PCCW am 14. Feb 2000 - 500 Beiträge pro Seite
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ID: 63.149
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Horridau ihr da überall,
2000
StockHouse News Desk
By Jack J. Bensimon (jbensimon@stockhouse.com)
Nasdaq-100 Columnist
Pacific Century CyberWorks: Leading Asian ISP Edging Higher
It has been said wealth accrues to those who are patient. Asian Internet investors` patience has been rewarded with an increasing number of Internet IPOs, with US brokerage firms expecting more to come in 2000. With the rapid speed of innovation in the broadband space, coupled with increasing Internet usage rates across Asia, companies that are developing the sophisticated infrastructure are most likely to gain market share. Pacific Century CyberWorks is developing key partnerships, alliances, and the connections considered imperative to secure a dominant position.
Toronto, ONT, February 14 /SHfn/ -- Forget some of the astronomical returns earned on US Internet stocks. They are nothing compared with what`s going to happen in Asia in 2000. The pace of technological innovation in the Internet sector in that region is breathtaking.
The Asian Pacific region is flush with new Internet IPOs. With Asian economies staging a renewed comeback from sitting in the doldrums for several years, the region`s equity markets are gaining ground quickly. And there are signs that the surge will continue well into the year.
Spanning from Singapore to Tokyo, these markets have performed at levels that would mirror the quadrupling in 1999 of the Kosdaq, Korea`s counterpart to the Nasdaq. The top performing Asian Internet stocks in 1999 were Softbank [SFTBF] (Japan`s fifth biggest company in terms of market cap) up 1250%, and Yahoo! [YHOO] Japan, up 4206%. Pacific Century CyberWorks [1186], headed by Hong Kong entrepreneur Richard Li, rose 120% in the last week of 1999.
Pacific Century is Asia`s biggest ISP (outside of Japan). The company is assembling a satellite-based broadband Internet network modeled on the US Excite@Home platform, combining the physical network with ISP service and a portal.
In addition, Pacific Century is an Internet investment firm, or Internet "incubator," or what the Japanese refer to as "netbatsu". With over $500 million at its disposal in its VC arm, CyberWork Ventures, PCCLF has a portfolio of over 30 companies including Softnet [SOFN], which has 2.4 million cable subscribers in the US. Pacific Century`s growth has been phenomenal. At a $24 billion market cap, Pacific Century is now worth as much as the Hong Kong real estate empire built up over 30 years by Li Ka-shing, who is Richard Li`s father.
"Pacific Century is much more than an Internet investment firm. In fact, its goal is to be the largest provider of broadband access in the world."
However, Pacific Century is much more than an Internet investment firm. In fact, its goal is to be the largest provider of broadband access in the world.
And the demographic data is hospitable to companies like Pacific Century.
While the Internet still has a relatively modest presence in Asia, Internet use is being bolstered by the pervasive trend of rapidly declining phone rates and increasing PC sales. Industry sources estimate that the number of Asian Internet users could triple to 135 million by 2003.
The Asian Internet boom, however, is not yet comparable in magnitude and scale to what has happened in the US. In addition, the biggest difference is that the Asian Internet boom will emanate not primarily from the household sector, but from Asia`s export-driven business sector, where billing and shipping can be done cheaper and more efficiently on the Net.
Pacific Century has developed the infrastructure to capitalize on this booming sector. Pacific Century is developing a region-wide broadband delivery mechanism for cable-TV viewers, offering broad exposure to the Internet revolution in Asia.
There is competition growing in the region, with the likes of Singapore-based Pacific Internet [PCNTF] making substantial inroads across Asia (especially first-mover advantages in Singapore) as a powerful force to contend with. However, Pacific Century`s arsenal of partnerships, alliances, and "quanxi" (Chinese for connections) arrangements with key government officials, makes it easier to tap capital markets and build brand name recognition. Some of the partnerships include heavyweights such as Intel [INTC], Softnet, and Silk Route, to name a few.
And like its competitors, the company is veering into the emerging markets of Korea and India. Korea`s wealthy population has an active interest in the Internet, although its protectionist mode of trade is still in force.
An example of how protectionist measures are influencing Internet usage is the shortage of high-density bandwidth from Singapore to the US. Although broadband is fast in Singapore, it is slow when users access overseas sites since data must travel through overtaxed conventional cables regulated by Singapore authorities.
Pacific Century is aiming to reconcile some of these problems, and is creating the infrastructure to secure its piece of the pie.
These shares trade on the Nasdaq OTC Bulletin Board, with an average daily trading volume of 3-4 million shares, atypically high for OTC shares. In addition, liquidity is boosted by the fact they also trade on the Hang Seng Exchange with average daily volume over 80 million shares. At current valuation levels in the $3.30 zone, and given its market prowess in a region of the world that has only seen the beginning of the Internet explosion, Pacific Century shares represent excellent value.
• • •
2000
StockHouse News Desk
By Jack J. Bensimon (jbensimon@stockhouse.com)
Nasdaq-100 Columnist
Pacific Century CyberWorks: Leading Asian ISP Edging Higher
It has been said wealth accrues to those who are patient. Asian Internet investors` patience has been rewarded with an increasing number of Internet IPOs, with US brokerage firms expecting more to come in 2000. With the rapid speed of innovation in the broadband space, coupled with increasing Internet usage rates across Asia, companies that are developing the sophisticated infrastructure are most likely to gain market share. Pacific Century CyberWorks is developing key partnerships, alliances, and the connections considered imperative to secure a dominant position.
Toronto, ONT, February 14 /SHfn/ -- Forget some of the astronomical returns earned on US Internet stocks. They are nothing compared with what`s going to happen in Asia in 2000. The pace of technological innovation in the Internet sector in that region is breathtaking.
The Asian Pacific region is flush with new Internet IPOs. With Asian economies staging a renewed comeback from sitting in the doldrums for several years, the region`s equity markets are gaining ground quickly. And there are signs that the surge will continue well into the year.
Spanning from Singapore to Tokyo, these markets have performed at levels that would mirror the quadrupling in 1999 of the Kosdaq, Korea`s counterpart to the Nasdaq. The top performing Asian Internet stocks in 1999 were Softbank [SFTBF] (Japan`s fifth biggest company in terms of market cap) up 1250%, and Yahoo! [YHOO] Japan, up 4206%. Pacific Century CyberWorks [1186], headed by Hong Kong entrepreneur Richard Li, rose 120% in the last week of 1999.
Pacific Century is Asia`s biggest ISP (outside of Japan). The company is assembling a satellite-based broadband Internet network modeled on the US Excite@Home platform, combining the physical network with ISP service and a portal.
In addition, Pacific Century is an Internet investment firm, or Internet "incubator," or what the Japanese refer to as "netbatsu". With over $500 million at its disposal in its VC arm, CyberWork Ventures, PCCLF has a portfolio of over 30 companies including Softnet [SOFN], which has 2.4 million cable subscribers in the US. Pacific Century`s growth has been phenomenal. At a $24 billion market cap, Pacific Century is now worth as much as the Hong Kong real estate empire built up over 30 years by Li Ka-shing, who is Richard Li`s father.
"Pacific Century is much more than an Internet investment firm. In fact, its goal is to be the largest provider of broadband access in the world."
However, Pacific Century is much more than an Internet investment firm. In fact, its goal is to be the largest provider of broadband access in the world.
And the demographic data is hospitable to companies like Pacific Century.
While the Internet still has a relatively modest presence in Asia, Internet use is being bolstered by the pervasive trend of rapidly declining phone rates and increasing PC sales. Industry sources estimate that the number of Asian Internet users could triple to 135 million by 2003.
The Asian Internet boom, however, is not yet comparable in magnitude and scale to what has happened in the US. In addition, the biggest difference is that the Asian Internet boom will emanate not primarily from the household sector, but from Asia`s export-driven business sector, where billing and shipping can be done cheaper and more efficiently on the Net.
Pacific Century has developed the infrastructure to capitalize on this booming sector. Pacific Century is developing a region-wide broadband delivery mechanism for cable-TV viewers, offering broad exposure to the Internet revolution in Asia.
There is competition growing in the region, with the likes of Singapore-based Pacific Internet [PCNTF] making substantial inroads across Asia (especially first-mover advantages in Singapore) as a powerful force to contend with. However, Pacific Century`s arsenal of partnerships, alliances, and "quanxi" (Chinese for connections) arrangements with key government officials, makes it easier to tap capital markets and build brand name recognition. Some of the partnerships include heavyweights such as Intel [INTC], Softnet, and Silk Route, to name a few.
And like its competitors, the company is veering into the emerging markets of Korea and India. Korea`s wealthy population has an active interest in the Internet, although its protectionist mode of trade is still in force.
An example of how protectionist measures are influencing Internet usage is the shortage of high-density bandwidth from Singapore to the US. Although broadband is fast in Singapore, it is slow when users access overseas sites since data must travel through overtaxed conventional cables regulated by Singapore authorities.
Pacific Century is aiming to reconcile some of these problems, and is creating the infrastructure to secure its piece of the pie.
These shares trade on the Nasdaq OTC Bulletin Board, with an average daily trading volume of 3-4 million shares, atypically high for OTC shares. In addition, liquidity is boosted by the fact they also trade on the Hang Seng Exchange with average daily volume over 80 million shares. At current valuation levels in the $3.30 zone, and given its market prowess in a region of the world that has only seen the beginning of the Internet explosion, Pacific Century shares represent excellent value.
• • •
hallo, Asienfreunde
der Schlusskurs in USA : 4,295 US $ - ja ihr habt richtig gelesen, eine
4 vor dem Komma
(Quelle: Detailkurse in CNBC )
gruesse,
Striker2
der Schlusskurs in USA : 4,295 US $ - ja ihr habt richtig gelesen, eine
4 vor dem Komma
(Quelle: Detailkurse in CNBC )
gruesse,
Striker2
Hi Leute,
http://www.scmp.com/News/Business/Article/FullText_asp_Artic…
sehr interessante Quelle, die South China Morning Post, schreibt über PCCW:
So might this be Asia`s version of the America Online-Time Warner deal? High stock market valuations create their own reality and Richard Li Tzar-kai`s Pacific Century CyberWorks has some of the most highly valued paper in the world.
Surely it would be a shame not to use it? That might be simplistic but considering CyberWorks was little more than an idea nine months ago, buying and then presumably carving up Cable & Wireless HKT`s component bits represents a heck of a trade.
Of course, the AOL-Time comparison bears only superficial scrutiny. That deal saw the dominant United States Internet provider buy the world`s premier media company even though its profits are a small fraction of Time`s. In short, it screamed "synergy", and the rationale was obvious. The underlying logic for a CyberWorks-HKT merger is less clear.
CyberWorks has an eclectic business model based on delivering multi-media services via satellite to mainly Asian households. So far, it has no real content to speak of, while its ability to access markets such as the mainland, via their cable networks, is subject to regulatory uncertainty.
For its part, HKT has three million SAR telephone lines and runs the largest Internet service provider with more than 700,000 subscribers.
It has the SAR`s only backbone ATM network allowing broadband services to be delivered to 80 per cent of homes.
It also has 13,000 employees, huge organisational baggage and a loss-making universal service obligation to boot.
To understand the proposal it is necessary to see it from the chairman`s office in the Cheung Kong Centre. For Li Ka-shing, a merger of the two firms would be likely to see HKT`s mobile business sold to either Hutchison Whampoa or a consortium involving Vodafone AirTouch.
That would leave Hutchison Telecom controlling 70 per cent of the Hong Kong mobile telephone market ahead of the launch of third generation mobile licences. Given that the future of broadband and all voice services is arguably mobile (not fixed line), that offers a hugely dominant position.
For Vodafone, the potential addition of one million subscribers to its global footprint would seem to make sense. That said, it did sell out of the then Pacific Link mobile operator - later sold to HKT - just three years ago.
But what does CyberWorks gain from merging with what presumably would be the left-over Hongkong Telephone company? After all, it promised investors a global vision of satellite-delivered multimedia and broadband Internet services.
Now it wants into a stodgy old telecoms incumbent operating in a fully de-regulated market serving just six million people. Not to be sniffed at, but hardly the stuff of global domination.
The answer, of course, is that the numbers make sense. PCCW`s highly priced shares - despite an unproven business model - will buy into HKT`s under-geared balance sheet, hugely powerful market position and predictable revenue stream. Despite facing bruising competition, HKT remains a prize asset.
When HKT proposed to merge with Singapore Telecom both companies` share prices fell sharply. Investors effectively said they hated the deal. Such an obvious destruction of shareholder value for institutionally owned C&W must surely rule out it continuing.
The British firm has a strategy of developing as a global provider of backbone Internet services, making it likely that in any carve-up it would buy HKT`s share of the international under-sea cables fanning out of the SAR.
Quite what value C&W might see in being a minority shareholder in a local telecoms operator that also does satellite delivered multimedia and runs a technology park in Pokfulam for good measure is less clear.
The point is perhaps that, if successful, this resembles the AOL-Time deal in one respect only: the market has put an astonishing valuation on the shares of the new kid on the block, and he (or at least his father) does not want to miss what could prove a fleeting moment
Machen wir uns auf eine Super Performance gefaßt...
http://www.scmp.com/News/Business/Article/FullText_asp_Artic…
sehr interessante Quelle, die South China Morning Post, schreibt über PCCW:
So might this be Asia`s version of the America Online-Time Warner deal? High stock market valuations create their own reality and Richard Li Tzar-kai`s Pacific Century CyberWorks has some of the most highly valued paper in the world.
Surely it would be a shame not to use it? That might be simplistic but considering CyberWorks was little more than an idea nine months ago, buying and then presumably carving up Cable & Wireless HKT`s component bits represents a heck of a trade.
Of course, the AOL-Time comparison bears only superficial scrutiny. That deal saw the dominant United States Internet provider buy the world`s premier media company even though its profits are a small fraction of Time`s. In short, it screamed "synergy", and the rationale was obvious. The underlying logic for a CyberWorks-HKT merger is less clear.
CyberWorks has an eclectic business model based on delivering multi-media services via satellite to mainly Asian households. So far, it has no real content to speak of, while its ability to access markets such as the mainland, via their cable networks, is subject to regulatory uncertainty.
For its part, HKT has three million SAR telephone lines and runs the largest Internet service provider with more than 700,000 subscribers.
It has the SAR`s only backbone ATM network allowing broadband services to be delivered to 80 per cent of homes.
It also has 13,000 employees, huge organisational baggage and a loss-making universal service obligation to boot.
To understand the proposal it is necessary to see it from the chairman`s office in the Cheung Kong Centre. For Li Ka-shing, a merger of the two firms would be likely to see HKT`s mobile business sold to either Hutchison Whampoa or a consortium involving Vodafone AirTouch.
That would leave Hutchison Telecom controlling 70 per cent of the Hong Kong mobile telephone market ahead of the launch of third generation mobile licences. Given that the future of broadband and all voice services is arguably mobile (not fixed line), that offers a hugely dominant position.
For Vodafone, the potential addition of one million subscribers to its global footprint would seem to make sense. That said, it did sell out of the then Pacific Link mobile operator - later sold to HKT - just three years ago.
But what does CyberWorks gain from merging with what presumably would be the left-over Hongkong Telephone company? After all, it promised investors a global vision of satellite-delivered multimedia and broadband Internet services.
Now it wants into a stodgy old telecoms incumbent operating in a fully de-regulated market serving just six million people. Not to be sniffed at, but hardly the stuff of global domination.
The answer, of course, is that the numbers make sense. PCCW`s highly priced shares - despite an unproven business model - will buy into HKT`s under-geared balance sheet, hugely powerful market position and predictable revenue stream. Despite facing bruising competition, HKT remains a prize asset.
When HKT proposed to merge with Singapore Telecom both companies` share prices fell sharply. Investors effectively said they hated the deal. Such an obvious destruction of shareholder value for institutionally owned C&W must surely rule out it continuing.
The British firm has a strategy of developing as a global provider of backbone Internet services, making it likely that in any carve-up it would buy HKT`s share of the international under-sea cables fanning out of the SAR.
Quite what value C&W might see in being a minority shareholder in a local telecoms operator that also does satellite delivered multimedia and runs a technology park in Pokfulam for good measure is less clear.
The point is perhaps that, if successful, this resembles the AOL-Time deal in one respect only: the market has put an astonishing valuation on the shares of the new kid on the block, and he (or at least his father) does not want to miss what could prove a fleeting moment
Machen wir uns auf eine Super Performance gefaßt...
Horridau ihr da überall,
PCCLF Pacific Century CyberWorks Limited
Last Trade :2/11 17:30 View Information on PCCLF
Customized ChartsCompany EarningsTotal Return Analysis
Direct Investing Plan? NO Search for Companies with Direct Investing Plans
Multex Broker Research
Exchange: OTC
Last Change % Change Bid/Ask Hi/Low Open Vol
4.29 0.99 30.15 0.00/0.00 4.40/2.00 4.29 27736700
Price and Return
Current Price 4.29
52 Week Hi 12/23/1999 5.25
52 Week Low 08/23/1999 0.52
1 Year Return 0.00
Fundamentals
Shares (Million) 9067.04 Dividend 0.00
Market Cap 38942.92 Dividend Yield 0.00
warum eigentlich am 23.12.99 das hoch bei 5.25$???? hehehe
da hätte ich alle die ich habe schon längst in usa verkauft.
PCCLF Pacific Century CyberWorks Limited
Last Trade :2/11 17:30 View Information on PCCLF
Customized ChartsCompany EarningsTotal Return Analysis
Direct Investing Plan? NO Search for Companies with Direct Investing Plans
Multex Broker Research
Exchange: OTC
Last Change % Change Bid/Ask Hi/Low Open Vol
4.29 0.99 30.15 0.00/0.00 4.40/2.00 4.29 27736700
Price and Return
Current Price 4.29
52 Week Hi 12/23/1999 5.25
52 Week Low 08/23/1999 0.52
1 Year Return 0.00
Fundamentals
Shares (Million) 9067.04 Dividend 0.00
Market Cap 38942.92 Dividend Yield 0.00
warum eigentlich am 23.12.99 das hoch bei 5.25$???? hehehe
da hätte ich alle die ich habe schon längst in usa verkauft.
!
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Horridau ihr da überall,
10:10 13-FEB-2000
C&W HKT <0008.HK> says received no offer from PCCW
HONG KONG, Feb 13 (Reuters) - Hong Kong`s Cable & Wireless HKT said Pacific Century CyberWorks <1186.HK> (PCCW) has made no firm proposal in its approach to C&W HKT`s British parent for a possible merger with the Hong Kong unit. "C&W HKT`s directors wish to emphasise that no offer has been made to the company and there is no certainty that any firm proposal will be made by PCCW," C&W HKT said in a statement late on Saturday.
The financial advisers of C&W HKT and PCCW had met to discuss the proposal but PCCW had made no offer, C&W HKT said. C&W HKT has applied to the stock exchange for trade in its shares to resume on Monday after being suspended on Friday at the firm`s request.
On Friday, Britain`s Cable & Wireless Plc had said PCCW had told it it planned to propose a merger with the firm`s 54 percent Hong Kong subsidiary.
C&W HKT said it received a copy of a letter from PCCW telling Cable & Wireless it intended to propose a merger with C&W HKT. C&W HKT said it was continuing talks with its parent and Singapore Telecommunications Plc (SingTel) over a possible merger with SingTel.
((Hong Kong Newsroom, +852 2847 4017, fax +852 2845 0636 hongkong.newsroom@reuters.com)) .
10:10 13-FEB-2000
C&W HKT <0008.HK> says received no offer from PCCW
HONG KONG, Feb 13 (Reuters) - Hong Kong`s Cable & Wireless HKT said Pacific Century CyberWorks <1186.HK> (PCCW) has made no firm proposal in its approach to C&W HKT`s British parent for a possible merger with the Hong Kong unit. "C&W HKT`s directors wish to emphasise that no offer has been made to the company and there is no certainty that any firm proposal will be made by PCCW," C&W HKT said in a statement late on Saturday.
The financial advisers of C&W HKT and PCCW had met to discuss the proposal but PCCW had made no offer, C&W HKT said. C&W HKT has applied to the stock exchange for trade in its shares to resume on Monday after being suspended on Friday at the firm`s request.
On Friday, Britain`s Cable & Wireless Plc had said PCCW had told it it planned to propose a merger with the firm`s 54 percent Hong Kong subsidiary.
C&W HKT said it received a copy of a letter from PCCW telling Cable & Wireless it intended to propose a merger with C&W HKT. C&W HKT said it was continuing talks with its parent and Singapore Telecommunications Plc (SingTel) over a possible merger with SingTel.
((Hong Kong Newsroom, +852 2847 4017, fax +852 2845 0636 hongkong.newsroom@reuters.com)) .
Dauhorrilau ihr da überall,
Sunday February 13 3:45 AM ET
PCCW Seen Big Winner in Possible C&W HKT Deal
By Karen Richardson
HONG KONG (Reuters) - Upstart Internet firm Pacific Century CyberWorks (PCCW) would gain coveted ground in its multimedia empire-building campaign if it won a bidding war for telecom giant Cable & Wireless HKT, analysts said.
``It would be the closest thing in Asia-Pacific to the Time-Warner/AOL deal,`` Matthew McGarvey, Internet analyst at International Data Corp., said on Sunday.
Britain`s Cable & Wireless Plc said on Friday that PCCW, formed only last April by 33-year-old billionaire Richard Li but already worth more than e-retailer Amazon.com Inc, had told it planned to propose a merger with C&W`s 54 percent owned Hong Kong subsidiary.
If PCCW succeeds in knocking out rival Singapore Telecommunications Plc for the Hong Kong firm it would gain control of a digital broadband network and access to nearly half a million local Internet subscribers from one of Hong Kong`s oldest and largest blue chip companies.
It would also have access to C&W HKT`s multi-media operations and its Internet and interactive television joint venture with News Corp`s Star TV announced in November.
While a merger between C&W HKT and SingTel would probably give Cable and Wireless at least 1.2 billion pounds (US$1.92 billion) in cash and more than a 25 percent stake in the combined company, analysts said a deal with PCCW would be more attractive.
``PCCW ties in with Cable & Wireless`s global strategy, whereas a merger of HKT and SingTel does not,`` said Dylan Tinker, regional telecom analyst at Deutsche Securities Asia.
``It is important to remember this deal is being driven by Cable & Wireless Plc, so PCCW is likely a preferable option because in the end Cable & Wireless will likely get an equity stake of a large Internet company,`` Tinker said.
Ten-month-old PCCW, which has invested mainly in Internet content and e-commerce startups, had a market capitalization of HK$223.5 billion (US$28.7 billion) at Friday`s market close, approaching C&W HKT`s.
WHITHER SINGTEL?
The Hong Kong stock market surged 3.18 percent on Friday to a record close as the prospect of a home-turf deal for C&W HKT sparked a telecom buying frenzy.
Analysts have also said a deal with a Hong Kong company could be preferable to one with SingTel, owned 79 percent by the Singapore government, as Chinese authorities were likely to favor a local buyer for a key utility.
SingTel, which had been locked in talks over the past three weeks with Cable & Wireless and its Hong Kong unit, declined to comment on PCCW`s interest. All three companies have since said
they were still in merger talks.
If SingTel prevails in its bid it would create the biggest independent telecoms group in the Asia Pacific with a combined market capitalization of US$61 billion.
Boon For Parent
Analysts were mixed on the benefits of a PCCW deal for the Hong Kong company, which has some 13,000 employees and posted revenues of HK$32.41 billion (US$4.17 billion) in the year ended March 1999.
McGarvey said C&W HKT`s cellular phone operation and its Netvigator Web portal would benefit from PCCW`s Internet content in the development of the telecom firm`s wireless application protocol technology business.
``It`s a huge bonus for both companies,`` he said.
But one of the looming questions was whether C&W HKT would be broken up in a deal with PCCW, and whether the local telecoms regulator would allow PCCW to sell C&W HKT`s cellular operations to Hutchison Whampoa, Tinker said.
PCCW Chairman Richard Li is also deputy chairman of Hutchison, which is controlled by his father Li Ka-shing`s Cheung Kong (Holdings)
``The underlying fundamental operations of C&W HKT do not improve with this possible merger,`` Tinker added.
Despite a barrage of speculation about possible deals between various contenders for C&W HKT, the picture did not become any clearer over the weekend who would emerge victorious.
C&W HKT said it had not received an offer from PCCW after the firms` financial advisers met on Saturday. Spokeswomen for C&W HKT and PCCW declined to comment on whether the financial advisers would meet again on Monday.
C&W HKT said it had applied to the Stock Exchange of Hong Kong to allow its stock to resume trading on Monday after it was suspended on Friday at the company`s request. PCCW was also expected to apply for a resumption of trade on Monday.
C&W HKT ended up 22.6 percent at HK$21.65 before it was suspended on Friday, while PCCW shares climbed 5.34 percent higher to HK$24.65 before it was suspended.
Sunday February 13 3:45 AM ET
PCCW Seen Big Winner in Possible C&W HKT Deal
By Karen Richardson
HONG KONG (Reuters) - Upstart Internet firm Pacific Century CyberWorks (PCCW) would gain coveted ground in its multimedia empire-building campaign if it won a bidding war for telecom giant Cable & Wireless HKT, analysts said.
``It would be the closest thing in Asia-Pacific to the Time-Warner/AOL deal,`` Matthew McGarvey, Internet analyst at International Data Corp., said on Sunday.
Britain`s Cable & Wireless Plc said on Friday that PCCW, formed only last April by 33-year-old billionaire Richard Li but already worth more than e-retailer Amazon.com Inc, had told it planned to propose a merger with C&W`s 54 percent owned Hong Kong subsidiary.
If PCCW succeeds in knocking out rival Singapore Telecommunications Plc for the Hong Kong firm it would gain control of a digital broadband network and access to nearly half a million local Internet subscribers from one of Hong Kong`s oldest and largest blue chip companies.
It would also have access to C&W HKT`s multi-media operations and its Internet and interactive television joint venture with News Corp`s Star TV announced in November.
While a merger between C&W HKT and SingTel would probably give Cable and Wireless at least 1.2 billion pounds (US$1.92 billion) in cash and more than a 25 percent stake in the combined company, analysts said a deal with PCCW would be more attractive.
``PCCW ties in with Cable & Wireless`s global strategy, whereas a merger of HKT and SingTel does not,`` said Dylan Tinker, regional telecom analyst at Deutsche Securities Asia.
``It is important to remember this deal is being driven by Cable & Wireless Plc, so PCCW is likely a preferable option because in the end Cable & Wireless will likely get an equity stake of a large Internet company,`` Tinker said.
Ten-month-old PCCW, which has invested mainly in Internet content and e-commerce startups, had a market capitalization of HK$223.5 billion (US$28.7 billion) at Friday`s market close, approaching C&W HKT`s.
WHITHER SINGTEL?
The Hong Kong stock market surged 3.18 percent on Friday to a record close as the prospect of a home-turf deal for C&W HKT sparked a telecom buying frenzy.
Analysts have also said a deal with a Hong Kong company could be preferable to one with SingTel, owned 79 percent by the Singapore government, as Chinese authorities were likely to favor a local buyer for a key utility.
SingTel, which had been locked in talks over the past three weeks with Cable & Wireless and its Hong Kong unit, declined to comment on PCCW`s interest. All three companies have since said
they were still in merger talks.
If SingTel prevails in its bid it would create the biggest independent telecoms group in the Asia Pacific with a combined market capitalization of US$61 billion.
Boon For Parent
Analysts were mixed on the benefits of a PCCW deal for the Hong Kong company, which has some 13,000 employees and posted revenues of HK$32.41 billion (US$4.17 billion) in the year ended March 1999.
McGarvey said C&W HKT`s cellular phone operation and its Netvigator Web portal would benefit from PCCW`s Internet content in the development of the telecom firm`s wireless application protocol technology business.
``It`s a huge bonus for both companies,`` he said.
But one of the looming questions was whether C&W HKT would be broken up in a deal with PCCW, and whether the local telecoms regulator would allow PCCW to sell C&W HKT`s cellular operations to Hutchison Whampoa, Tinker said.
PCCW Chairman Richard Li is also deputy chairman of Hutchison, which is controlled by his father Li Ka-shing`s Cheung Kong (Holdings)
``The underlying fundamental operations of C&W HKT do not improve with this possible merger,`` Tinker added.
Despite a barrage of speculation about possible deals between various contenders for C&W HKT, the picture did not become any clearer over the weekend who would emerge victorious.
C&W HKT said it had not received an offer from PCCW after the firms` financial advisers met on Saturday. Spokeswomen for C&W HKT and PCCW declined to comment on whether the financial advisers would meet again on Monday.
C&W HKT said it had applied to the Stock Exchange of Hong Kong to allow its stock to resume trading on Monday after it was suspended on Friday at the company`s request. PCCW was also expected to apply for a resumption of trade on Monday.
C&W HKT ended up 22.6 percent at HK$21.65 before it was suspended on Friday, while PCCW shares climbed 5.34 percent higher to HK$24.65 before it was suspended.
Horridau ihr da überall,
C & W Asian unit gets new overture
Net firm enters talks with troubled Hong Kong Telecom
By Gareth Vaughan, CBS MarketWatch
Last Update: 6:06 PM ET Feb 11, 2000 NewsWatch
LONDON (CBS.MW) -- Cable & Wireless` troubled Hong Kong Telecom unit saw its market value soar Friday after the global telecommunications giant said a second potential buyer of the subsidiary has emerged.
Singapore talks
The new prospective partner is Pacific Century CyberWorks Ltd., Asia`s biggest Internet service provider outside of Japan, coming just a couple weeks after Singapore Telecommunications Ltd. (SGTJY: news, msgs) said it was exploring a merger with Hong Kong Telecom (HKT: news, msgs).
U.S.-listed shares of Cable & Wireless
Analysts say that if the British group can dispose of its 54 percent stake in Hong Kong Telecom, it would be an attractive takeover target or merger partner.
Hong Kong Telecom`s U.S.-listed shares rose 6 1/8, or 26 percent to 29 9/16. Cable & Wireless U.S.-listed shares closed up 2 5/16 at 64 7/8. In London, the stock jumped 64.5 pence, or 5 percent, to 1358.
While saying it will consider a deal with Pacific Century CyberWorks (PCCLF: news, msgs), Cable & Wireless said it`s unclear whether the Hong Kong-listed Net firm would come up with an offer.
Cable & Wireless also said Hong Kong Telecom remains in talks about a potential merger with Singapore Telecommunications Ltd.
Cable & Wireless refocuses
Over the past year, Cable & Wireless has been shifting its focus to concentrate on supplying data and Internet services to corporate customers. It`s disposed of several assets such as its 50 percent stake in the British cellular phone operator One-2-One, and it became the first foreign company to win a contested takeover battle in Japan last June when it won control of International Digital Communications Inc.
Last month, Cable & Wireless bought eight major European Internet service providers and raised its investment in its European Internet protocol network to $1.5 billion. See full story. The restructuring and investment contributed to a profit warning late last year but it was Hong Kong Telecom`s declining revenue that took the brunt of the blame. See story.
Since then, analysts have seen Hong Kong Telecom as a drag that threatens to turn off potential bidders such as Deutsche Telekom AG (DT: news, msgs), Europe`s biggest telecom company. The German group has said on numerous occasions that it wants to boost its international presence.
C & W Asian unit gets new overture
Net firm enters talks with troubled Hong Kong Telecom
By Gareth Vaughan, CBS MarketWatch
Last Update: 6:06 PM ET Feb 11, 2000 NewsWatch
LONDON (CBS.MW) -- Cable & Wireless` troubled Hong Kong Telecom unit saw its market value soar Friday after the global telecommunications giant said a second potential buyer of the subsidiary has emerged.
Singapore talks
The new prospective partner is Pacific Century CyberWorks Ltd., Asia`s biggest Internet service provider outside of Japan, coming just a couple weeks after Singapore Telecommunications Ltd. (SGTJY: news, msgs) said it was exploring a merger with Hong Kong Telecom (HKT: news, msgs).
U.S.-listed shares of Cable & Wireless
Analysts say that if the British group can dispose of its 54 percent stake in Hong Kong Telecom, it would be an attractive takeover target or merger partner.
Hong Kong Telecom`s U.S.-listed shares rose 6 1/8, or 26 percent to 29 9/16. Cable & Wireless U.S.-listed shares closed up 2 5/16 at 64 7/8. In London, the stock jumped 64.5 pence, or 5 percent, to 1358.
While saying it will consider a deal with Pacific Century CyberWorks (PCCLF: news, msgs), Cable & Wireless said it`s unclear whether the Hong Kong-listed Net firm would come up with an offer.
Cable & Wireless also said Hong Kong Telecom remains in talks about a potential merger with Singapore Telecommunications Ltd.
Cable & Wireless refocuses
Over the past year, Cable & Wireless has been shifting its focus to concentrate on supplying data and Internet services to corporate customers. It`s disposed of several assets such as its 50 percent stake in the British cellular phone operator One-2-One, and it became the first foreign company to win a contested takeover battle in Japan last June when it won control of International Digital Communications Inc.
Last month, Cable & Wireless bought eight major European Internet service providers and raised its investment in its European Internet protocol network to $1.5 billion. See full story. The restructuring and investment contributed to a profit warning late last year but it was Hong Kong Telecom`s declining revenue that took the brunt of the blame. See story.
Since then, analysts have seen Hong Kong Telecom as a drag that threatens to turn off potential bidders such as Deutsche Telekom AG (DT: news, msgs), Europe`s biggest telecom company. The German group has said on numerous occasions that it wants to boost its international presence.
Horridau ihr da überall,
und immernoch kratze ich für euch jegliche meldung von pccw zusammen.
Technology News
Sun, 13 Feb 2000, 2:35pm EST
CyberWorks Says It Hired Bankers for HKT Investment; Shares are Suspended
By Biddy Chan and Thomas Lau
CyberWorks Seeks Merger With Cable & Wireless HKT (Update7)
(Moves analyst comment to third paragraph, updates share
prices.)
Hong Kong, Feb. 11 (Bloomberg) -- Pacific Century CyberWorks
Ltd. is seeking to merge with Cable & Wireless HKT Ltd., the
latest twist in a race to link the dominant phone companies in
Hong Kong and Singapore. Shares in both companies rose.
CyberWorks, Asia`s biggest Internet company outside Japan,
said it`s too early to say whether its bid will rival or
complement a plan to merge HKT, Cable & Wireless Plc`s Hong Kong
unit, with Singapore Telecommunications Ltd., forming a $26
billion company with a foothold in two of Asia`s biggest markets.
``CyberWorks fits more than HKT into the strategy of Cable &
Wireless, which now aims to be a global data network provider,``
said Stephen Leung, an analyst at Daiwa Securities in Hong Kong.
``But Cable & Wireless could be concerned that CyberWorks is still
in its early stage of development.``
Established less than a year ago by Richard Li, the son of
Hong Kong tycoon Li Ka-shing, CyberWorks is building a high-speed
Internet network in Asia and is now worth more than Amazon.com
Inc. Buying all or part of HKT would let CyberWorks deliver
electronic commerce and multimedia services throughout Asia.
``We have not yet made a bid. It`s too early in the
discussions,`` CyberWorks Managing Director Alex Arena said in an
interview.
HKT surged 23 percent to HK$21.65, its biggest one-day gain
in at least a decade, before its shares were suspended. CyberWorks
rose 5.3 percent to HK$24.65. SingTel fell 1.8 percent to S$2.76.
Cable & Wireless Plc rose as much as 14 percent to 1,474 pence.
The merger proposal is the latest in a wave of global mergers
in the global telecommunications industry. Vodafone AirTouch Plc
last week sealed a pact to take over Mannesmann AG, forming the
world`s biggest wireless phone service.
CyberWorks said it hired Warburg Dillon Read and Bank of
China to evaluate a possible investment in HKT. Cable & Wireless
Plc, HKT`s U.K.-based parent, said it received a merger proposal
from CyberWorks.
Broadband
CyberWorks has a market value of $28.4 billion. That`s more
than Amazon.com, the biggest Internet retailer, which is valued at
$26 billion, and slightly less than HKT, valued at the equivalent
of about $32 billion.
``I don`t think CyberWorks would be interested in buying the
whole of HKT,`` said Herbert Fung, an analyst at Credit Suisse
First Boston. ``But a stake in the company would definitely
provide it with an additional distribution channel to sell their
broadband Internet service.``
Some analysts said CyberWorks may buy the shares from the
Singapore government, which owns 79 percent of SingTel and may
sell part of that stake to bypass Hong Kong rules that require new
controlling shareholders of a public company to buy out other
minority shareholders.
An official at SingTel declined to comment on CyberWorks`
statement, saying only that talks with Cable & Wireless Plc are
continuing.
``With regard to the merger, it is a discussion between
SingTel and Cable & Wireless,`` said Roslyn Queeley, a spokeswoman
for C&W Plc in Singapore. ``The intention is to create a merger of
equals.``
If Cyberworks buys a stake in HKT from U.K.-based Cable &
Wireless, the latter ``could use the money to invest further in
the Internet business or return a substantial amount of it to its
shareholders,`` said Nigel Hawkins, a telecommunications and
utilities analyst at Williams de Broe in London.
Cable & Wireless, U.K.`s second-largest traditional phone
company has been turning its focus to providing data and Internet
services to businesses, analysts said.
It would be eager to rid of the Hong Kong unit, after the
loss of its monopoly in the former British colony and more
competition will likely erode its income from the unit, analysts
said.
Hutch Denies
The Hong Kong Economic Times reported today that HKT and
SingTel have struck a pact on the framework and the price of a
merger. Under the agreement, China Telecom (H.K.) Ltd., HKT`s
second largest shareholder, will transfer its 11.7 percent stake
in HKT to the newly merged company while Cable & Wireless Plc will
receive a combination of shares and cash, the paper said.
CyberWorks made its initial statement after local newspapers
reported today that Hutchison Whampoa Ltd., controlled by Li Ka-
Shing, may team up with Vodafone and CyberWorks to buy control of
HKT. Hutchison owns about 5 percent of the newly formed company
created by Vodafone`s merger with Mannesmann.
Hutchison later denied the reports in the South China Morning
Post and Ming Pao Daily, making a statement through parent company
Cheung Kong (Holdings) Ltd.
``Cheung Kong (Holdings) Ltd. and Hutchison Whampoa Ltd.
hereby clarify that neither company has any intention to acquire
Cable & Wireless HKT Ltd.,`` the company said.
und immernoch kratze ich für euch jegliche meldung von pccw zusammen.
Technology News
Sun, 13 Feb 2000, 2:35pm EST
CyberWorks Says It Hired Bankers for HKT Investment; Shares are Suspended
By Biddy Chan and Thomas Lau
CyberWorks Seeks Merger With Cable & Wireless HKT (Update7)
(Moves analyst comment to third paragraph, updates share
prices.)
Hong Kong, Feb. 11 (Bloomberg) -- Pacific Century CyberWorks
Ltd. is seeking to merge with Cable & Wireless HKT Ltd., the
latest twist in a race to link the dominant phone companies in
Hong Kong and Singapore. Shares in both companies rose.
CyberWorks, Asia`s biggest Internet company outside Japan,
said it`s too early to say whether its bid will rival or
complement a plan to merge HKT, Cable & Wireless Plc`s Hong Kong
unit, with Singapore Telecommunications Ltd., forming a $26
billion company with a foothold in two of Asia`s biggest markets.
``CyberWorks fits more than HKT into the strategy of Cable &
Wireless, which now aims to be a global data network provider,``
said Stephen Leung, an analyst at Daiwa Securities in Hong Kong.
``But Cable & Wireless could be concerned that CyberWorks is still
in its early stage of development.``
Established less than a year ago by Richard Li, the son of
Hong Kong tycoon Li Ka-shing, CyberWorks is building a high-speed
Internet network in Asia and is now worth more than Amazon.com
Inc. Buying all or part of HKT would let CyberWorks deliver
electronic commerce and multimedia services throughout Asia.
``We have not yet made a bid. It`s too early in the
discussions,`` CyberWorks Managing Director Alex Arena said in an
interview.
HKT surged 23 percent to HK$21.65, its biggest one-day gain
in at least a decade, before its shares were suspended. CyberWorks
rose 5.3 percent to HK$24.65. SingTel fell 1.8 percent to S$2.76.
Cable & Wireless Plc rose as much as 14 percent to 1,474 pence.
The merger proposal is the latest in a wave of global mergers
in the global telecommunications industry. Vodafone AirTouch Plc
last week sealed a pact to take over Mannesmann AG, forming the
world`s biggest wireless phone service.
CyberWorks said it hired Warburg Dillon Read and Bank of
China to evaluate a possible investment in HKT. Cable & Wireless
Plc, HKT`s U.K.-based parent, said it received a merger proposal
from CyberWorks.
Broadband
CyberWorks has a market value of $28.4 billion. That`s more
than Amazon.com, the biggest Internet retailer, which is valued at
$26 billion, and slightly less than HKT, valued at the equivalent
of about $32 billion.
``I don`t think CyberWorks would be interested in buying the
whole of HKT,`` said Herbert Fung, an analyst at Credit Suisse
First Boston. ``But a stake in the company would definitely
provide it with an additional distribution channel to sell their
broadband Internet service.``
Some analysts said CyberWorks may buy the shares from the
Singapore government, which owns 79 percent of SingTel and may
sell part of that stake to bypass Hong Kong rules that require new
controlling shareholders of a public company to buy out other
minority shareholders.
An official at SingTel declined to comment on CyberWorks`
statement, saying only that talks with Cable & Wireless Plc are
continuing.
``With regard to the merger, it is a discussion between
SingTel and Cable & Wireless,`` said Roslyn Queeley, a spokeswoman
for C&W Plc in Singapore. ``The intention is to create a merger of
equals.``
If Cyberworks buys a stake in HKT from U.K.-based Cable &
Wireless, the latter ``could use the money to invest further in
the Internet business or return a substantial amount of it to its
shareholders,`` said Nigel Hawkins, a telecommunications and
utilities analyst at Williams de Broe in London.
Cable & Wireless, U.K.`s second-largest traditional phone
company has been turning its focus to providing data and Internet
services to businesses, analysts said.
It would be eager to rid of the Hong Kong unit, after the
loss of its monopoly in the former British colony and more
competition will likely erode its income from the unit, analysts
said.
Hutch Denies
The Hong Kong Economic Times reported today that HKT and
SingTel have struck a pact on the framework and the price of a
merger. Under the agreement, China Telecom (H.K.) Ltd., HKT`s
second largest shareholder, will transfer its 11.7 percent stake
in HKT to the newly merged company while Cable & Wireless Plc will
receive a combination of shares and cash, the paper said.
CyberWorks made its initial statement after local newspapers
reported today that Hutchison Whampoa Ltd., controlled by Li Ka-
Shing, may team up with Vodafone and CyberWorks to buy control of
HKT. Hutchison owns about 5 percent of the newly formed company
created by Vodafone`s merger with Mannesmann.
Hutchison later denied the reports in the South China Morning
Post and Ming Pao Daily, making a statement through parent company
Cheung Kong (Holdings) Ltd.
``Cheung Kong (Holdings) Ltd. and Hutchison Whampoa Ltd.
hereby clarify that neither company has any intention to acquire
Cable & Wireless HKT Ltd.,`` the company said.
Horridau ihr da überall,
Pacific Century CyberWorks Aims for Asia Big Time February 11, 2000
By Maura Ginty
International Editor International News Archives
[Darien, CT] Pacific Century CyberWorks Ltd. Friday revealed it has its fingers in several major pies throughout the Pacific Rim, including Cable & Wireless HKT and Hong Kong`s Golden Power.
PCCW Friday also agreed to make a $1 billion share swap with Hikari Tshushin Inc. which will leave PCCW with a 1.65 stake in the Japanese conglomerate and extract a 3.5 percent share to Hikari Tshushin, according to a Bloomberg report. The deal will also give PCCW a 20 percent stake in Golden Power International Holdings Inc., which Hikari Tshushin recently purchased, the report said.
Cable & Wireless also today confirmed it had received notice that PCCW intends to propose a merger with Cable & Wireless HKT. HKT said that since there "can be no certainty that a firm proposal will be made by PCCW," it will continue its negotiations with Singapore Telecommunications Ltd. (SingTel) as well.
Richard Li`s Net play said that it has enlisted the help of investment banks Warburg Dillon Read and Bank of China International to back its new bid for Cable & Wireless HKT, according to reports. The South China Morning Post also reported that local telecom power Hutchison-Whampoa may become involved in the approach from PCCW.
The Post report added that U.K. mobile player Vodafone Airtouch may also join the PCCW-Hutchison consortium. Vodafone has recently squared away its own telecom merger negotiations with Mannesmann A.G., which concluded in a friendly $159 billion takeover.
Hutchison-Whampoa is owned by Cheung Kong Holdings, Ltd., whose chairman Li Ka-shing is Richard Li`s father.
Cable & Wireless confirmed that it was approached by PCCW, but did not release further details. Neither Vodafone nor SingTel has responded publicly, according to reports. The deal would give PCCW the broadband network that it had initially set out to build.
The Cable & Wireless group owns 54 percent of Cable & Wireless HKT. The company last month sealed its deal with Star TV, the original sale of which paid for the formation of Li`s Pacific Century Group.
Pacific Century CyberWorks Aims for Asia Big Time February 11, 2000
By Maura Ginty
International Editor International News Archives
[Darien, CT] Pacific Century CyberWorks Ltd. Friday revealed it has its fingers in several major pies throughout the Pacific Rim, including Cable & Wireless HKT and Hong Kong`s Golden Power.
PCCW Friday also agreed to make a $1 billion share swap with Hikari Tshushin Inc. which will leave PCCW with a 1.65 stake in the Japanese conglomerate and extract a 3.5 percent share to Hikari Tshushin, according to a Bloomberg report. The deal will also give PCCW a 20 percent stake in Golden Power International Holdings Inc., which Hikari Tshushin recently purchased, the report said.
Cable & Wireless also today confirmed it had received notice that PCCW intends to propose a merger with Cable & Wireless HKT. HKT said that since there "can be no certainty that a firm proposal will be made by PCCW," it will continue its negotiations with Singapore Telecommunications Ltd. (SingTel) as well.
Richard Li`s Net play said that it has enlisted the help of investment banks Warburg Dillon Read and Bank of China International to back its new bid for Cable & Wireless HKT, according to reports. The South China Morning Post also reported that local telecom power Hutchison-Whampoa may become involved in the approach from PCCW.
The Post report added that U.K. mobile player Vodafone Airtouch may also join the PCCW-Hutchison consortium. Vodafone has recently squared away its own telecom merger negotiations with Mannesmann A.G., which concluded in a friendly $159 billion takeover.
Hutchison-Whampoa is owned by Cheung Kong Holdings, Ltd., whose chairman Li Ka-shing is Richard Li`s father.
Cable & Wireless confirmed that it was approached by PCCW, but did not release further details. Neither Vodafone nor SingTel has responded publicly, according to reports. The deal would give PCCW the broadband network that it had initially set out to build.
The Cable & Wireless group owns 54 percent of Cable & Wireless HKT. The company last month sealed its deal with Star TV, the original sale of which paid for the formation of Li`s Pacific Century Group.
Horridau ihr da überall,
für timeless investierte
Timeless Aims To Rival Microsoft In 3 Years
Two months after its listing on the GEM, Timeless Software (8028), Hong Kong`s largest software company is now ready to take on software giant Microsoft. It was teaming up with two mainland government controlled firms to jointly develop the Zuhai Southern Software Park. The analyst say Timeless have the chance to compete with Microsoft within the Greater China Region, but in the global market, it is still a long way to go.
Hong Kong, January 31 /SHfn/ -- Fresh from its listing on the GEM market, Timeless Software [8028], Hong Kong`s largest software company is now ready to take on software giant Microsoft.
Last week, the company announced it was teaming up with two mainland government controlled firms, China Electronics Corporation and SDIC Electronics Company to jointly develop the Zuhai Southern Software Park.
As well as the software park, which is described as similar to Pacific Century CyberWorks` [1186] Cyber port, the three parties have greater plans. Namely, the development of a Chinese language operating system, an Internet platform with development tools, infrastructure and standards, and the establishment of an Internet Technology and Solution Provider, which will develop an e-commerce solution.
With these moves, K.K Cheng, Timeless` chairman and chief executive says they are set to catch up with Microsoft within three to five years. He said: "With a minimum of three years to five years at most, Timeless will grow bigger than Microsoft."
Microsoft currently has a market capitalisation of around US$515 billion. Meanwhile, Timeless has seen its market capitalisation jump from HK$10 million to over HK$3 billion (just under US$386 million) since the listing.
According to Laurie Kan, Timeless` president, and a former managing director of Microsoft Hong Kong, the development of Chinese operating systems has been very slow, although the technology has been developing quickly in the last few years.
"Now, the situation is very bad. It is not easy for people to use," said Kan. "We can improve many things with the Chinese operating platform."
The company`s plans have been boosted by the Central government`s decision to ban the soon-to-be-launched Windows 2000 operating system from all government offices, in favour of a locally developed operating system.
The move has been officially described as an attempt to encourage the domestic software industry, although several industry observers have suggested the decision is an effort to avoid paying Microsoft`s high licensing fees.
According to Kan, Timeless` Chinese operating system could take the place of Windows 2000, as it will be compatible with previous Windows system functions.
However, although PC shipments in China have enjoyed strong growth, PC penetration remains relatively low. Indeed, according to International Data Corporation, PC shipments only amounted to 10 million units in 1998.
Li Deng Chang, managing director of Core Pacific-Yamaichi said: "Timeless have the chance to compete with Microsoft in the Chinese operating system within the Greater China Region, but in the global market, it is still a long way for Timeless to go."
Timeless` listed at $3.3, and hit a high of $7.7 on its first day of trading. Since then, the counter has slumped. However, the price rebounded 25 percent to around $5 from $4 after Timeless announced its plan to take on Microsoft
für timeless investierte
Timeless Aims To Rival Microsoft In 3 Years
Two months after its listing on the GEM, Timeless Software (8028), Hong Kong`s largest software company is now ready to take on software giant Microsoft. It was teaming up with two mainland government controlled firms to jointly develop the Zuhai Southern Software Park. The analyst say Timeless have the chance to compete with Microsoft within the Greater China Region, but in the global market, it is still a long way to go.
Hong Kong, January 31 /SHfn/ -- Fresh from its listing on the GEM market, Timeless Software [8028], Hong Kong`s largest software company is now ready to take on software giant Microsoft.
Last week, the company announced it was teaming up with two mainland government controlled firms, China Electronics Corporation and SDIC Electronics Company to jointly develop the Zuhai Southern Software Park.
As well as the software park, which is described as similar to Pacific Century CyberWorks` [1186] Cyber port, the three parties have greater plans. Namely, the development of a Chinese language operating system, an Internet platform with development tools, infrastructure and standards, and the establishment of an Internet Technology and Solution Provider, which will develop an e-commerce solution.
With these moves, K.K Cheng, Timeless` chairman and chief executive says they are set to catch up with Microsoft within three to five years. He said: "With a minimum of three years to five years at most, Timeless will grow bigger than Microsoft."
Microsoft currently has a market capitalisation of around US$515 billion. Meanwhile, Timeless has seen its market capitalisation jump from HK$10 million to over HK$3 billion (just under US$386 million) since the listing.
According to Laurie Kan, Timeless` president, and a former managing director of Microsoft Hong Kong, the development of Chinese operating systems has been very slow, although the technology has been developing quickly in the last few years.
"Now, the situation is very bad. It is not easy for people to use," said Kan. "We can improve many things with the Chinese operating platform."
The company`s plans have been boosted by the Central government`s decision to ban the soon-to-be-launched Windows 2000 operating system from all government offices, in favour of a locally developed operating system.
The move has been officially described as an attempt to encourage the domestic software industry, although several industry observers have suggested the decision is an effort to avoid paying Microsoft`s high licensing fees.
According to Kan, Timeless` Chinese operating system could take the place of Windows 2000, as it will be compatible with previous Windows system functions.
However, although PC shipments in China have enjoyed strong growth, PC penetration remains relatively low. Indeed, according to International Data Corporation, PC shipments only amounted to 10 million units in 1998.
Li Deng Chang, managing director of Core Pacific-Yamaichi said: "Timeless have the chance to compete with Microsoft in the Chinese operating system within the Greater China Region, but in the global market, it is still a long way for Timeless to go."
Timeless` listed at $3.3, and hit a high of $7.7 on its first day of trading. Since then, the counter has slumped. However, the price rebounded 25 percent to around $5 from $4 after Timeless announced its plan to take on Microsoft
Horridau ihr da überall,
Saturday, February 12, 2000
New kid wows market with numbers
SIMON PRITCHARD
--------------------------------------------------------------------------------
So might this be Asia`s version of the America Online-Time Warner deal? High stock market valuations create their own reality and Richard Li Tzar-kai`s Pacific Century CyberWorks has some of the most highly valued paper in the world.
Surely it would be a shame not to use it? That might be simplistic but considering CyberWorks was little more than an idea nine months ago, buying and then presumably carving up Cable & Wireless HKT`s component bits represents a heck of a trade.
Of course, the AOL-Time comparison bears only superficial scrutiny. That deal saw the dominant United States Internet provider buy the world`s premier media company even though its profits are a small fraction of Time`s. In short, it screamed "synergy", and the rationale was obvious. The underlying logic for a CyberWorks-HKT merger is less clear.
CyberWorks has an eclectic business model based on delivering multi-media services via satellite to mainly Asian households. So far, it has no real content to speak of, while its ability to access markets such as the mainland, via their cable networks, is subject to regulatory uncertainty.
For its part, HKT has three million SAR telephone lines and runs the largest Internet service provider with more than 700,000 subscribers.
It has the SAR`s only backbone ATM network allowing broadband services to be delivered to 80 per cent of homes.
It also has 13,000 employees, huge organisational baggage and a loss-making universal service obligation to boot.
To understand the proposal it is necessary to see it from the chairman`s office in the Cheung Kong Centre. For Li Ka-shing, a merger of the two firms would be likely to see HKT`s mobile business sold to either Hutchison Whampoa or a consortium involving Vodafone AirTouch.
That would leave Hutchison Telecom controlling 70 per cent of the Hong Kong mobile telephone market ahead of the launch of third generation mobile licences. Given that the future of broadband and all voice services is arguably mobile (not fixed line), that offers a hugely dominant position.
For Vodafone, the potential addition of one million subscribers to its global footprint would seem to make sense. That said, it did sell out of the then Pacific Link mobile operator - later sold to HKT - just three years ago.
But what does CyberWorks gain from merging with what presumably would be the left-over Hongkong Telephone company? After all, it promised investors a global vision of satellite-delivered multimedia and broadband Internet services.
Now it wants into a stodgy old telecoms incumbent operating in a fully de-regulated market serving just six million people. Not to be sniffed at, but hardly the stuff of global domination.
The answer, of course, is that the numbers make sense. PCCW`s highly priced shares - despite an unproven business model - will buy into HKT`s under-geared balance sheet, hugely powerful market position and predictable revenue stream. Despite facing bruising competition, HKT remains a prize asset.
When HKT proposed to merge with Singapore Telecom both companies` share prices fell sharply. Investors effectively said they hated the deal. Such an obvious destruction of shareholder value for institutionally owned C&W must surely rule out it continuing.
The British firm has a strategy of developing as a global provider of backbone Internet services, making it likely that in any carve-up it would buy HKT`s share of the international under-sea cables fanning out of the SAR.
Quite what value C&W might see in being a minority shareholder in a local telecoms operator that also does satellite delivered multimedia and runs a technology park in Pokfulam for good measure is less clear.
The point is perhaps that, if successful, this resembles the AOL-Time deal in one respect only: the market has put an astonishing valuation on the shares of the new kid on the block, and he (or at least his father) does not want to miss what could prove a fleeting moment.
Saturday, February 12, 2000
New kid wows market with numbers
SIMON PRITCHARD
--------------------------------------------------------------------------------
So might this be Asia`s version of the America Online-Time Warner deal? High stock market valuations create their own reality and Richard Li Tzar-kai`s Pacific Century CyberWorks has some of the most highly valued paper in the world.
Surely it would be a shame not to use it? That might be simplistic but considering CyberWorks was little more than an idea nine months ago, buying and then presumably carving up Cable & Wireless HKT`s component bits represents a heck of a trade.
Of course, the AOL-Time comparison bears only superficial scrutiny. That deal saw the dominant United States Internet provider buy the world`s premier media company even though its profits are a small fraction of Time`s. In short, it screamed "synergy", and the rationale was obvious. The underlying logic for a CyberWorks-HKT merger is less clear.
CyberWorks has an eclectic business model based on delivering multi-media services via satellite to mainly Asian households. So far, it has no real content to speak of, while its ability to access markets such as the mainland, via their cable networks, is subject to regulatory uncertainty.
For its part, HKT has three million SAR telephone lines and runs the largest Internet service provider with more than 700,000 subscribers.
It has the SAR`s only backbone ATM network allowing broadband services to be delivered to 80 per cent of homes.
It also has 13,000 employees, huge organisational baggage and a loss-making universal service obligation to boot.
To understand the proposal it is necessary to see it from the chairman`s office in the Cheung Kong Centre. For Li Ka-shing, a merger of the two firms would be likely to see HKT`s mobile business sold to either Hutchison Whampoa or a consortium involving Vodafone AirTouch.
That would leave Hutchison Telecom controlling 70 per cent of the Hong Kong mobile telephone market ahead of the launch of third generation mobile licences. Given that the future of broadband and all voice services is arguably mobile (not fixed line), that offers a hugely dominant position.
For Vodafone, the potential addition of one million subscribers to its global footprint would seem to make sense. That said, it did sell out of the then Pacific Link mobile operator - later sold to HKT - just three years ago.
But what does CyberWorks gain from merging with what presumably would be the left-over Hongkong Telephone company? After all, it promised investors a global vision of satellite-delivered multimedia and broadband Internet services.
Now it wants into a stodgy old telecoms incumbent operating in a fully de-regulated market serving just six million people. Not to be sniffed at, but hardly the stuff of global domination.
The answer, of course, is that the numbers make sense. PCCW`s highly priced shares - despite an unproven business model - will buy into HKT`s under-geared balance sheet, hugely powerful market position and predictable revenue stream. Despite facing bruising competition, HKT remains a prize asset.
When HKT proposed to merge with Singapore Telecom both companies` share prices fell sharply. Investors effectively said they hated the deal. Such an obvious destruction of shareholder value for institutionally owned C&W must surely rule out it continuing.
The British firm has a strategy of developing as a global provider of backbone Internet services, making it likely that in any carve-up it would buy HKT`s share of the international under-sea cables fanning out of the SAR.
Quite what value C&W might see in being a minority shareholder in a local telecoms operator that also does satellite delivered multimedia and runs a technology park in Pokfulam for good measure is less clear.
The point is perhaps that, if successful, this resembles the AOL-Time deal in one respect only: the market has put an astonishing valuation on the shares of the new kid on the block, and he (or at least his father) does not want to miss what could prove a fleeting moment.
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