. The set-top boxes are in test markets and much of the satellite technology on which Mr. Li is banking is three to fours years away, an analyst say.

Another is the critical step of upgrading cable networks in the countries he`s targeting to handle broadband Internet service and interactive television. Much of the cable in India and China is
of inferior quality, which means there will be plenty of upgrading to do. (Mr. Li acknowledges that cable upgrades almost always have "some teething problems.")

Then there`s the question of how Mr. Li will make money. He`s betting on revenue from subscriptions, e-commerce and pay-as-you-go access to deeper content. If the U.S. experience is
any barometer, however, Mr. Li may have his work cut out for him.

"The Internet revolution is being driven by personal-computer users who have shown a willingness to pay for fees and services," says an executive at Excite@Home Corp., the U.S.-based
broadband Internet cable network operator that provides another model for Mr. Li`s ambitions. (Excite@Home serves 72 million U.S. households.) "Maybe that doesn`t fit what`s happening in
Asia. But we`ve found getting customers to pay anything to get interactive is very difficult; we`ve found them pretty unwilling to pay for even cable modems, let alone installation fees."

The executive, who asked not to be named, compared PCCW`s broadband project with Microsoft Corp.`s WebTV, which has sold less than a million subscriptions in less than four years of
operation. He calls WebTV and its use of set-top box technology a "dumb-down device."

"I don`t doubt that the cable upgrades CyberWorks wants to do can eventually be done," the executive adds. "But getting a return on your investment, it seems like a big gamble and I think
the valuations of such a project reflect the euphoria and insanity surrounding Asia`s Internet craze."

Jay Chang, an analyst with Credit Suisse First Boston in Hong Kong, calls Mr. Li`s broadband project "a huge vision fraught with risks." He adds, though, that Mr. Li`s staff, which includes
many former colleagues from Mr. Li`s heady days at Star TV, are "dogged, creative and they`ve got money. If anyone can do it, they can."

Technical questions aside, it`s unclear what Mr. Li will be allowed to do in the markets he targets, especially China and India, which both subject broadcasters to strict regulations.

Mr. Li counters that he has concluded negotiations with regulators in India and China, paving the way for first of 10 large cable operators to start marketing NOWTV before June 1. However,
he declined to comment on any restrictions placed on the network`s content, saying PCCW was committed to providing "allowable Web sites and allowable programming." Still, PCCW is
already facing big obstacles in China, which has the tightest restrictions on content. According to PCCW executives, China will limit NOWTV to initially showing only sports programming, all
of which is initially in English -- clearly not an ideal situation for a country of 1.2 billion Chinese speakers.

Then there`s the competition, some of it coming from a familiar source -- Star TV, which made Mr. Li his first mint. One reason Mr. Li is targeting India and China is because that`s where he
built up contacts with local cable operators while launching Star TV. But Star TV, now a unit of News Corp., has teamed up with Cable & Wireless HKT, the Hong Kong unit of Britain`s Cable
& Wireless PLC, to offer a range of pay-television and Internet-related services across Asia that eventually may compete directly with Mr. Li`s business. And unlike PCCW, Star TV has
access to a vast library of content, including Chinese-language programming, supplied by Mr. Murdoch`s television networks.

In fact, content may be the most important issue facing Mr. Li. He`s addressing it through some measures: PCCW has, for instance, entered into a strategic partnership with top sports
programmer Transworld International Ltd., Sina.com, a popular Chinese-language Internet portal, and Rediff.com, India`s leading Web portal. And PCCW has taken stakes in companies
developing pet-care, agriculture, entertainment, education and e-commerce content. But quality is still an unknown.

Luckily, Mr. Li is sitting on a pile of cash. Of the US$1.3 billion in Capital he has raised in recent months, PCCW has earmarked US$200 million for start-up investments and as much as
US$600 million for launching his Internet and television business. When Mr. Li goes shopping again, content will likely be high on his mind.

"Compelling content is the key," says Rajeev Gupta, research analyst for Goldman Sachs (Asia). "When investors look for clues about the progress of the convergence project, they`ll want
to see a series of strategic acquisitions or alliances with excellent content partners."

Despite all the unanswered questions, Mr. Li`s plans to be a hybrid Internet-television broadcaster may turn out to be the most attractive thing yet about PCCW. There are more than 100
million cable television subscribers across Asia, and more than 10,000 cable operators in India and China combined.

"[America Online] had a market capitalization of US$169 billion and 20 million subscribers," says Mr. Gupta. "Why couldn`t CyberWorks Convergence move in that direction?"

For his part, Mr. Li argues that the two sides of his Internet strategy are part of one coherent master plan that will eventually win over the market.

"When people focus on only one piece of what we are they just don`t get it," Mr. Li says, adding, "We`re operators, but we`re also a totally integrated Internet play, with an infrastructure side,
a service platform and an incubator, all of which converge to make each other more valuable."
heute aufnahme ins 3sat depot von zenner (oder so: namen sind schall und rauch...)

wird den kurs nicht wesentlich beeinflussen, da in hk kurs gemacht wird - oder??

Aufnahme ist 3SAT-Depot ! SuperGeil !!!

Das sehen total viele ! Normalerweise bedeutet das, daß auf die Aktie am Montag
ein regelgerechter RUN gestartet wird. (zumindestens in good old germany)

Freu mich riesig auf die nächste Woche !!! freu freu freu :D :D :D

Bedeutet das, am Montag gut verkaufen und dann wieder einsteigen,
wenn Tage später das Honkong Niveu erreicht ist?

Montag wird sie abgehen, da in HK die Börse wegen ihrem Neujahrsfest zu ist.

Also ---> Lemmingfest

Wenn eine Aktie ins 3sat-Depot aufgenommen wird, kaufen die Lemminge natürlich wie blöd, Kursexplosionen kann es dann aber nur bei z.B. Neuer-Markt-Werten geben, die sonst nirgens gehandelt werden. Bei PCCW kommt es höchstens zu einem überzogenen Tageskurs, der dann am nächsten Tag von Hongkong ausgeglichen wird(meine Meinung).
Montag ==> Raus (aktuell außerbörslich 2,87-2,89€)
Dienstag ==> Wieder rein (vielleicht wieder zu 2,70-2,75€)

Happy Monday !
also ich werde mir das genaus ansehen und zum 1. Kurs eindecken.

Dann zur Kasse raus. Zur Kasse werden viele Kauforders hoch abgerechnet!!

Sehe so einen Lauf von 15% möglich?

Was haltet ihr für möglich?
An Brad Pitty:

Ist Deine Spreizung 2,89/2,72 nicht ein wenig gering? Du gehst dabei ein absolut hohes Risiko ein. Nimm mal an es gibt am Diesntag ne Einkaufs-Euphorie in HK, weil eben Neujahr ist. Dann kommst du mit 2,72 nicht mehr rein. Ich setzt 3,5€ und gehe auf unlimitiert kaufende Lemminge.

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