PACIFIC CENTURY CYBERWORKS - NUR FAKTEN (5) - 500 Beiträge pro Seite

[Ataraxie]

eine schöner anfang für diesen thread:

TIME, MAI 2000



(ist übrigens eine collage aus einem ami-board!)

[Ataraxie]

Donnerstag, 17. Februar 2000, 11:03 Uhr

Pacific Century Cyberworks will Cable & Wireless HKT angeblich komplett kaufen

HONGKONG (dpa-AFX) - Die Internetholding Pacific Century CyberWorks Ltd will die Telefongesellschaft Cable & Wireless HKT möglicherweise
vollständig übernehmen. Dies berichtet am Donnerstag eine Quelle aus dem Umfeld der Übernahmeverhandlungen.

"Derzeit konzentriert sich Cyberworks darauf, die Kontrolle über Cable & Wireless HKT zu erlangen. Die Frage, ob das Mobiltelefon- und Festnetzgeschäft
von Cable & Wireless HKT gebraucht wird, soll in einem zweiten Schritt geklärt werden," sagte die Quelle im Gespräch mit AFX-Asia. "Die Geschäftssparten
bei Cable & Wireless HKT sind tatsächlich sehr gut `auftrennbar`. Jede Sparte kann zu einem sehr fairen Preis weiterverkauft werden."

Auf die genaue Definition von "vollständige Kontrolle" angesprochen, sagte der Gesprächpartner, dass Cyberworks eventuell 100% der Cable & Wireless
HKT-Aktien kaufen wolle. Eine vollständige Übernahme vereinfache die Bilanzierung und vermeide Komplikationen, die aus Transaktionen zwischen den
beiden Firmen entstehen könnten. Die Übernahmeverhandlungen schritten voran, befänden sich jedoch in einem sehr offenem Stadium. Ein fester
Abschlusstermin der Verhandlungen stünde noch nicht fest.

Darauf angesprochen, ob Cyberworks über die notwendigen finanziellen Reserven verfüge, um C&W HKT inklusive des von Cable & Wireless in London
gehaltenen 54%-Anteils zu kaufen, sagte der Gesprächspartner: "Die Antwort ist ja. Die Tatsache, dass die Firma ohne Probleme 1 Mrd. USD am Markt
aufnehmen konnte, macht uns in dieser Hinsicht sehr gelassen." Es sei keine Frage, ob Cyberworks genügend Kapital habe, um die Kontrolle bei
Cable&Wireless HKT zu übernehmen. Entscheidend sei vielmehr, wie die Akquisition vertraglich gestaltet werde./cs

[Ataraxie]

NetStock! By Steve Harmon
chairman & CEO
e-harmon.com, Inc.
Internet Investment Provider
______________________
2000.02.17:

Pacific Century Cyberworks, The Chinese Dragon?
______________________

The Chinese celebrated the New Year a few weeks ago and it is the Year of
the Golden Dragon. Investors began playing that idea (at least of a dragon)
in the Internet space recently with Hong Kong`s CMGI meets wanna-be
broadband Web giant in the making Pacific Century Cyberworks (1186.HK).

The stock -- 1186 (numbered which is how stocks are known in Hong Kong; also
known as PCCW) -- has literally gone from being a few pennies a share to a
few dollars (Hong Kong). In U.S. dollars PacCentury commands a $30 billion
market cap, on par with its U.S. counterpart CMGI (CMGI).

Now if it weren`t for the past success of the founder and chairman, Richard
Li, the valuation would seem out of whack with conventional metrics. Some of
the expectation comes from Pac Century`s share swaps for stakes in other
Internet ventures such as 3.4% of CMGI (mentioned above). More recently a
20% stake in Hikari Tsushin.

The firm has 8.816 billion shares outstanding, which is exponentially many
more times the number of shares you`ll find in any U.S. company.

CMGI exchanged stock for stock $350 million worth last September which sent
shares up a bit.

Before that Intel bought a double-digit stake which now sits at about 13.5%.
Intel bought it for about $50 million.

Pacific Century`s goal is to build out a broadband Internet access platform
in Asia. Li built and sold satellite TV provider Star to News Corp. a few
years back for $1 billion. So he`s not new to launching ventures.

In many ways the broadband Internet idea echoes the strategy plays to Li`s
experience of TV delivery via satellite, serving Asian cities from the air
rather than from national telecom infrastructures. Only different this time
seems to be what the bird transmits.

In addition Pac Century has an exclusive with the Hong Kong government to
build out a Cyber-Port (a high-tech center for Hong Kong).

Cyper-Port to me is the equivalent of owning pastureland in Silicon Valley
before Fairchild Semiconductor spawned the tech mecca for the world.

At $30 billion is there any upside left for investors? In the last six
months Pac Century`s venture investments have gained $1.5 billion.

Ultimately the value of Pacific Century is if it can indeed become a
platform for broadband content and commerce into Asia.

It may take some time before Pac Century grows into the expectation and I
expect we may see Softbank coming soon to China. Or is Pac Century the
Softbank of China? Time and execution will tell.

[spiderrico]

Vergesst pccw kauft sino-i.com entwickeln mit IBM eine B2B plattform für china mischen über diverse beteiligungen auch im content bereich mit das ehemalige hauptgeschäftsfeld immo-beteiligungen sorgt dafür das alleine diese besitztümer 60 prozent des aktienkurses ausmachen wiwo empfiehlt den wert ebenfalls , haben auch pccw bei 1,11 e empfohlen sino ist heute bei 0,16 , der handel ist sehr liquide bin natürlich auch investiert

[Danmar]

BITTE NUR FAKTEN. Dies ist ein News-Thread! Es gibt noch andere! Danke!

[talk]

SPIDI: Wem Interessiert hier deine sino-i.com, du bist im falschen FILM.

[starwatcher]

Quelle: http://www.infocastfn.com/news/02-18-2000-37-13921eng.html



10:35

PCCW(1186) proposes to buy C&W HKT solely at 1.5PCCW share+$1 for 1C&W HKT
share


(Infocast News) A source told that PCCW(1186) decides to acquire C&W HKT (0008) on its own, and has proposed to UK C&W for an acquisition, as quoted
from Oriental Daily. A market source said that PCCW plans to use 1.5 PCCW share plus $1 to acquire 1 C&W HKT share. Calculated in accordance with
PCCW`s yesterday close at $25.8 each, the purchasing price equals to $40 per C&W HKT share. C&W`s spokesman declined to comment on that. HK Economic
Journal also reported that after a careful calculation, PCCW concludes that it can acquire C&W HKT on its own.

According to HK Economic Times, Citic Pacific (0267) is discussing with PCCW on the joint acquisition of C&W HKT, if proceeded, Citic will occupy 10% stakes
in that new joint venture. The news pointed out that PCCW would like to team up with Citic is due to Citic`s possession of the national optical fibre network and its
gradual entry into Mainland cable TV, which will facilitate the development of the new merger`s broadband business.

Coincidentally, Richard Li, Chairman of PCCW and Linus Cheung, Chief Executive of C&W HKT appeared in Beijing yesterday. Li explained his appearance as to
take care of its mainland business and attend meetings. He said that he did not meet any Beijing officials. Whereas C&W HKT explained that Cheung went to meet
its business partners, but did not say when Cheung will leave Beijing.

Regarding to SingTel`s Chairman Koh Boon Hwee, HK Economic Journal reported that he has left for Beijing.

[starwatcher]

Quelle: http://www.infocastfn.com/cgi-bin/newengframe.pl/./news/02-1…

15:22

Richard Li: Cheung Kong-HWL & PCCW (1186) will not harm HK
interest


(Infocast News) Richard Li, Chairman of Pacific Century CyberWorks, said in Beijing today that the company and Cheung Kong-HWL
will not harm the interests of Hong Kong. He, however, refused to disclose the progress of its acquisition of C&W HKT (0008).

With regard to the news that Linus Cheung, Chief Executive of C&W HKT, and Lee Hsien-yang, President of SingTel, are both in
Beijing, Li said that he was not aware of such news.

Li will attend a seminar with the visiting mission today. The visitng mission will have a meeting with the Deputy Premier Hu Jin-tao this
afternoon.

(18/02/00)

[starwatcher]

fyi: PCCW is engaged in tom.com


Quelle: http://www.infocastfn.com/cgi-bin/newengframe.pl/./news/02-1…

14:56

tom.com grey market price up to $5 with good IPO response


(Infocast News) As quoted from the market source, the bidding of tom.com, spinned off for listing by Cheung Kong-HWL, in the grey
market is as high as $5 but no one is willing to sell. It is predicted that the IPO of tom.com this time can bring a response as good as that
when Beijing Enterprises launched the IPO in the past. It is estimated to have a thousand-fold oversubscription. This morning, a queue
for getting the IPO forms is observed outside some particular banks.

tom.com sells 428 million new shares at prices betwwen $1.48 and $1.78 for raising $633 million to $876 million.

It is told that many brokerage firms will offer more than 90% of margin finance to their clients as it is predicted to have a hearty response
of IPO in return this time.

The sponsor BNP Paribas Peregrine is now considering how to simplify the procedures of receipts and transfers.

(18/02/00)

[levi]

morgen, hier mein täglicher beitrag..

quelle: e-finet.com


09:46 18-FEB-2000
FACTBOX-Key data on C&W HKT<0008.HK>/PCCW<1186.HK>


HONG KONG, Feb 17 (Reuters) - Cable & Wireless HKT, the Hong
Kong unit of London-listed Cable & Wireless Plc , and
upstart Internet firm Pacific Century CyberWorks Ltd (PCCW) are
at the centre of a highly publicised courtship.
A merger of the two would bring together one of the
territory`s oldest and largest utility companies with one of its
youngest and most dynamic Internet investment firms.
But Singapore Telecommunications , owned 79.7
percent by a Singapore government investment arm, is also vying
for the Hong Kong blue chip behemoth.
Key data on C&W HKT and PCCW (February 17 closing prices):

C&W HKT PCCW*
-----------------------------------------------------------
Share price HK$25.45 HK$25.80
COMPANY SIZE
Number of employees 13,600 230
Shares in issue 12.119 bln 10.18 bln
Market capitalisation HK$308.43 bln HK$262.64 bln
(US$39.64 bln) (US$33.76 bln)

Total assets HK$53.97 bln** HK$348.8 mln**

FINANCIAL DATA
(as at last reporting data)
Financial year end March 31 December 31
Revenue HK$32.41 bln HK$283.6 mln
Net profit/(loss) HK$11.51 bln (HK$62 mln)
Price/earnings 26.4 times n.a.
Price/book 8.11 times 2,114 times

SUBSTANTIAL SHAREHOLDERS
Cable & Wireless Plc 54 pct --
China Telecom <0941.HK> 10 pct --
Pacific Century Reg Dev*** -- 53.5 pct

Pacific Century Group Hldgs 2.8
Pacific Century Diversified 5.6
Intel Pacific Inc 8.0
CMGI Inc 3.3
Hikari Tsushin Inc <9435.T> 2.5
CHIEF EXECUTIVES Linus Cheung Richard Li
NOTES:
* PCCW market cap and shares in issue figures reflect a
placement of 250 million shares at HK$23.50 each with an
overallotment option of 85 million additional shares.
** C&W HKT`s total assets were listed at its last balance
sheet date of March 31 1999 and PCCW`s were listed as at
end-December 1998.
*** Parent company shareholding as at September 1999. Pacific
Century Regional Developments is about 78 percent owned by
Pacific Century Group Holdings Ltd, a company 100 percent owned
by PCCW chairman Richard Li.
(US$1=HK$7.8)
((Hong Kong Newsroom [phone], Fax [phone]
[e-mail]))

[starwatcher]

Quelle: http://de.biz.yahoo.com/000218/34/klf7.html

Presse: CyberWorks Ltd und CITIC Pacific in Gesprächen zu C&W
HKT-Übernahme

HONGKONG (dpa-AFX) - Pacific Century CyberWorks Ltd und CITIC Pacific Ltd führen nach Informationen der "Hong Kong
Economic Times" Gespräche über eine mögliche Zusammenarbeit bei der Übernahme von Cable & Wireless HKT . Wie die Tageszeitung
am Freitag berichtet, könnte CITIC Pacific nach vorläufigen Plänen 10% an Cable & Wireless HKT erwerben.

Für Cyberworks sei die Zusammenarbeit auch aufgrund des chinesischen Glasfasernetzes von CITIC Pacifc interessant, schreibt die
Zeitung. Dieses Netz könne die Grundlage für den Aufbau eines Hochgeschwindigkeits-Internets in China bilden.

Laut "Hong Kong Economic Times" hätten sich am Donnerstag Vertreter von CyberWorks und CITIC Pacific in Beijing mit Offiziellen
der Bank of China und HSBC Holdings PLC getroffen. Es sei nicht klar, ob an den Gesprächen auch Vertreter der chinesischen
Regierung teilgenommen haben./cs/ba

[HeSc]

http://quote.bloomberg.com/

Top Financial News
Fri, 18 Feb 2000, 6:15pm HKT

Citic Pacific `Not Interested` in Joining CyberWorks to
Bid for C&W HKT
By Mike Yee

Citic Pacific `Not Interested` in CyberWorks` bid for HKT

Hong Kong, Feb. 18 (Bloomberg) -- Citic Pacific Ltd. and its
parent, China International Trust and Investment Corp., are not
interested in joining Pacific Century CyberWorks Ltd. to bid for
Cable & Wireless HKT Ltd, a senior Citic official said.
``We have no discussion with CyberWorks on this matter. We
are not interested in acquiring HKT, neither is our parent,`` said
Henry Fan, managing director of the Hong Kong unit of China`s
largest investment firm.

The Hong Kong Economic Times reported today that CyberWorks
is asking Citic Pacific to join its bid for Cable & Wireless HKT
Ltd., citing unidentified people. CyberWorks favors Citic Pacific
because it has a optical fiber network in China, the paper said.

CyberWorks said yesterday it`s still in talks with Cable &
Wireless Plc about a bid for its Hong Kong unit, though an
agreement hasn`t yet been struck.

CyberWorks shares fell 0.2 percent to HK$25.75. Citic Pacific
rose 0.5 percent to HK$39. HKT gained 1.6 percent to HK$25.85.

[starwatcher]

Community,

sehr lesenswerter Artikel!

Starwatcher Rheinland


Quelle: http://www.int.quamnet.com/cgi/tony/dayc.pl?filename=2000021…

Market

2000-02-18

Rumours were flying yesterday as the market awaits the next
barrage in the war over CWHKT. Yesterday CWHKT, 8, `s
share price ranged all over the place, from a low of $22.90 at
the outset, to $26.60 before lunch, but then closed at $25.45.
The big story, rumour, was that PCCW, 1186, was banding up
with SingTel to launch a new attack.

If PCCW were to unite with SingTel then there would almost
certainly be a ¡§done deal¡¨, because CWHKT cannot face up
to the superior market capitalisation of these two companies
combined. But that has not thought the situation through, as
there would be no victory for Richard if PCCW were to lose
public favour, and if the barricade were to say Cable and
Wireless in cash, and not in either PCCW or SingTel shares,
and so take Cable and Wireless out, then PCCW would be left
with a minority 27% share, assuming an even split. But there is
little hope that PCCW can come up with the cash to take over
half of CWHKT`s 54% stake which would cost them $70
billion, even if they are to pay only a small premium on today`s
price. I do not expect even such a friendly bank as Bank of
China would lend $60 billion with virtually no collateral against a
minority holding in any company.

So PCCW`s attack needs to be virtually all in their own stock.
But if PCCW were to capture, with SingTel`s assistance, the
Cable and Wireless stake then PCCW will not be able to show
consolidated accounts with CWHKT, because they will not
have control, and can therefore only include whatever dividends
CWHKT produce, and SingTel could, in a nasty way, restrict
how much they would like to distribute. Also such a state would
certainly lower the perception rating which PCCW now enjoys
in trumps, and could perhaps deflate PCCW`s share price back
to somewhere near reality as its potential perceived growth will
take a major shock.

PCCW, 1186, in all this mystery of perception and of launching
a joint attack fluctuated from $24.40 to $27.10 before closing
up 45 cents to $25.80. If the cash option were to be ruled out,
as even fairy (god) father K S Li may be unwilling to advance
the lolly to his second son if this could give rise to any ideas that
his own company could become the next victim to the predator,
the Lionhearted Richard. To wit therefore, the probability of a
joint assault must be discounted as impracticable, and so
PCCW will need to pursue it on its own, and on its own with
insufficient cash, as any offer to Cable and Wireless would need
to be offered to all other shareholders.

The H.S.I. in fact, and despite the shenanigans of Telecoms,
eased to 16,981, by 62 points on the day, after trading from
17,229 to 16,770, whilst turnover at $25.6 billion was active
but perhaps a shade subdued after the earlier excitement.
Nevertheless the two star turns did manage to dominate it, as
PCCW enjoyed $2.1 billion in trade whilst CWHKT still had
nearly $1.5 billion in turnover. Gains, at 378, were almost in line
with losses at 340 issues.

The red chip index fell 32 points to 1,395 whilst H shares added
4 points to 360. But across the border there had been plenty of
action, as the powers that be, in their encouragement to
promote speculation on the stock exchange, had released prices
from a restraint on rising, by withdrawing the 10% cap, but
leaving it in case the market should suffer a reverse. The
combined turnover was back to last July levels at RMB89.9
billion, but with Shanghai falling 55 points to 1,745 and
Shenzhen down by 19 points to 548.

On to more pleasant matters Manulife, 945, a favoured
Quamnet stock, announced its profit for the past year, 1999, at
Can$874 million, or HK$4.67 billion, equivalent to Can$1.75
or HK$9.35 per share. As this leading insurer should be able to
increase profits by at least an average of 15% per annum,
making it one of Hongkong`s more reliable growth companies
the 9.7 times price earnings ratio looks stupid. This year`s profit,
even despite the expenditure over the demutualisation, was
higher by 23% on the 1998 figures. Manulife, 945, had been
little changed at $90.50 yesterday. Yesterday was announced
also the first post demutualisation dividend, and this was at Can
10 cents per share, or HK 53 cents per share. If this dividend is
paid quarterly shareholders with receive HK$2.10 per share,
and if distribution is to be kept low then profits will grow even
faster.

China Light and Power, CLP Holdings, 2, finished the 15
months accounting period with a flourish, scoring profits of
$10.1 billion. This included $520 million from property sales of
its joint development, Laguna Verde, at the old Hok Un power
station site. The dividend was raised 2 cents to 50 cents per
share. This had given more encouragement to Hongkong Elec,
6, which rose 90 cents to $24.40, and CLP Holdings itself rose
$1.10 to $33.20

Union Bank, 349, held their profits to about breakeven point
during the second half, with a miniscule profit of only $12
million, reducing the loss from the first half`s $557 million to only
(only?) $545 million. This dog is still not a well animal, and there
could be an incentive for China Merchant Holdings to seek to
run away from it, so making the possibility of Industrial and
Commercial Bank of China assuming control look a tad more
likely.

Finally fear will have infected market players, as Alan
Greenspan warned that he might be inclined to raise interest
rate, in US in order to dampen even the prospect of inflation,
and to ease the over-stretched consumer demand. Nevertheless
even Greenspan`s warning could not dampen the speculative
technical boom, when NASDAQ hit a new all-time record at
4,549, up 121 points on the day. (end)

[Artos]

Quelle: FAZ v. 18.02.2000, S. 33

"Die Aktienkurse in Hongkong haben leichter geschlossen. Der Hang-Seng-Index gab 62,16 Punkte auf 16981,23 Punkte nach. Im Mittelpunkt standen weiterhin Pacific Century CyberWorks, die 1,77 Prozent zulegen konnten. Gerüchte, dass PCCW einen Vertrag zur Übernahme von Cable & Wireless HKT abgeschlossen habe, bewahrheiteten sich nicht. PCCW erklärten, es sei noch keine formale Übereinstimmung mit C&W HKT zustande gekommen."

[tosca1]

Vom 15.2.2000 (webb-site.com)



In this in-depth article, with an accompanying analysis of Pacific Century CyberWorks` hectic sequence of equity fundings and
portfolio of acquisitions, we give our latest valuation. To the London board of Cable & Wireless we say: if PCCW is offering you
paper, don`t pick up the phone.


Screening Our Calls
15th February 2000

Pacific Century CyberWorks (PCCW) has made an audacious approach to Cable & Wireless plc, proposing a merger with its
HK-listed subsidiary Cable & Wireless HKT. Any transaction would likely involve the issue of vast amounts of over-valued shares in
PCCW, either in exchange or to fund the acquisition. How over-valued? Read this article to find out. We`ve gathered all the
information on PCCW`s nine months of hectic existence and presented it on this site. NOW that`s what we call content!

PCCW has yet to publish any full-year results since it was taken over by Richard Li`s Pacific Century Group, but Webb-site.com has
pieced together the hyper-active company`s transactions since the takeover, and you can read our detailed description of PCCW`s
investment portfolio by clicking here.

How much cash do they have?

Since May last year, PCCW has conducted 5 placings (including yesterday`s) and raised a total of US$2,377m net of expenses. A
summary of these transactions can be found here. Of the announced investments made by the company, in some cases the
consideration has not been disclosed. We can assume these are relatively minor, perhaps absorbing up to US$100m. Investments
with disclosed cash investments total US$273m, so we estimate that the company has spent a total of US$373m on investments.

In addition, various share swaps for acquisitions and investments have been conducted, of which by far the largest in dollar terms
was the swap with CMGI, a Nasdaq-listed internet company.

So PCCW probably has a cash pile of about US$2bn. However, in its various placing announcements, US$378m was earmarked for
its CMGI Asia joint venture, and US$289m to develop the broadband satellite venture, Pacific Convergence Corp. So take that away
and the company has about US$1.3bn of uncommitted cash. We are assuming here that spending on the Cyber-port construction
to date has been minimal and is covered by rental and sales of the company`s office property in Beijing.

At the current market price, C&W HKT is valued at US$38bn, so US$1.3bn would barely scratch the surface - they could buy 3.4%
with that. PCCW`s net assets, which we evaluate below, consist of a Beijing Property and a collection of mostly over-valued
zero-dividend internet investments. So there is relatively little cashflow or asset base against which to secure loans. Hence only a
reckless banker is going to lend them the cash to make the bid alone.

That means that any major involvement in a merger or even an acquisition consortium would probably involve the further issue of
PCCW shares. The only other alternatives would be to reach agreements to pre-sell or demerge the businesses of C&W HKT to
reduce the size of the target, or to use issue junk bonds.

How big is PCCW really?

When PCCW acquired 60% of Pacific Convergence Corp (PCC) from Richard Li`s private company, it granted an option to Intel to
sell it the other 40% of PCC in exchange for 1,003m shares of PCCW. If the option is not exercised within 10 years then PCCW can
require it to be exercised, so it is effectively a forward sale of the stake and we can assume that it will be exercised by one party or
the other.

In May-99, in part consideration for the reversal of PCG`s Beijing property into PCCW, the latter issued convertible bonds with a face
value of HK$960m which convert at $0.31 per share and are therefore almost certain to convert before expiry, since they are now
worth 85 times more as marketable shares than they are as bonds. Some of them have already converted, and we will assume that
all do.

Taking into account the shares to be issued when the Intel Option converts, together with the shares from the outstanding
convertible bonds, there will be about 13.5bn shares in issue. There are also an undisclosed number of executive share options
outstanding, so we will ignore these.

Today`s closing price of HK$23.65 then values PCCW at about HK$319bn (US$41bn). Investment bank analysts have been
competing with ever higher estimates of value. Merrill Lynch in January put a price of HK$25 per share on the stock, only to be
out-done by Lehman in February at HK$35 (which values PCCW at US$61bn on a fully diluted basis).

What are the net assets?

After PCCW`s acquisition of PCC it had pro forma net assets of HK$2,290m (US$294m), but assuming conversion of the
outstanding convertible bonds, this increases the net asset value to HK$3,250m (US$418m).

Since then, there have been 4 placings which raised HK$17,776m (US$2,285m) of net cash proceeds.

PCCW`s controlling shareholder, Richard Li, was recently quoted in Jan-00 as saying that stated that PCCW had seen paper gains
of some US$1.3bn on its investment portfolio so far. However, that comes mostly from investments in other internet bubble stocks.

For example, when Japanese cellphone retailer Hikari Tsushin took over HK-listed battery maker Golden Power, PCCW also took a
20% stake at the same time. It subscribed 233.4m Golden Power shares at HK$0.90 per share, and the shares are now trading at
$18.55, giving a paper profit of $4,120m (US$529m). This is despite the fact that Golden Power has yet to demonstrate any internet
strategy.

PCCW has about 8.12m shares in CMGI which have almost tripled in value since the September deal, and are now worth about
US$937m (unless it has sold any) based on the market price of US$115.5. That gives a book profit of US$587m. So the Golden
Power and CMGI stakes together account for an unrealised gain of about US$1,116m.

If we take the company`s figure of US$1.3bn of gains, plus US$350m for the CMGI share swap, then this adds about US$1,650m to
the asset value. We are ignoring any discount (which in some cases could be substantial) if the company attempts to liquidate the
holdings.

So with the placings, the gains in the investment portfolio and the CMGI share swap, the pro forma net assets of PCCW are about
US$4.35bn (HK$33.8bn). To this we add our previous estimate of the future profits from the Cyber-port property development of
HK$9.3bn (US$1.2bn), bringing the total value to HK$43.1bn (US$5.54bn), or around HK$3.20 per share. Next, we have to evaluate
Pacific Century Convergence Corp.

Pie in the sky

A lot of the hype surrounding PCCW relates to its planned broadband satellite network to be operated by its subsidiary Pacific
Convergence Corp (PCC) covering "110m Asian cable households in 63 countries" under the leased satellite footprint. Let`s put that
in perspective.

PCC is still very much under development. PCC started as a 60:40 joint venture between Richard Li`s private company (PCG) and
Intel. According to the accountant`s report issued when PCCW acquired PCC, the combined capital injection of the two shareholders
into PCC by Jun-99 was only US$16.2m. Much expenditure, risk and development lies ahead of it. We`ll describe some of the key
risks here.

Regulatory hurdles

It is still difficult for foreign companies (and that includes HK companies) to do business in the telecommunications sector of many
Asian countries, including mainland China. It will remain difficult for some time. Would-be operators who skirt the ownership
restrictions in various countries by entering into "consultancy" arrangements, even with government controlled entities, run the risk
of the government changing its mind when it suits its purpose and canceling contracts.

For example, this happened with China Unicom`s so-called CCF (China-China-Foreign) joint ventures to operate cellphone networks.
Foreign partners formed local joint ventures which in turn provided services to China Unicom. The foreigners committed capital and
resources, took operational risks and were then told, as business was booming, that their contracts were illegal and void. China has
basically taken the BOT (Build-Operate-Transfer) model and turned it into the BOC (Build-Operate-Confiscate) model.

WTO and the continuing progress of international deregulation will gradually reduce this problem across the Asia region, but it will
take time. And with deregulation comes competition.

Competition

PCCW will not have the Asian broadband market to itself. Even before foreign-investment deregulation, domestic telecoms
operators are already competing on their home turf to provide broadband connections between each country`s major cities. And in
cities, fixed line telecom operators (through DSL lines) and wireless local-loop providers will compete with cable TV companies to
provide broadband access.

Similarly, the know-how for converting cable TV networks to 2-way broadband networks is no secret and there will be plenty of
companies seeking to work on these installations. A cable TV operator in an Asian town will be able to contract-out a suitable
solution. The companies who make the hardware, will be the value-adders in this process.

When that cable TV operator seeks to connect his new 2-way network to the internet, there will be multiple choices from both fibre
optic and satellite networks. These capacity providers will largely compete on price to provide data capacity, the same way airlines
and shipping companies compete for traffic. Shifting binary data from A to B (or B to C) is not the kind of product that gives much
scope for differentiation. So competition to provide a utilitarian product will attract utility rates of investment returns - low and
unexciting.

As an aside, if you think international call costs have hit bottom, think again. Costs are coming down so fast that in the next few
years, companies will begin to offer unlimited international voice calls (to major destinations, not Antarctica) on a per-line basis for a
fixed monthly fee.

But what about that 110m customer base? Well remember that the subscriber`s main relationship is with the cable TV company, not
the firm that provides the bandwidth to the internet. If the cable TV company gets a better offer to provide bandwidth between its
network and the internet, then it is likely to take it. Once this competition develops, contracts to provide that bandwidth are likely to be
fairly short. So don`t expect PCC to wind up with 110m customers. Think of their customers as cable TV companies, which will be
numbered in the thousands. The question then is how much will a cable TV company pay for the bandwidth and separately, for any
content that PCC might own.

The real winners in the communications game are the content providers.

Content

When you decide to watch a movie on TV, you are not really that concerned about whether it comes to you by terrestrial TV, cable or
satellite. Your choice of channel is mainly determined by what you want to see and when it is showing. That is, you want the content.
Bandwidth is a commodity, but content is unique. The whole beauty of the internet is that it brings content to people. Once cable TV
companies provide internet connectivity, their customers will be concerned about what content that brings them.

Here, PCCW has made a start in licensing content from groups such as IMG (the sports marketing people) for its proposed channel
"Network of the World". But the key word here is licensing - they don`t own it. PCCW is way behind people like Newscorp with its Fox
Studios and newspapers, or Time Warner with all its magazines, record labels and Warner Brothers studios. And remember that a
key aspect of the internet is that it gives content providers direct reach to end-users. For example, PCCW`s content provider IMG
already has an on-line presence at Sports.com, accessible from anywhere on the internet. Another example of direct content
provision is Webb-site.com. You will not pay your ISP much of a premium to reach this site when it is available throughout the web.

As the market develops, content will be king. To acquire serious content providers takes serious money (or vendors who are willing
to accept over-valued shares). PCCW has barely started to do this, and you cannot value what you do not have.

Valuation

Let`s assume that end users are willing, in the very long run, to pay an extra US$10-20 per month for broadband access to the
internet from their local cable provider. In poorer parts of Asia, traditional cable TV tends to come very cheaply, so this cost will be a
lot to absorb.

Then assume that this commodity service has an operating profit margin of 10%, split 50:50 between cable TV companies and their
broadband connection provider. That leaves us with profits of US$0.50-1.00 per month, or US$6-12 per year. Apply a profit multiple of
around 10x to that, and you have a value of US$60-120 per end-user. Next, suppose that of the 110m homes on cable TV, the
broadband market leader (which may or may not be PCC) gets 10% of them to use its cable-based system, as opposed to other
access methods such as DSL or wireless. So we might be taking about 11m end-users worth US$60-120 each to the broadband
provider, or a US$0.66-1.32bn of valuation.

Given all the above risks, but allowing for at least some possibility of success on a major scale, for a company which has barely let
the ink dry on its business plan, we would have trouble attaching a valuation of more than US$2bn to PCC in its present state.

Value per share

So take our estimated net assets (including investment gains and future Cyber-port profits) of US$5.54bn, and add a maximum of
US$2bn for PCC. That gives you a valuation of US$7.5bn (HK$58bn) or around HK$4.30 per share on a fully diluted basis. That
implies that PCCW, on a market price of $26.35, is currently over-valued by a factor of around 6x.

A word on Equity Spirals

Hong Kong has been hit by repeated epidemics of investor mania and never seems to learn. We had red chips in 1993 and again in
1997, and now we have internet stock mania, jet-fresh from the USA.

PCCW has indeed been able to "create value" for early-round investors by sucking in later investors or company vendors at higher
prices per share. That is how what we call "equity spirals" work.

We don`t blame PCCW or other companies for using an over-valued share price to raise cash and make acquisitions - when your
shares are over-valued, it is the rational thing to do and a lot of companies are doing the same thing. We certainly would. But when
the last willing investor has bought in, and the last willing vendor has accepted the paper, then suddenly the Emperor`s clothes will
seem as transparent as the day he was born.

In this sense, equity spirals are little different from what bankers call "Ponzi schemes" which promise artificially high-interest returns
and fulfill this promise to early depositors by paying them off with later depositors` money, until the number of withdrawals becomes
impossible to meet from fresh deposits. The same mechanism is at work in the internet stock bubble.

http://webb-site.com/articles/justhangup.htm

[Ataraxie]

PCCW <1186.HK> to take 12 pct in U.S. Magically

02/18/00

HONG KONG, Feb 18 (Reuters) - Pacific Century CyberWorks Ltd (PCCW) said on Friday it
would take a 12 percent stake in U.S.-based application service provider Magically Inc.

PCCW said in a statement Magically`s virtual desktop product MagicalDesk.com would be
available on PCCW`s fully converged pan-Asian broadband digital video and Internet service,
Network of the World, to be launched later this year.

The statement did not give the value of the deal.

REUTERS

[Ataraxie]

Diesmal ein echtes cover:



Artikel im "BUSINESS WEEK" mit dem Titel The Dealmakers.

Ist ein grosser artikel, deshalb nur der Link:

http://www.businessweek.com/@@k7K*UWUQxFYy0AUA/premium/00_09…

grüsse
ataraxie

[netizen]

Hallo,

bin neu in diesem board.

aktuelle (kurs)infos zu pccw erhält man auch schneller als in infocastfn.com
unter

http://quote.e-finet.com/cgi-bin/stock.cgi

gruss netizen

[TGIF]

Nachdem sich unsere asiatischen Internetempfehlungen in den vergangenen Tagen noch gut gehalten hatten, kam es heute zu einer etwas differenzierteren Entwicklung. Die Gewinnmitnahmen bei Satyam Infoway, Stone und Globo Cabo hatten wir bereits erwähnt. Auch VSNL, Founder, China Telecom und PACIFIC CENTURY schlossen heute leicht im Minus. Letztere hatten heute morgen dementiert, dass der Merger mit C&W Hongkong Telecom bereits perfekt sei. Dennoch: Nach unseren Informationen geht es dabei nur noch um Formalitäten. Wir sind davon überzeugt, dass PACIFIC CENTURY mit diesem Deal in eine völlig neue Liga vorstösst und Bewertungsdiscounts von über 60% auf Dauer keinen Bestand haben werden. Wir halten an unserem Kursziel von 10 Euro noch in diesem Jahr für diesen Titel fest und stufen den Wert weiterhin als "strong buy" ein. China.com legten heute in Berlin um 1,3 auf 126,30 Euro zu, nachdem im Tagesverlauf ein Allzeithoch von 127 Euro erreicht wurde.


Aktuelles zu unseren neuesten Empfehlungen

Unsere Empfehlungen aus der letzten EMI-Ausgabe konnten sich heute zum Wochenschluss noch einmal ganz gut in Szene setzen. Sino-i.com ignorierte die Kursschwäche im Hang Seng-Index und legte in Hongkong um fast 10% auf 1,27 HKD zu. Im Tageshoch wurden für die Aktien bereits 1,42 HKD und somit ein neues Allzeithoch bezahlt. An den deutschen Börsen legte sino-i.com daraufhin weiter zu und ist derzeit nur noch für 18 Cents zu haben. Die Kursstellung lautet hier 17 Cents Geld/18 Cents Brief. Wir halten auch diese Kurse noch für absolute Einstiegskurse. Wir werden sino-i.com auch in unser Musterdepot aufnehmen. Wir haben die Aktie zwar in der letzten EMI-Ausgabe zu Kursen um 12 Cents empfohlen, scheuen nun aber nicht zurück, die Aktie zu 18 Cents ins Depot zu nehmen. Wir rechnen weiterhin damit, dass der Kurs in den kommenden Monaten auf 50 Cents steigt. Hongkong wird in Kürze eine Reihe intereressanter Neuemissionen verzeichnen. Darunter sind auch einige äusserst spannende Internetwerte. Den Anfang wird dabei Tom.com machen, die ab dem 1. März am Growth Enterprises Market in Hongkong gehandelt werden. Damit wird an diesem Börsensegment für Wachstumswerte in Hongkong erstmals die Aktie eines reinrassigen Internet Serviceproviders notieren. Da die Aktien des Growth Enterprise Markets erfahrungsgemäss kurze Zeit nach Börseneinführung spesengünstig in Deutschland gekauft werden können, sollten Sie diesen Titel unbedingt im Auge behalten. Wir werden Sie aber auch in der übernächsten EMI-Ausgabe noch einmal auf diese Gelegenheit hinweisen. Investieren Sie bis dahin Ihre Liquidität in sino-i.com, die von einer Verbreiterung des Internetaktien-Angebots profitieren dürften. Kaufenswert bleiben unterdessen auch die Aktien der thailändischen United Communications. Diese Aktien legten heute morgen in Bangkok in einem schwächeren Marktumfeld um 2,75 auf 39,25 Baht zu.
Was meint Ihr dazu?
TGIF

[lechminasch]

Hi folks!
Was ist eure Meinung zu:

- China Telecom (gekauft zu: 8,89)
- China Star Entertainment (0,25)
- Timeless (0,96)
- Cheung Wah (1,99)
- Portman Mining (0,62)
- Magna Pacific (0,61)

Was meint ihr dazu. Was soll man laufen lassen (mit Kursziel; evnetuell Quelle)? Was soll raus? Wo nachkaufen? Wo Vorsicht walten lassen?

Danke.
CU

[Ataraxie]

hey TGIF, toll das du dein posting in 4 aufeinanderfolgende
threads gestellt hast, aber 1 hätte es auch getan und
würde nicht so nach billiger werbung aussehen!

an die ANDEREN: dieser thread sollte eigentlich, wie aus dem titel
ersichtlich, nur für news und fakten genutzt werden um wenigstens
hier eine gewisse übersicht zu bewahren und nicht mit gelaber
überladen werden. es existieren genügend threads für diskussionen.

ein lob an diejenigen, die sich hier bemühen informationen
zu sammeln und zur verfügung zu stellen - hoffe es werden
nun mehr.

so jetzt habe ich auch zum ersten und hoffentlich letzten mal
in diesem thread etwas "schwadroniert".

grüsse
ataraxie

[TGIF]

An Ataraxie
ist nicht meine Werbung - bin nicht investiert!!
Ist ein Bericht aus dem fnet-emerging markets. Dachte, der Bericht wäre hier gut aufgehoben.
Scheinbar aber hält man sich in diesem thread nur mit Spitzfindigkeiten auf, wo das posting sonst zu lesen ist.
Viel Spaß noch
tgif

[Ataraxie]

Da die BUSINESS WEEK seite mit dem artikel geschlossen wurde hier
nun der gesamte text für die, die es noch nicht gelesen haben:

The Dealmakers (int`l edition)
Long the most powerful business family in Hong Kong, the Li dynasty is staking a bold claim on Asia`s New Economy

Internet tycoon Richard Li spared no expense ringing in the millennium. The 33-year-old founder of Pacific Century CyberWorks Ltd. flew American pop diva
Whitney Houston to Hong Kong to sing at his all-night New Year`s Eve party for thousands of revelers. Since then, the young mogul has been making a show of
his wealth and power with deal after deal. He is now preparing his most audacious move yet: an attempt to trump Singapore Telecommunications Ltd. in a bid
for Cable & Wireless HKT, the local phone giant with a $37 billion market capitalization.

The young Li`s financial fireworks aren`t the only ones in Hong Kong these days. Richard`s father, billionaire Li Ka-shing, is pulling off some pyrotechnics, too.
The elder Li`s companies, Hutchison Whampoa and Cheung Kong property, control the world`s largest port operations, prime real estate in Hong Kong, a
leading Israeli cellular operator, and lucrative retail chains. Now, Li, at age 71, is becoming a Net mogul, too. He`s just parlayed his 1994 investment in
Europe`s telecom companies into a $21 billion windfall, with British cellular operator Vodafone AirTouch PLC winning its bid for Germany`s Mannesmann. Li
Ka-shing is also forging Net alliances with the likes of Priceline.com, launching a new Chinese-language Internet portal, and running a fiber-optic joint venture
with Global Crossing. He has billions more to invest.

HIGH-SPEED AMBITIONS. Long the most powerful business family in Hong Kong, the Lis are moving to stake a solid claim to the New Economy of Asia. A
successful bid by Richard for HKT could further both their goals. HKT`s broadband network--the biggest in Asia--would provide steady revenue for Cyberworks
and boost its plan to launch a high-speed Internet service regionwide. Li Ka-shing also operates Hong Kong`s biggest cellular operator and a fixed-line
network. So the father might be well-positioned if son Richard breaks up HKT, keeps the Internet business, and sells off the rest to Hutchison. Whether they
work separately or together, the pair are joining the likes of America Online Inc.`s Stephen M. Case and Softbank Corp.`s Masayoshi Son as elite players in a
global industry that combines wireless telephones with high-speed Internet connections.

The astounding thing is that Richard`s CyberWorks lacks both operating revenues and profits: Its rocketing stock value is based on its stakes in a variety of
Internet plays, and investors` belief in the Li magic. Thus CyberWorks` market cap--almost $30 billion--is bigger than that of Amazon.com Inc. A successful deal
could mean that New Economy companies will soon tear through the old-style corporations of Asia, paying for their conquests with stock. ``This is just the
beginning,`` says Pete Hitchens, regional Internet analyst for Salomon Smith Barney, who sees many more Asian deals as Net players take on established
blue-chips.

There`s a political dynamic, too. If the Lis manage to oust the Singaporeans from contention, it will highlight the advantage of being a hometown player in a city
long ruled by the guiding hand of guanxi, or connections. Li Ka-shing has powerful ties with Beijing, and is close to Hong Kong Chief Executive C.H. Tung.
Rumors are circulating that Richard traveled to Beijing Feb. 13 to consult with authorities. ``Such ties have helped ensure the family`s preeminence in the Hong
Kong economy,`` says Albert Cheng, Hong Kong`s most outspoken radio host. Neither Richard nor his father would be interviewed for this story.

Still, the new Internet world is a much bigger playing field than the familiar confines of Hong Kong. CyberWorks` stock, which Richard would use to secure a
HKT purchase, is flying high largely because foreign investors have so few choices to play the Asian Net. Richard wants to move quickly to trade paper for
assets, before other players get into the game. ``When you have a bubble stock on your hands, it`s rational to buy something,`` says David Webb, a leading
independent analyst who runs his webb-site.com. ``I haven`t seen such an audacious bid in years.``

Cable & Wireless PLC, whose 54% of HKT is for sale, may end up concluding the same thing. Although Richard has raised $1 billion for the purchase, he`ll
need far more cash to convince the British to sell, since they`re unlikely to accept only inflated stock.

But if HKT eludes him, you can expect other big deals from Richard. The No. 2 son clearly wants to build something. When he was just 24, Richard launched
Star TV, an Asiawide regional broadcaster, with help from dad. In 1993, the Lis sold Star to Rupert Murdoch. Richard was praised for his audacity--but he
really wanted to hold onto Star and develop it. His father insisted on flipping the asset. Richard`s subsequent ventures were not especially brilliant--until the
Internet frenzy hit Asia. With incredible speed the slight, intense--some say arrogant--Richard has moved to corner his piece of cyber real estate, and grab a
second chance at building an empire.

INTERNET CATALYST. Around for less than a year, CyberWorks has been a market phenomenon. The stock took off in December as Richard`s dealmaking
caught investors` attention (chart). Even Richard`s critics credit him with the rapid rise of the Internet in Hong Kong. His controversial deal with the government
to build a $1.6 billion high-tech center without competitive bidding triggered a storm of protest. But the project, dubbed Cyber-Port, also sparked a torrent of
dot-com startups in Hong Kong at a time when the city was struggling through its worst recession ever. The billions in venture capital that have flooded in since
then have given Hong Kong a chance to reinvent its economy. Richard has given himself a makeover, too. Unlike his father, whose dark suits and low-key
demeanor mark him as a traditional Chinese businessman, the younger Li has adopted some of the informality of Silicon Valley. He now carries a backpack
and wears sweaters to public appearances.

The deregulation of Asia`s telecom sector gave Richard room to pounce on HKT. With the Hong Kong government pushing a dramatic liberalization, HKT is
becoming far less important to Cable & Wireless. The Brits announced plans last month to sell their stake to SingTel, the state-owned telecom run by Lee
Hsien Yang, the second son of former Prime Minister Lee Kuan Yew. SingTel also faces increased competition from deregulation at home. The markets saw
the deal as a desperate embrace by two dinosaurs. The share prices for both companies dropped, creating an opening for Richard.

Should Hong Kong`s Lis prevail over Singapore`s Lees, the victory will be one forged from Hong Kong`s world of connections and cartels. Li Ka-shing is a key
player in the cozy group of property companies that grew fat during Hong Kong`s long asset boom that ended with the 1997 crash. With the recovery, the
property cartel is staging a powerful comeback. The elder Li controls utility Hongkong Electric Holdings Ltd., a major beneficiary of government-mandated
pricing that critics say penalizes consumers. Hutchison`s ParknShop grocery stores and its Watson`s drugstores nestle comfortably inside buildings owned by
Li`s other properties. The chains have long shared a comfortable oligopoly with crosstown rivals owned by the Jardine Group. Li also owns Fortress, Hong
Kong`s only retail electronics chain.

The local press has dubbed Li ``Superman.`` He has shown an uncanny sense of timing, ranging from a well-placed move to raise cash just before the October
1987 market crash to the recent Mannesmann coup. Success comes with a price: Li surrounds himself with bodyguards following the 1996 kidnapping in Hong
Kong of his eldest son, Victor, who is also a deputy chairman of Hutchison.

SHREWD INVESTMENT. But Li has never made so much money so fast as in the last six months. In 1994, Li made a shrewd investment in Orange, a
promising cellular-phone operator in Britain. Last fall, he suddenly decided to sell his stake in Orange to Mannesmann for a $13.6 billion profit. He and his
trusted lieutenant, Canning Fok, conducted a lightning negotiating session with Mannesmann chief Klaus Esser, then left the details to their underlings. ``It was
done over the next two days,`` marvels Esser.

Part of Li`s payment was a large chunk of stock in the German company. Thus, when Vodafone went after Mannesmann, Li was the most important player in
the fight. In the final days of the Vodafone-Mannesmann battle, Li again sent Fok to Europe as his emissary. Fok, a classical music aficionado who once
negotiated the purchase of a U.S. telecom company as he tested pianos in a London music store, was a key negotiator with Vodafone chief Chris Gent as
details of which managers and directors would move from Mannesmann to Vodafone evolved. Fok himself is likely to join the Vodafone board, now that
Hutchison holds 5% of the new company`s stock.

So far, Li hasn`t shown a coherent international telecom-Internet strategy. But plenty of global players see him as a ticket to entering China`s evolving high-tech
market. Li Ka-shing has a joint venture with Compaq Computer Corp. to set up an e-government site in Hong Kong, which would allow residents to register for
services like birth certificates online. In January he announced a link with Priceline.com for an Asian version of the popular U.S. site.

UNCONVENTIONAL STRATEGY. Richard is gathering allies from afar, too. In January, Richard formed a joint venture with U.S. Internet giant CMGI INC. to
bring the AltaVista.com portal and other sites to Asia. The Lis are active in Japan as well. On Feb. 11, Richard executed a $1 billion stock swap with
Japanese cyber powerhouse Hikari Tsushin Inc. to cement alliances between the budding empires. All told, Richard is sitting on $1.3 billion in paper profits
from CyberWorks` investments in some 30 Internet companies, ranging from Chinese-language portal SINA.com to U.S. broadband service provider SoftNet
Systems.

Besides putting millions into startups, Richard is also building bricks-and-mortar projects, ranging from Cyber-Port to production studios to create
programming for his TV-based Asiawide broadband service, Network of the World (NOW). The strategy is unconventional, concedes Richard`s lieutenant and
group Managing Director Alex Arena. ``What we are doing is building a complete jigsaw,`` he says. ``If we assemble as many opportunities as possible, we
have the most robust business case going forward.`` To fund his ambitions, Richard has raised $2.4 billion in the stock market, including the $1 billion raised in
mid-February.

The idea behind NOW is to deliver interactive Net access by satellite and cable to television sets in hundreds of millions of Asian households--and then roll it
out to the rest of the world. When it`s launched later this year, NOW will have English-language programs that look like regular TV programs but allow
interactivity like Web sites. To do that, Richard`s programming studios in Hong Kong and London have been luring creative talent from California.

But broadband has yet to be a success in Asia, and interactive TV hasn`t taken off anywhere in the world. Only a handful of the cable operators in the region
are capable of handling two-way traffic. Until they upgrade their systems, the service will be cumbersome. That`s one reason Li wants HKT, which has an
advanced broadband network capable of handling NOW from day one. HKT`s core long-distance business, meanwhile, is facing dwindling profits as new rivals
spring up. ``It`s an elephant,`` says Dylan Tinker, a telecom analyst at Deutsche Bank Securities in Hong Kong. ``[HKT`s] structure doesn`t allow it to quickly
respond to the market.``

It will be interesting to see if the elder Li buys into Richard`s vision of the Net future. His companies have repeatedly invested in Richard`s, and critics have
called some of the deals bailouts. Hutchison bought a 45% stake in a Tokyo property project of Richard`s in 1997, even though Richard had been criticized for
overpaying for the site. Hutchison not only met Richard`s costs, it added a 3% finder`s fee. Yet despite the fact that Richard sits as a deputy chairman of
Hutchison, he bristles at suggestions that his success isn`t his own. He keeps his sedate wood-paneled offices in a building not owned by his father.

Much as many in Hong Kong would welcome a white knight to keep the Singaporeans at bay, there`s worry that the Li family is playing too big a role in the local
economy. ``Shipping, retail, and telecom are all controlled by the Li family,`` says Sin Chung Kai, a legislator representing the information technology industry.
``There should be an antitrust law.`` The Chief Executive opposes any such thing.

Indeed, those who would like to see SingTel take over HKT accuse the local business community of circling the wagons against an interloper. Clearly, the
business elite of Hong Kong and the mandarins in Beijing aren`t keen on the idea of a government-controlled company from archrival Singapore taking over
HKT. As for a Beijing role in keeping Singaporeans at bay, the Chinese government has been silent. But its China Telecom unit owns 10% of HKT, and
everyone from investment bankers to political analysts believes that Beijing favors a Li bid. It`s a classic deal from the Li dynasty: A gambit combining big
business visions and deft maneuvering in the corridors of power. As the New Economy sweeps through Asia, to the swiftest of the families will go the race.

By Mark L. Clifford and Bruce Einhorn in Hong Kong, with Frederik Balfour, in Hong Kong, Jack Ewing in Frankfurt, Michael Shari in Singapore and bureau
reports
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

[Ataraxie]

By Bambi Francisco, CBS MarketWatch
Last Update: 5:57 PM ET Feb 18, 2000

CMGI eyes China, infrastructure

Shares of CMGI (CMGI: news, msgs) fell 4 1/8 to 108 3/8.

CMGI wheeler-dealer David Andonian told CBS.MarketWatch.com
that the company`s $350 million stock investment in Pacific Century
CyberWorks, made in November of last year, is now worth $1.5 billion.
Pacific Century CyberWorks is kind of a Hong Kong version of CMGI.
In November, CMGI struck a 50-50 joint venture with Pacific Century.
It`s a way for CMGI to move aggressively into China, Andonian said.

But right now, Pacific Century is only listed in Hong Kong, under the
symbol "PCCW." Andonian said CMGI is considering taking the joint
venture public either in the United States or in the Hong Kong market.
On Friday, Pacific Century said it`s taking a 12 percent stake in Magically
Inc., a U.S.-based application service provider that makes
virtual-desktop technology.

Andonian said CMGI will make investments or acquisitions in five or six
companies per month to build out its presence in infrastructure.

Building out CMGI Solutions, the company`s play in the
systems-integration and professional consulting segment, is critical to
CMGI`s growth story. Andonian wants to build it up to compete with the
likes of USWeb/CKS (USWB: news, msgs).

To do that, CMGI will consider partnering with a big, traditional
systems-integration firm to tap into Fortune 2000 companies, he said.

But CMGI isn`t likely to sit at the public table and feed on the buffet of
some 30-plus Net consultants that went public last year. Andonian said
there will be a lot of organic growth. On Monday, CMGI jump-started its
efforts in the consulting area by paying nearly $1 billion for privately held
Tallon, a systems-integration consulting company, giving CMGI several
hundred consultants.

[Ataraxie]

Saturday, February 19, 2000

Rush for shares in new Net firm
PEGGY SITO

--------------------------------------------------------------------------------
About 500,000 application forms for shares in Li Ka-shing`s Internet venture Tom.com were snapped up yesterday in scenes reminiscent of the 1997 mania for
red-chip stocks.
Queues of would-be investors keen to grab a slice of the booming Internet market formed outside HSBC`s Central headquarters early yesterday. An HSBC
spokeswoman said 50,000 forms had been distributed through its branches. The other forms were given out by brokerage firms.

Tom.com, a China-related Web portal, has only limited Chinese-language information and entertainment content. But it says it plans to add travel, culture,
science and other information soon.

The company claims to have more than 70,000 registered users and daily page views of 2.5 million.

It plans to raise $760 million by listing on the Growth Enterprise Market, the new exchange for hi-tech companies.

The last time a public offering generated such interest was in May 1997 when Beijing Enterprises Holdings, controlled by the Beijing city Government, attracted
1,276 times as many applications for shares as it offered.

The red-chip bubble ultimately burst, with most red chips now trading at below their issue prices.

Beijing Enterprises, whose offer price was $12.48, rose as high as $63 in August 1997, but had dropped to just $6.35 by August 1998. It closed yesterday at
$10.50.

"It is possible Tom.com will see an even higher subscription rate than Beijing Enterprises due to the small supply of shares for the general public," said Stella
Lau Ching-ching, an investment manager at East Asia Asset Management.

Tom.com plans to sell a total of 428 million new shares, at a price of between $1.48 to $1.78 a share. But only 10 per cent of the total has been allocated for
individual investors.

"Investors are buying on the technology boom," said Ms Lau. But she warned that technology stocks globally could potentially suffer a collapse, which would hit
the local market hard.

The sponsor of Tom.com`s offering is BNP Prime Peregrine, an investment bank formed from the collapsed Peregrine empire, which was also one of the
sponsors of the Beijing Enterprises listing.

Analysts said Tom.com`s strong shareholder pedigree was another reason for the strong interest. More than 400 analysts attended a meeting with the
company last night.

Tom.com is 57 per cent-owned by Cheung Kong (Holdings) and Hutchison Whampoa, both of which are chaired by Li Ka-shing.

Analysts said investors were also buying in the belief that Tom.com`s shareholders would inject more assets into the company to recreate the success of
Pacific Century CyberWorks, controlled by Mr Li`s younger son, Richard Li Tzar-kai.

CyberWorks is trying to put together a bid for Cable & Wireless HKT.

The initial public offering closes on Wednesday and trading is expected to begin on March 1.

[starwatcher]

Community,

der folgende Artikel hat zwar nicht direkt mit pccw zu tun, aber trotzdem mal bitte lesen.
Resuemee: doublecheck your sources

Starwatcher Rheinland


Quelle: www.planet-interkom.de

Hacker wirbelten Börsen durcheinander
Washington - Hacker haben in den USA mit einer gefälschten
Fusionsnachricht an den Börsen für Unruhe gesorgt und zahlreichen
Investoren Verluste beschert. Die Hacker brachen
in das Internetangebot der Biotechnologie-Firma
Aastrom in Michigan ein und platzierten auf der
Website eine Meldung über eine bevorstehende
Fusion mit dem Rivalen Geron Corp, berichtete das
"Wall Street Journal".

Die Nachricht führte zu einem kurzfristigen drastischen Anstieg der
Aktien-Kurse beider Firmen. Aastrom schloss zwar sofort seine Site und
alarmierte die Verantwortlichen der Technologiebörse NASDAQ. Doch viele
Investoren hatten bereits reagiert und Aktien gekauft. Sie machten deutliche
Verluste, da die Kurse sofort nach dem Dementi der Fusion wieder fielen.

Zahlreiche Händler reagierten empört. Sie hätten sich bisher immer auf die
Informationen aus dem Internet verlassen können. Der Hacker-Angriff war
der letzte in einer ganzen Serie von Attacken in den vergangenen Wochen.
(T1/dpa)
Wall Street Journal

[mirus]

Hallo, an alle!

Bezüglich der Übernahme gibt es nichts Neues - dafür aber eine Empfehlung:

16:32 Indosuez recommends PCCW (1186), C&W HKT (0008) & TVB (0511)
(Infocast News) Indosuez W.I. Carr Securities recommends three types of stocks this year: Interactive TV stocks, brand-name stocks and stocks of the online sector.

There are no many companies in Asia which plan to launch online TV and possess resources required. Indosuez selects Pacific Century CyberWorks (1186)(PCCW), the alliance formed by C&W HKT (0008) and Star TV, as well as the joint venture formed by TVB (0511) and Measat. In addition, Indosuez also recommends MyWebInc and thinks that Keppel T&T will have a satisfactory performance in Singapore.

For brand-name stocks, SK Telecom and Next Media (0282) are the first choices.

Concerning the prospects of internet business in Asia in 2000, the convergence team newly established by Indosuez forecasts that Hong Kong, Taiwan, South Korea and Singapore will carry out convergence revolution in mass media at full speed.

(21/02/00)
Quelle: HongKong-Stock
Gruß - Mirus

[Ataraxie]

09:11 22-FEB-2000
PCCW <1186.HK> approaches banks for loan - paper

HONG KONG, Feb 22 (Reuters) - Pacific Century
CyberWorks Ltd (PCCW) is approaching banks for a
US$10 billion bridging loan to build up its war chest for a
possible merger bid for Cable & Wireless HKT
<0008.HK>, the Hong Kong Economic Journal said on Tuesday.

The banks included HSBC Investment Bank Asia, BOCI Capital and BNP Hong Kong, the
newspaper quoted banking sources as saying.

PCCW raised about US$1.0 billion last week in a share placement and subscription exercise
to help finance the possible merger.

The newspaper said PCCW had submitted a merger proposal to Britain`s Cable & Wireless
Plc , which holds 54 percent of Cable & Wireless HKT. Many banks were interested in
participating in the loan, and BOCI Capital and Bank of China intended to underwrite more
than half the total amount, but the loan size and structure had not been finalised yet, it said.
PCCW said on Monday it was still in talks with Cable & Wireless Plc about a possible
merger between PCCW and Cable & Wireless HKT but no agreement had been reached
yet.

[Ataraxie]

10:19 (HK-Time)

Rumour PCCW(1186)Cable & Wireless Friday sign C&W HKT(0008)acquisition agreement

(Infocast News) Still were there different rumours about the acquisition in C&W HKT (0008) yesterday. As reported by Oriental Daily, it was rumoured that
Pacific Century CyberWorks (1186) (PCCW) will sign an agreement in relation to the acquisition of the stakes of C&W HKT with UK-based Cable and Wireless
on Friday, and that PCCW plans to place shares again. At the closing yesterday, is was also rumoured that CITIC Pacific (0267) will join into this acquisition
event but CITIC Pacific has once again denied.

Meanwhile, there was also a hearsay that Singapore Telecommunications (SingTel) will withdraw from such an acquisition event. SingTel emphasized when
meeting the securities sector yesterday that the company will aim at developing the telecommunications market in Asia, including seeking chances to acquire
internet service providers and to apply for telecoomunications licences in different countries, and forming alliances with strategic partners. However, the company
strictly refused to talk about the acquisition event.

(23/02/00)

[Ataraxie]

10:41

PCCW(1186)is included in "designated securities for short selling" next Mon

(Infocast News) PCCW`s (1186) share price skidded 17% once yesterday to day`s low at $20 each. As quoted from Sing Tao, the reason is that PCCW will be
included formally into "Designatied Securities for short selling", resulting a sell-off pressure to the said share.

The report pointed out that SEHK has reviewed the existing list of designated securities for short selling, as a result, 24 securities will be added to be eligible for
short selling and 12 existing designated securities will be removed from the list. PCCW is one of the securities included into the said list. The total number of
designated securities for short selling will be 194 with effect from next Monday.

(23/02/00)

[Der Aktionär]

18:54 Rumours: PCCW(1186) announce details on acquiring 31% stakes in HKT(0008) on Fri

(Infocast News) The market source said that PCCW (1186) would announce details on its merger with C&W HKT (0008) this Friday. It is said that PCCW will acquire 31% stakes of C&W HKT and the company may have to launch rights issue.

It is also widely rumoured that Citic Pacific (0267) also participates in this transaction. Yet, Henry Fan, Managing Director of Citic Pacific, denied the said rumour to our newswire.

There was an earlier market news that PCCW would acquire C&W HKT on its own, and would use 1 PCCW share plus cash for 1 C&W HKT share, with a total value of not less than $29 per share.



(23/02/00)

[solli31]

Hallo zusammen,

dies ist zwar kein Fakt, aber eine Frage dazu.
Was ist die " List for designated securities for short selling", wer
erstellt sie und was bedeutet es? Vielen Dank für die Antwort,

Euer Solli

[Carsto1]

Hong Kong, Feb. 24 (Bloomberg) -- Pacific Century CyberWorks Ltd., Asia`s third largest Internet company, and its largest shareholder, Singapore-listed Pacific Century Regional Development Ltd. rose on reports that CyberWorks will submit Friday a takeover offer for Cable & Wireless HKT Ltd., Hong Kong`s largest fixed- line telephone company. Local media also reported that Cable & Wireless Plc, which holds a 51 percent stake in HKT, will hold a board meeting Saturday to discuss the proposal. The Hong Kong Economic Journal reported, without citing sources, that CyberWorks will offer HK$8 in cash and one of its own shares for each HKT shares. A spokesman for HKT declined to comment on the reports. CyberWorks rose as much as 9.3 percent to HK$23, and recently traded at HK$22.20. Pacific Century Regional Development rose as much as 11 percent to S$28.50, and recently traded at S$28. HKT rose 5.5 percent to HK$25.10

[naughty by nature]

HONGKONG (dpa-AFX) - Die Aktien von Cable & Wireless HKT und Pacific Century CyberWorks Ltd haben am Donnerstag deutliche Kursgewinne verzeichnet. Dem waren nach Händlerangaben Gerüchte vorausgegangen, wonach Cyberworks in den nächsten Tagen ein detailliertes Übernahmeangebot für Cable & Wireless HKT abgeben wird.

Pacific Century CyberWorks legten bei einem Umsatz von 84,2 Mio. Aktien 3,56% auf 21,80 HKD zu. Der Hang Seng Index legte 681,87 auf 17.058,66 Punkte zu.

Die Londoner Cable & Wireless werde sich wahrscheinlich 60% ihres Anteiles an Cable & Wireless HKT bar bezahlen lassen, vermutete Jonathan Iu, Internet-Analyst bei SG Securities Asia. Eine beherrschende Rolle bei Cable & Wireless HKT werde Cyberworks sofort neue Kunden und eine starke Einkommensquelle erschließen, so die Analystin. Sollte es nicht zu einem Abschluss kommen, verlieren Cyberworks an Glaubwürdigkeit. Der Schlüssel für das Geschäft sei die Kapitalbeschaffung, egal ob von Banken oder Geschäftspartnern.

Iu bezeichnete eine Kooperation von Cyberworks mit einer Telefongesellschaft bei der Übernahme von Cable & Wireless als unwahrscheinlich. Der Hongkonger Markt sei zu klein, um Riesen wie AT&T mit an Bord locken zu können. Allerdings könne die Zusammenarbeit mit dem Zugang zum chinesischen Markt versüßt werden. Ebenso wie Cyberworks seien die Telefongesellschaften an der Übernahme des Hochgeschwindigkeitsnetzes von Cable & Wireless HKT interessiert. Das Mobil- und Festnetz hält sie hingegen für untergeordnet. Es mache für die Telefongesellschaften keinen Sinn, eine hohe Bieterprämie zu zahlen, um sich später mit Cyberworks das Hochgeschwindigkeitsnetz teilen zu müssen, sagte der Analyst./cs/ub




[e-mail]

Name Aktuell Ten. Diff. (%) Kurszeit
PACIFIC CENTURY CYB... 2,88 +4,73% 24.02., 10:11
PACIFIC CENTURY CYB... 2,89 bB +5,86% 24.02., 10:11
CABLE & WIRE ORD 25P 1.302,50 +1,36% 24.02., 10:10
CABLE AND WIRELESS... 20,80 +0,48% 24.02., 09:59
CABLE AND WIRELESS... 3,08 -14,44% 17.02., 13:29

[Ataraxie]

Pacific Century Regional Surges on Speculation HKT Bid Close
2/23/00 8:12:00 PM
Source: Bloomberg News

Singapore, Feb. 24 (Bloomberg) -- Pacific Century Regional Developments Ltd. rose as much as 10.9 percent on speculation its Hong Kong unit, Pacific
Century Cyberworks Ltd., will soon detail an offer for Cable & Wireless HKT Ltd., traders said. The Hong Kong Economic Journal, Hong Kong Economic
Times, Ming Pao Daily, and Sing Tao Daily all cited unnamed sources saying a bid could happen late this week or early next week. Pacific Century Regional
Developments Ltd., the most active stock by value, rose S$2.30, or 9.0 percent, to S$28.00. Its shares had fallen for 6 consecutive days and the gain was also
aided by a 3.8 percent rise in the U.S. Nasdaq Composite Index.

[Ataraxie]

10:56

PCCW (1186) will provide broadband programmes to Legend`s (0992) customers

(Infocast News) As quoted by Sing Tao, a source said that Legend (0992) has entered into an agreement with PCCW (1186) to form a strategic alliance to enter the mainland Interactive
digital visual market, whether or not the cooperation will involve shares swap is unknown.

PCCW will form a joint venture with Legend - Legend-NOW (Network of the World), to match with PCCW`s digital visual and broadband online technology development. Consumers
can see the content provided by PCCW`s Pacific Convergence Corp (PCC) through Legend`s computers.

"NOW" is the focal development of PCCW`s PCC. "NOW" can provide integrated interactive digital visual and online services in Asia through PCCW`s satellite broadband platform.

(24/02/00)

[Ataraxie]

Artikel (sehr lang) im ASIAWEEK:

FEBRUARY 25, 2000 VOL. 26 NO. 7

When the Rich Get Richer
The Li family`s ambitions go far beyond HKT
By ALEXANDRA A. SENO and ASSIF SHAMEEN Singapore

LINK: http://cnn.com/ASIANOW/asiaweek/magazine/2000/0225/biz.deals…

grüsse
ataraxie

[Carsto1]

Friday, February 25, 2000 NEWS::::

CyberWorks plans HKT statement
REUTERS

--------------------------------------------------------------------------------
Latest update at 11.50am:
Pacific Century CyberWorks said on Friday it requested the trading suspension in its shares in order to make a statement in relation to its merger proposal with Cable & Wireless HKT.
Banking sources in Hong Kong also said PCCW has lined up four banks to provide a bridging loan to back its acquisition.

Bank of China, BNP Hong Kong, HSBC and Barclays Capital are expected to provide a loan in the region of US$10 billion to support PCCW`s bid, but sources close to the deal said the final amount of the loan had not yet been set.

PCCW shares were suspended just three minutes after the open, when they were up HK$0.35 or 1.6 per cent at HK$22.15.

``We`ve requested a temporary suspension of trading of our shares this morning pending the issue of an announcement in relation to Cable & Wireless HKT Ltd on Monday,`` said Joan Wagner, a PCCW spokeswoman.

She declined to divulge further information about the pending statement.

Shares in C&W HKT were not suspended on Friday and were up four per cent or HK$1.00 at HK$26.00 in late morning trade.

Traders in the Hong Kong market said on Friday that PCCW`s offer was expected to contain a substantial cash component, and the fast-growing Hong Kong Internet company may have to tap the market again with another share placement or rights issue.

``It`s widely speculated that PCCW will offer C&W HKT shareholders one PCCW share plus HK$8 in cash for one C&W HKT share,`` one broker said.

PCCW raised about US$1 billion last week by placing 335 million shares in the market.

Analysts have said Cable & Wireless Plc, which has long wanted to sell its 54 per cent stake in C&W HKT, has insisted on a substantial amount of cash and would reject an all-paper bid from PCCW.

``Cable & Wireless want a cheque for as much cash as possible,`` said Stephen Brown, head of research for Kim Eng Securities in Hong Kong.

``They certainly don`t want to end up with more than 20 per cent of Pacific Century CyberWorks, even short term, because they`d have to start equity accounting.``

Mr Brown said he expected major investment banks to provide a substantial amount of the financial backing for the deal.

CyberWorks closes in on C&W deal

C&W signs $4.2 b term loan facility


http://www.scmp.com/News/Business/Article/FullText_asp_Artic…

[Carsto1]

Top Financial News
Fri, 25 Feb 2000, 2:32am EST
CyberWorks and Legend to Announce Internet Alliance on Monday, Legend Says
By Biddy Chan

CyberWorks, Legend to Announce Web Alliance Monday, Legend Says

Hong Kong, Feb. 25 (Bloomberg) -- Pacific Century CyberWorks
Ltd. will announce an alliance Monday with Legend Holdings Ltd. to
pre-install its Web software on personal computers made by China`s
No. 1 computer maker, a Legend executive said.

CyberWorks and its Singapore-listed parent, Pacific Century
Regional Developments Ltd., were suspended today pending a
statement on a ``substantial price-sensitive transaction.`` The
trading halt fueled speculation that CyberWorks was poised to
announce details of a proposed bid for Cable & Wireless HKT Ltd.

Instead, Monday`s news conference will detail a pact under
which CyberWorks will bundle its planned Internet service with
some of Legend`s computers, allowing buyers of those computers to
gain immediate access to the Web, according to the Legend
executive said. She declined to elaborate.

Analysts said the alliance will help raise the profile of
CyberWorks in China. ``It should be quite a good arrangement to
strengthen its distribution in China,`` said Adrian Au, an analyst
at G.K. Goh Securities in Hong Kong.

The pact will bring together two of Hong Kong`s largest
technology companies to explore China`s fast-growing Internet
industry. CLSA Global Emerging Markets expects China`s Internet
users to grow to 110 million by 2003 from 9 m

[speedfreak]

Aus Internet news.com: http://www.internetnews.com/intl-news/article/0,1087,6_31013…
International News

--------------------------------------------------------------------------------

From asia.internet.com

Pacific Century Invests in Hong Kong Property Portal February 25, 2000

By Katherine Lam
Associate Editor International News Archives

[Hong Kong, CHINA] Pacific Century CyberWorks Ltd. (PCCW) has taken a 25 percent stake in pp.com, a Hong Kong-based property site.

Terms of the investment were not disclosed.

pp.com has offices in Singapore, Shanghai, Beijing and Guangzhou. It plans to open 10 offices around the region by end of this year and has already linked up with 100 property developers in Guangzhou, according to company officials.

The Web site provides interactive tools for sourcing property information: Market Update, Budget Tracker, Neighborhood, Home Hunter, Home Valuer, Mortgage Wizard, Settlement Guide and Home Style Guide.

Alex Arena, group managing director of PCCW, said pp.com fit his firm`s investment strategy of supporting new Internet businesses in Asia Pacific.

He added that the Web site will be a future contributor to its Network of the World (NOW), a broadband service that will allow users to browse the Net via TV sets through connection of set-top boxes.

In other news involving PCCW, an announcement on the proposed PCCW and Cable & Wireless HKT Ltd merger was rumored, and trading in PCCW stock was suspended on Friday morning.

However, no announcement was forthcoming, and details of the proposed merger are expected next week, according to company officials.


Ich wiederhole meine Auffassung, dass unter Berücksichtigung der Fakten hier ein Microsoft-artiger Monopolist für das Internet des asiatischen Bereichs entsteht. Dementsprechend wird wohl nach den momentan akquisitionswilden Zeiten eine völlige Neubewertung von Nöten sein.

Cu Spreedfreak

[speedfreak]

Und hier die offizielle Meinung aus Hongkong zu meinen bisherigen Vermutungen:
PCCLF/HKT Saturday, February 26, 2000

Buyout would create an Internet `monolith`
ALEX LO

--------------------------------------------------------------------------------
An Internet monolith would be created if Pacific Century CyberWorks succeeded with a buyout of Cable & Wireless HKT, the Hong Kong Information Technology Federation warned yesterday.
President Anthony Au Wai-hung said the buyout could create an Internet service that would dominate the local market.

"Naturally, we have some concerns about monopoly and its effects on local business," he said.

"These are two very big players, perhaps the biggest, in the Internet business, so many smaller Internet service providers and e-commerce companies would be concerned."

Mr Au was one of the early advocates of opening up the telecommuncation market during the 1980s when the phone company enjoyed a monopoly on telephone services.

There are 159 registered service providers but, according to Mr Au, about 10 of them control more than 90 per cent of the Internet market.

Hong Kong had 1.7 million registered Internet users in December, according to the Telecommunications Authority. Up to 700,000 are believed to subscribe to C&W HKT Internet services.

Buying out Cable & Wireless HKT from its British parent would give Pacific Century access to these subscribers.

Productivity Council e-commerce centre manager Kevin Ng Che-wing said the buyout, if it went ahead, would encourage a rush among other providers to find partners with deep pockets both locally and overseas.

"There are good and bad points. The good point is that consumers could expect to get higher-quality content and services from companies with lots of money," he said.

"The bad point is, smaller companies may get swallowed up."


Übrigens außerbörslich in USA bei 3 27/64$. Scheinbar kommen jetzt doch mehr Anleger dahinter, dass sich hier großes anbahnt.

Cu Speedfreak

[HeSc]

Denke wir koennen sehr auf Montag gespannt sein!

Aus South China Morning Post:

Saturday, February 26, 2000


CyberWorks suspension
`unfair` as HKT trades

HUI YUK-MIN, BEN KWOK and SHEEL KOHLI in
London

The stock exchange has created an unfair market by
suspending Pacific Century CyberWorks - pending
an announcement possibly related to a merger with
Cable & Wireless HKT - but allowing trading in
the telecommunications giant to continue,
according to fund managers and brokers.

(...)


CyberWorks later said it would make an
announcement related to an HKT merger plan on
Sunday.

(...)

"CyberWorks` announcement didn`t say the
pending announcement was related to a merger
with HKT," she said.

(...)

CyberWorks on Thursday said it would hold an
analysts briefing on Monday that would be
followed by a press briefing.

It was widely expected the briefings would be
related to an HKT merger.

However, Reuters yesterday quoted a Legend
Holdings official as saying CyberWorks would
announce at the briefings an alliance with the
mainland computer-maker.

(...)

"We continue to talk to Singapore Telecom, and we
continue to talk to CyberWorks," a C&W official
said yesterday.

(...)

Der volle Artikel:
http://www.scmp.com/News/Business/Article/FullText_asp_Artic…

[HeSc]

http://www.CNN.com/ASIANOW/time/magazine/2000/0228/hongkong.…

[max842]

Hi Leute,

Ausserbörslicher Kurs zur Zeit bei 3,30 Euro (www.ls-d.de).

Grüsse,

MAX

[Jammaster]

Hallo, hier eine zwar schon etwas ältere, aber lesenswerte Analyse:

Allgemeines zur Gründung des Unternehmens

Die Pacific Century Group wurde aus dem Verkaufserlös von Star TV gegründet.
Aktueller Kurs7.02.00) 2,41 USD
Marktkapital. : 22.569 Mrd. USD
Homepage: http://www.pcg-group.com

Star TV war der erste Satelittensender für Gesamtchina, welcher heute in mehr als 50 Ländern operiert. Star TV wurde damals an Rupert Murdoch von NewsCorp.com verkauft. Zum Abschlußzeitpunkt des Verkaufs von Star TV war die neu gegründete Pacific Century Group $950 Mio. wert. Das ursprüngliche Investment, welches der jetzige CEO der Pacific Century Group, Richard Li, 1990 in Star TV investierte, betrug $125 Mio. In den drei Jahren, in denen Richard Lee Star TV leitete, wurden 53 Mio. Mitglieder an Land gezogen. Gelistete Unternehmen der Pacific Century Group sind:

Pacific Century Cyberworks (Reuters: 1186.HK; Bloomberg: 1186 ), Hongkong
Singapure Pacific Century Regional Developments Limited (Reuters: PCEN.SI; Bloomberg: PAC SP), Singapure
Pacific Century Insurance Limited (Reuters: 0065.HK; Bloomberg: 65), Hongkong


Zur Karriere von Richard Li

Richard Li hat sein Studium 1987 in Stanford in Computer-Wissenschaften abgelegt. Anschließend arbeitete er für Gordon Capital, einer Investment-Bank in Toronto. 1990 kehrte er nach Hongkong zurück um im Familienunternehmen mitzuarbeiten. Er erhielt von seinem Vater $125 Mio. und gründete Star TV. Nach dem Verkauf von Star TV gründete der damals 28 jährige die Pacific Century Group, welche sich hauptsächlich mit Versicherungs- und Immobiliengeschäften befasste. Richard Li ist Ratsmitglied der "Strategic and International Studies International Councillors Group" in Washington und Mitglied des "World Economic Forum". Li ist Mitglied von "of ITU`s World Telecommunications Advisory Council" und ist im Beirat des "Center for International Development" der Harvard Universität. Ferner wurde er vom Time Magazine im Oktober 1998 als einer der 50 wichtigsten Menschen im Cyberspace gekürt.



Zu Pacific Century Cyberworks

Der im Mai 1999 neu gegründete Ableger der Pacific Century Group ist der Hightech-Kern der Gruppe. Am 3. Mai 1999 kauft die Pacific Century Group den Mantel von Tricom, insgesamt 4.8 Mrd. Aktien, und gründet Pacific Century Cyberworks. Pacific Century Cyberworks möchte zukünftig der führende Anbieter von Breitband-Content in Asien werden. Um dies zu erreichen, beteiligt sich PCCW an Firmen. So ist PCCW zum Teil vergleichbar mit einer CMGI oder einer Softbank. Besonders wenn man die beiden CEOs von Softbank und CMGI vergleicht, liegt dieser Vergleich nahe. So hat Richard Li (CEO PCCG) sowie Masayoshi Son (CEO Softbank) in den USA studiert, eine Firma gegründet (Li StarTV und Son gründete Unison). Beide verkauften ihre ersten Unternehmen wieder um neue Unternehmen zu gründen (eben PCCW und Softbank). Beide haben große Partner: Li Intel, CMGI, CISCO und Daimler Chrysler, Son CISCO und Yahoo.



Die Bestandteile von Pacific Century Cyberworks:

Die oben angesprochene Pacific Convergence, welche zu 13% Intel gehört, möchte der größte Breitbandanbieter in Asien werden. Durch die Einführung von Satelliten- und Breitbandnetzen entsteht ein Zielmarkt von 110 Mio. Menschen, welche Access zu den Services haben. Pacific Convergence arbeitet mit lokalen Anbietern zusammen, um TV und Internet über das Portal "NOW" zusammenzuführen.
Cyberworks Ventures investiert und bildet Partnerschaften mit internationalen IT und Internet-Unternehmen.
Der dritte Ableger der Pacific Century Cyberworks ist das am 2.März 1999 bekanntgegebene CyberPort-Projekt. Dieses Projekt macht Pacific Century Cyberworks zum Partner der Regierung Chinas. Im Grunde entsteht hier im Süden Hongkongs ein 26 Hektar großes Silicon Valley. Das Land wird von der Regierung zur Verfügung gestellt. Hier hofft man, dass sich moderne Technolgieunternehmen ansiedeln. Die Vorteile für Firmen werden niedrige Mieten, moderne Einrichtungen und die attraktive Lage des Cyberport sein. Auch wird CyberPort als Trainingscenter gesehen, wo Berufsanfänger Erfahrungen sammeln können. Die Pacific Century Group wird dieses Projekt entwickeln, verwalten und finanzieren. Das $1.6 Mrd. teure Projekt soll durch Aktienverkäufe an institutionelle Anleger finanziert werden. Im Gegenzug erhält die Pacific Century Group fast ein Drittel der Besitztümer, welche sie später gewinnbringend verkaufen kann. Das Projekt startete im September 1999 und wird voraussichtlich 2007 fertiggestellt werden.


Strategische Beteiligungen

Pacific Convergence

SoftNet Systems/ISP Channel 23% (13.10.99) Die im SiliconValley der USA quartierte SoftNet Systems ist einer der drei größten Breitband-Provider in den USA.
Cyberworks Venture

CMGI 3.4% (23.9.99) Die 1986 gegründete CMGI ist ein Beteiligungsunternehmen. Es hat in seinem Portfolio rund 50 Unternehmen, darunter bekannte Namen wie Lycos und Altavista.
Action Ace.com 10% Die in Richmond, Kalifornien gelegene ActionAce generiert seine Gewinne durch eine Plattform für den vertikalen e-commerce-Markt. Die Site ActionAce.Com ist eine der größten e-tailer-Seiten für amerikanische und japanische Unterhaltungsmedien wie Videospiele oder Comics.
Biz Travel 3%
Cash On-Line, inc. 5%, weitere 5% optional (15.10.99) Cash On-Line ist eine Tochtergesellschaft der Celestial Asia Securities Holding. Das Unternehmen bietet zwei Produkte an, In-Trade und SmartTrade. Cash bietet in Hongkong online-banking und Finanzservices an.
Clarent Corp 3%
Creditland 5% Creditland ist eine in den USA beheimatete Online-Finanzseite, bei der Kunden online Darlehen aufnehmen oder Finanzierungsprogramme eröffnen können.
Ilink.net 80% Das Hauptquartier liegt in Hong Kong. Ilink ist ein Anbieter von Servern (WebHosting) und ist der Verwalter der Netzwerke von Pacific Century Cyberworks.
Intelligenisis 6% Intelligenisis ist ein Hersteller von Produkten im Bereich der künstlichen Intelligenz. Das Hauptprodukt des Unternehmens ist WebMind, welches aufgrund von Datensammlungen Vorhersagungen für die Zukunft machen soll.
MediaRing 6% Der im Jahre 1993 gegründete MediaRing ist ein in Singapur stationiertes Unternehmen, welches Voice-Funktionen über das Internet anbietet. Die Haupt-Software des Unternehmens, Media Ring Talk, wird aktuell in mehr als 140 Ländern mit führender Hardware als Paket ausgeliefert.
Outblaze 20% (17.8.99) Outblaze bietet Community-Content für WebSites an. Der Clue an dem Businessmodel ist, dass Outblaze diese Content-Lösungen nicht an seine Kunden verkauft, sondern sich die erwirtschafteten Umsätze mit den Kunden teilt.
SilkRoute 25%, weitere 5% optional (11.10.99) SilkRoute ist eine Beteiligungsgesellschaft, welche aufstrebende e-commerce-Unternehmen finanziell und organisatorisch unterstützt.
StarEast Information Technology 20%, weitere 5-10% optional (27.9.99) StarEast ist eine von 71 asiatischen Stars gehaltene Entertainment-Site.
City Telecom 8% (5.11.99) Die City Telecom ist ein führender Anbieter von Fax, Voice-Funktionen und Internet. Mit rund 300.000 Internet-Kunden ist die City Telecom der zweitgrößte ISP in China.
Sina.Com 1,4% Sina.com betreibt ein Portal für die Zielmärkte China, Hong Kong, Taiwan und die USA.
CMGI Asia

Zusammen mit CMGI gründet am 25. Januar 2000 die Pacific Century Cyberworks CMGI Asia. Die Besitzanteile werden 50 zu 50 aufgeteilt. Finanziert wird dieses Unternehmen durch die Plazierung von 188 Mio. PCCW-Aktien bei insitutionellen Anlegern. Unter CMGI Asia möchte CMGI seine 18 Beteiligungen im asiatischen Raum zusammenfassen. AltaVista, Engage Technologies, iCAST und 1ClickCharge werden die ersten Unternehmen sein, die CMGI Asia in Asien etablieren möchte. Weitere Unternehmen, welche CMGI hält, werden zukünftig auch die Möglichkeit haben, mit Hilfe von CMGI Asia in den asiatischen Raum einzudringen.



Andere Firmen, welche an Pacific Century Cyberworks beteiligt sind

Pacific Century Cyberworks

CMGI 5,5%
Intel 8,2%
Pacific Convergence

Intel 13,18%


Zusammenfassung:

Positive Aspekte

PCCW`s Markt: 110 Mio. Haushalte, welche an die Breitband-Kabel von PCCW angeschlossen sind, eröffnen PCCW einen breiten Markt. Auch wenn die Einkommen geringer sind, als zum Beispiel in den USA oder Europa, eröffnet sich für PCCW ein großer Markt.
Das Management von PCCW: Richard Li, der Gründer von StarTV, Alex Arena, der früherer Regulator des Telekommunikations-Marktes in Asien, Hubert Ng, der fühere CEO von SmarTone und Michael Johnson, welcher Gründer des AsiaNets ist. Alle Mitglieder des Managements verfügen über eine große Erfahrung im Bereich Medien, Telekommunikation und Internet.
Beteiligungen von PCCW: PCCW hat Beteiligungen in SoftNet, Intel, CMGI und Silkroute. Neben diesen Beteiligungen wurden weitere Kooperationen zu Content-Anbietern in Asien geschlossen (siehe Strategieentschlüsselung oben).
Beziehungen von PCCW: Durch die Mitarbeiter (siehe Pkt. 2) hat PCCW entscheidende Beziehungen zu anderen Firmen und zur Regierung von China, welches ein entscheidender Punkt sein dürfte. Dies wird für die weiteren Entwicklung von PCCW entscheidend sein, da es in China immer wieder Einschränkungen durch Regulatorien gibt.
Negative Aspekte

Das Unternehmen Pacific Century Cyberworks ist jung. So sind die in den letzten Jahren entwickelten Pläne über den Breitband- und Satellitenzugang des Internet noch nicht gestartet. Es ist extrem wichtig, dass Pacific Century Cyberworks seine gesteckten Ziele erreicht, um so das Vertrauen seiner Investoren nicht zu verspielen.
In den USA hat man gesehen, dass der Zugang zum Internet per Set-Top-Boxen bisher kein Erfolg war. Doch das lag unter anderem auch daran, dass die Infrastrukturgegebenheiten in den USA anderer Art sind, als es in Asien der Fall ist. In Asien haben 110 Mio. Haushalte Access zu den Breitband-Netzen. Auch ist die Zahl der installierten Fernsehgeräte höher als die Zahl der PCs, wodurch der Zugang über Set-Top Boxen attraktiver ist. Außerdem fallen keine großen zusätzlichen Hardware-Ausgaben (z.B. für Computer) an, was der niedrigeren Einkommensstruktur in Asien entgegenkommen dürfte. Folglich muß sich noch zeigen, ob die Verbreitung des Internetzugangs über Set-Top Boxen zügig ausbauen läßt.
Der Content: Pacific Century Cyberworks wird Content für Breitband-Netze entwickeln müssen. Die Entwicklungskosten für den Content werden teurer sein, als das bei herkömmlichen Access-Möglichkeiten über Kupferkabel der Fall ist.
Die Kabelnetz-Betreiber sind für die "letzte Meile" zum Kunden zuständig. Pacific Century Cyberworks ist abhängig von diesen Providern.
Die Konkurrenz wird in Asien zunehmen. Zumindest hat Pacific Century Cyberworks hier den "first mover advantage", welcher sich bei kluger Umsetzung als Vorteil entpuppen kann und auch der zunehmenden Konkurrenz widerstehen kann.
Die politische Lage in Asien könnte einen Strich durch die Pläne von Pacific Century Cyberworks machen. Erst kürzlich wurden wieder Begrenzungen seitens der Regierung im Internet gemacht. So müssen alle Unternehmen der Regierung die Seriennummern von Software überliefern. Die Regierung möchte es sich über diesen Weg erleichtern, empfindliche Daten, welche über das Internet verbreitet werden könnten, zu entdecken.
Extreme Kosten werden weitere Kapitalerhöhungen z.B. in Form von Aktienplazierungen nötig machen. So wird es nötig sein, dass Pacific Century einen Netzwerkcenter aufbauen muß, um den Traffic und die verschiedenen Server zu verwalten. Auch wird Pacific Century Cyberworks Entwicklungsstätten für die Content-Entwicklung errichten müssen. U.a. deshalb wird besonders, wie im Punkt III. angesprochen, der Breitband-Content teuer und aufwendig in der Entwicklung sein.


Zukünftige Plandaten

Cyberworks Ventures

CV verspricht sich mindestens je 5 IPOs aus den Beteiligungen während dem Jahr. CV hat $100-150 Mio. zur Verfügung, um das geplante globale Portal zu entwickeln.

Cyber-Port

Im Jahr 2000 wird begonnen, die Infrastruktur aufzubauen. Die Phase I wird 2001 erreicht: 23.000 m² Büro- und 10.000 m² Wohnfläche werden fertiggestellt. 2002 sollen 29.000 m² Bürofläche, 29.000 m² Einkaufsfläche, 4.500 m² Fläche für Dienstleistungen und 18.000 m² Wohnfläche hinzukommen. 2004 werden weitere 40.000 m² Bürofläche und Hotels auf einer Fläche von 7.500 m² hinzukommen. In der Phase 4 im Jahr 2005 werden weitere 168.000 m² Wohnfläche fertiggestellt werden. 2007 schließlich, wird der Abschluss des Cyber-Port-Projekts mit der Fertigstellung von weiteren 208.000 m² Wohnfläche erreicht.

Pacific Century Convergence

Der Start des globalen Portals und des Pacific-TV wird in der ersten Hälfte 2000 sein. Der Start des Service und des Breitband-Content-Service ist für die 2. Hälfte 2000 vorhergesehen. In der ersten Hälfte 2001 soll der Satelitten-Access, downstream/upstream, verfügbar sein.



Finanzdaten

Für das Jahr 2000 werden ca. 30 Mio. Dollar Umsatz erwartet. Bereits für das Jahr 2001 kann man einen 6,5 fach höheren Umsatz erwarten. Für das Jahr 2002 könnten sich die Umsätze dann noch einmal vervierfachen. Im 5-Jahreszeitraum von Ende 1999 bis Ende 2004 sollen die Nutzerzahlen in Asien (Japan ausgeklammert) von 21.8 Mio. auf 95.2 Mio. anwachsen. Der online generierte Umsatz soll im gleichen Zeitraum von US$2.2 Mrd. auf insgesamt US$87.5 Mrd. anwachsen (Quelle: IDC).



Einschätzung:

Pacific Century Cyberworks (PCCW) ist bereits jetzt sehr gut positioniert im sich erst entwickelnden Internet - und Medienmarkt Asiens. Grob geschätzt könnte man Asien einen Rückstand von ca. 4-5 Jahren gegenüber den USA zugestehen. Im selben Entwicklungsstadium, einem sehr frühen, befindet sich PCCW. Hong Kong dürfte das zukünftige Gateway für den Eintritt westlicher Unternehmen zum Riesenmarkt China werden. Durch Partnerschaften mit führenden Unternehmen, wie Intel und CMGI (und das gemeinsame Joint Venture) wird PCCW eine Schlüsselrolle in den Zukunftsbereichen von Internetzugang über Breitband bis zu Contentverteilung besetzen. Natürlich bestehen wie bei jedem Unternehmen in diesem Entwicklungsstadium Risiken, wie beispielsweise hoher Kapitalbedarf und die bereits erwähnten negativen Aspekte. Einige dieser negativen Aspekte können jedoch bei geschicktem Management zu Vorteilen mutieren. Trotz einer bereits beachtlichen Marktkapitalisierung und bei allgemeiner Unsicherheit vorhandenem Korrekturpotential überwiegen unserer Meinung nach langfristig die Chancen. PCCW sollte als langfristiges Basisinvestment für den asiatischen Markt ins Depot aufgenommen werden.

©Börsen-Focus.de - [/URL]http://www.boersen-focus.de[/URL]

[georgina]

Hier mal die letzten sechs Meldungen von Infocast, alle vom 25.02.:


http://www.infocastfn.com/cgi-bin/spframe.pl/cgi-bin/report5…

10:43 Rumour PCCW (1186) arranging bridging loan on the acquisition in C&W HKT(0008)
(Infocast News) As quoted by Hong Kong Economic Times, a source stated that Pacific Century CyberWorks (1186)(PCCW) has enter into an agreement with banks to arrange a USD bridging loan facility. 4 banks act as the underwriters including Bank of China, Hong Kong Bank, Banque Nationale de Paris and one Europe-funded bank.

As quoted by the news, a source stated that the acquisition price of each C&W HKT share amounts to 1 share of PCCW plus $8. Together with the present cash on hand accounting for US$3 billion, the amount that PCCW can make use of is over HK$101 billion.

A source stated that foreign-funded consortia will join in the merged company in the final stage.

As quoted by Oriental Daily, a source from London pointed out that a team, which specific on sydication loan, of BOCI has gone to London to form a large-scale Euro sydincation loan, it is not known that such a loan will be related to the acquisition in C&W HKT.

(25/02/00)


11:12 PCCW (1186) holds press conference next Mon to unveil important issue
(Infocast News) As quoted from newswire, PCCW`s (1186) spokesman said that it will hold a press conference next Monday to unveil important issue.

Recently, the market rumours that PCCW`s takeover proposal to C&W HKT (0008) is 1 PCCW share plus $8 for 1 C&W HKT share, also, PCCW has signed $10 billion loan for the takeover, in addition, UK C&W, majority shareholder of C&W HKT, will hold Board of Directors meeting tonight to discuss the acquisition proposal. It is believed that the transaction will unveil details tomorrow.

PCCW suspended trading at 10:03 am this morning as well as its warrants including 1890, 1891, 1892, 1893, 1894, 1907, 1913 and 1923.

The share price rose 1.61% or $0.35 to $22.15 before suspension.


(25/02/00)


14:50 PCCW (1186) clarified to announce an alliance with Legend (0992) on next Monday
(Infocast News) PCCW (1186) clarified that it will announce to coorperate with Legend (0992) to form an alliance next Monday on joint development of Internet software business, but not involving acquisition of C&W HKT (0008)...


15:36 Legend (0992): PCCW (1186) announces cooperation details next Monday
(Infocast News) As reported by a newswire, an executive of Legend (0992) stated that Pacific Century CyberWorks (1186) (PCCW) will announce the details of cooperation with Legend in a press conference held next Monday.

Recently it has been told that the "Conet" computer model to be produced by Legend will be installed a software for using "NOW" service beforehand. The company will later produce a computer model with more functions which also matches with broadband services.

The latest share price of Legend stands at $35.3, up $2.1 or 6.33%.

(25/02/00)


18:37 Richard Li: no comment if PCCW(1186) suspension relates to C&W HKT(0008)
(Infocast News) Richard Li, Chairman of Pacific Century CyberWorks (1186) (PCCW), did not comment on trading suspesion of PCCW is related to its acquisition of C&W HKT(0008).

With regard to the rumour that PCCW has entered into agreements with four banks of the provision of a loan over $10 billion for acquiring C&W HKT, Li also declined to comment on that.

He only said that PCCW is discussing to acquire more than one project.

Though PCCW will hold a press conference next Monday to disclose the details on its cooperation with Legend, the analysts said that PCCW did not have to suspend its trading and to meet analysts next Monday for just an announcement on this matter.

An analyst thought that PCCW`s suspension was to fix the purchase price of its acquisition in C&W HKT. There are now various rumours on the acquisition price offered by PCCW, eg. 1 share oF PCCW plus $4 cash for 1 share of C&W HKT; or 1 share plus cash for 1 C&W HKT share, making the acquisition price not lower than $29.

He added that Cable and Wireless will hold a press conference tonight. It is believed that details will be announced later tonight or by this weekend.

(25/02/00)


18:59 C&W denies enter into agreement with PCCW (1186) on the acquisition of C&W HKT
(Infocast News) It is widely rumoured that Pacific Century CyberWorks (1186) (PCCW) has entered into an agreement with UK-based Cable and Wireless about the acquisition of C&W HKT(0008) and formed the Board of Directors of the new company . Being inquired by our newswire, Cable and Wireless denied the concerned rumour and stated that the negotiations among Cable and Wireless, Singapore Telecommunications and PCCW is still ongoing and no agreements have been concluded for the moment and they do not know when the talk will end.

(25/02/00)



Grüße

Georgina

[smiling]

An der Nasdaq OTC BB hat PCCW, Kürzel PCCLF jedenfalls am Freitag schön zugelegt und zwar so:

Aktueller Kurs $ 3.42 + 18,96 %, Umsatz 10.559.300

Good trades

[Ehukai]

ola -- pcclf gemeinde

erstmal schönen sonntag ---

li junior und sein papa werden das kind schon schaukeln

schaut euch doch mal die page an und tippt pcclf ein

www.quote.com

so könnte pcclf am montag auschauen oder ?

mfg ehukai

[Gold Rainbow]

Hallo PCCW ler

Wichtig ist doch, das alle verfügbaren Neuigkeiten zu PCCW immer wieder oben im Board stehen. Dieser Wert steht in der Musterdepotstatistik ( allle Depots Gesamtauswertung an NR. 1)
und dieses nicht umsonst. PCCW muß man einfach haben.Wer zu jetztigen Kursen PCCW verkauft, dem ist nicht mehr zu helfen !!
Darum bitte weiter so.
Alle News nach oben !!!

1. PCCW 924882
2. Morphosys 663200
3. Comroad 544940
4. Internet Media House 613860
USW.
MfG
GR

[rupimaker]

Well,
sieht nicht schlecht aus. Nun fragen sich mit mir noch 783 LEser dieses Boards. Noch kaufen oder nicht?
Bis dahin: Glückwunsch an alle die, die rechtzeitig da waren!
Rupimaker

[Ataraxie]

18:37 28-FEB-2000
FOCUS-PCCW closer to HKT deal, SingTel bid alive

By David Lawder HONG KONG, Feb 28 (Reuters) - Internet upstart Pacific Century
CyberWorks Ltd appeared on Monday to be closing in on Hong Kong`s dominant
telecommunications company, Cable & Wireless HKT, but a rival bid by Singapore Telecom
looked to be back in the running thanks to a tie-up with News Corp .

The board of Cable & Wireless Plc was set to meet again on Monday afternoon London time
after hearing PCCW`s formal bid for its 54 percent stake in C&W HKT over the weekend.

C&W HKT said in a statement that an agreement between the two sides may be reached
within 48 hours. But other sources close to the negotiations insisted SingTel`s offer to acquire
control of C&W HKT was "very much alive".

The sources confirmed that the company had secured a US$1 billion investment from Rupert
Murdoch`s News Corp that would allow it to sweeten its bid for the C&W HKT stake.
PCCW Chairman Richard Li, speaking to reporters in the lobby of his Hong Kong
headquarters, said financing for his offer was in place, but added that it was "really hard to
say" if a deal would be announced later on Monday.

"The entire financing packaging is fully committed and signed yesterday afternoon.

Everything is going according to schedule," said Li. "All I can say is this morning, the big
shareholders issued a release and they said 48 hours. We have to consider shareholders`
interests," he said. PCCW has arranged a bridge loan of US$10 billion from a consortium of
Hong Kong banks, according to sources familiar with the deal. PCCW, C&W HKT
SHARES SUSPENDED Shares of both PCCW and C&W HKT were suspended on
Monday.

C&W HKT stock traded for one minute and rose HK$0.05 to HK$25.95.

"The company has been advised that an agreement may be reached within the next 48 hours
between the company`s major shareholder, Cable & Wireless Plc, and Pacific Century
CyberWorks Ltd regarding a possible offer to the company`s shareholders, and we
understand that an announcement by PCCW on this subject may be imminent," C&W HKT
said in a statement.

A source close to PCCW said the deal was "basically done" and that an announcement
would be made Monday evening Hong Kong time (GMT +8 hours).

The New York Times and Asian Wall Street Journal reported that PCCW made two offers
to the Cable & Wireless board -- a cash and stock deal worth about US$35.7 billion and an
all-stock bid worth US$38.5 billion.

C&W HKT shareholders would get 0.7 PCCW share and HK$7 for each share under the
cash and stock offer. Market speculation about the cash component of PCCW`s offer ranged
from HK$4 to HK$8, analysts said. SINGTEL OFFER - STILL ALIVE? The investment by
News Corp would bring a new player into the talks, which previously had been been framed
as a choice for C&W to link up with either a conservative but cash-rich Asian telecom giant,
or a brash stock-rich Internet startup trading on the name and investment savvy of Li, its
33-year-old founder.

Li, who founded Star TV and sold it to News Corp in 1993, is the son of Hong Kong`s best
known tycoon, Li Ka-shing.

"It looks like PCCW have an upper hand in it, but don`t discount SingTel," Nomura Securities
analyst Richard Ferguson said. "They`ve got a few cards that they can still play. They`ve got
a lot of cash." PCCW postponed a Monday afternoon analysts briefing until a time to be set
later. Analysts said PCCW officials asked for their mobile phone numbers so a briefing could
be called quickly.

PARALLEL VENTURE TO STAR TV-HKT Sources said that under the SingTel and
News Corp agreement, the two companies would set up an Internet, television and mobile
communications joint venture in Singapore similar to the one Star TV announced late last
year with C&W HKT. The Star TV-C&W HKT venture, which aimed for its own listing by
October, was expected to be a direct competitor to Pacific Century CyberWorks`
yet-to-be-launched integrated television and Internet service, to be called Network of the
World. Neither SingTel nor News Corp would comment on the partnership.

A SingTel spokesman said only that the company`s talks with Cable & Wireless on the
proposed merger with C&W HKT were continuing.

If SingTel did revise its offer, Li hinted PCCW could make further financing arrangements.

Two weeks ago, it quickly raised US$1 billion in a placement of 335 million new shares.

Asked if there were any plans for other financings, he replied: "Today there is no such plan.
But I can`t say when there may be a plan."

[Ataraxie]

!

Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an [e-mail]

[Ataraxie]

NYTimes says PCCLF wins HKT battle

February 28, 2000


Pacific Century Cyberworks Wins in Bid for Cable and Wireless HKT
By ANDREW ROSS SORKIN
NYT Update, 3:40 p.m.

--------------------------------------------------------------------------------
MORE NEWS FROM
NYTIMES.COM/THESTREET.COM

Citigroup Chair Reed to Retire in April
Columbia Energy Accepts Purchase Bid From NiSource
Mission Critical Software, NetIQ Plan $1.42 Billion Merger
AOL, Microsoft, BellSouth Announce Wireless Deals


LONDON, Feb. 28 -- Pacific Century Cyberworks appeared tonight to be the winner in a takeover brawl with Singapore Telecommunications for Cable and Wireless HKT,
the Hong Kong telecommunications company owned by Britain`s Cable and Wireless P.L.C.
Executives close to the takeover discussions said the Cable and Wireless board of directors, meeting in London, had selected Pacific Century`s cash-and-stock offer of
about $35 billion over Singapore Telecom`s comparable bid. The decision was expected to be announced as early as Tuesday in Hong Kong.

The exact terms of the deal were not clear, but if the acquisition is completed, it would be the biggest telecommunications merger in Asia and give a huge boost to
Pacific Century, a nine-month-old Hong Kong-based Internet company that has soared in value since it first sold stock to the public.

The deal also would be a significant blow to Singapore Telecom, which had first begun talking about the purchase of Cable and Wireless HKT a few weeks ago and
thought it had a deal until Pacific Century entered the bidding as well. On Sunday, Singapore Telecom had enlisted the help of Rupert Murdoch`s News Corporation, a
big investor in Asia, to help it in the battle for Cable and Wireless HKT.


http://www12.nytimes.com/yr/mo/day/news/financial/28cnd-hong…

[Ataraxie]

10:38 29-FEB-2000
PCCW <1186.HK> says signs deal with C&W

HONG KONG, Feb 29 (Reuters) - Pacific Century
CyberWorks Ltd (PCCW) said on Tuesday it had signed a
deal to acquire control of Cable & Wireless HKT
<0008.HK> from Britain`s Cable & Wireless Plc. PCCW
chairman Richard Li told reporters that PCCW had not
considered any layoffs at C&W HKT at the moment.

[Ataraxie]

10:36

SingTel ends talk to acquire C&W HKT (0008)


(Infocast News) SingTel declared this morning that the company has terminated discussion with Cable and Wireless on the acquisition of C&W HKT (0008). No
further details were disclosed.

The competition in the acquisition of C&W HKT (0008) has been dramatic. Yesterday, SingTel suddenly brought Rupert Murdoch`s News Corporation into its
acquisition bargain, increasing SingTel`s cash to US$1 billion more in its buying capacity.

Pacific Century CyberWorks (1186) (PCCW) planned to announce an agreement of principles on the acquisition matter yesterday evening but was affected by
SingTel`s sudden move. Thus the scheduled press conference and meeting with analysts had to be cancelled or postponed.

The News Corporation announced yesterday to subscribe 645 million shares of SingTel, representing 4% of SingTel, at 2.65 Singapore Dollar each at a
consideration of US$1 billion, provided that SingTel must acquire 51% or above in C&W HKT. The News Corporation declared in high profile that its investment
was to support SingTel in acquiring C&W HKT.

However, SingTel announced to withdraw from the acquisition this morning.

(29/02/00)

[Ataraxie]

10:38

PCCW [1]: signed an agreement with C&W to takeover C&W HKT (0008)


(Infocast News) Francis Yuen, Deputy Chairman of PCCW (1186), admitted that the company and UK C&W have signed an acquisition agreement on C&W
HKT (0008), details of the transaction will be revealed soon.

Regarding SingTel`s introduction of News Corp in the acquisiton, Richard Li, Chairman of PCCW, said that he was not worried on the concerned matter since the
introduction will not lower PCCW`s chance in competition for takeover of C&W HKT. He said that he will try his best and will not cause the shareholders to loss
in the takeover bid.

PCCW proposed to hold an analysts briefing at 9:00 am this morning in order to explain the details of takeover bid. However, the briefing was postponed to 10:00
am.

[Ataraxie]

11:40

PCCW[2]: Acquisition details announced this afternoon


(Infocast News) Richard Li, Chairman of Pacific Century CyberWorks (1186)(PCCW), stated that the proposal of the acquisition of C&W HKT (0008) is to be
approved by Securities and Futures Commission and an announcement will be made this afternoon. He said that after the acquisition of C&W HKT, the company
has no intention to make it spin-off for sale and to lay off staff in a short time.

[Ataraxie]

11:47

PCCW [3]: Richard Li does not rule out disposal of C&W HKT`s some business


(Infocast News) Richard Li, Chairman of PCCW (1186), said that the company has agreed with C&W to acquire C&W HKT`s (0008) stakes. He pointed out
that the main and most attractive assets of C&W HKT is its management team and staffs. Currently, PCCW has no intention to cut staff but does not rule out the
possibility of selling some of its business.

For the time being, PCCW is waiting for C&W HKT`s board of directors` approval of takeover proposal which is believed to take few weeks to 2 months times to
be settled. Afterwards, PCCW will study C&W HKT`s structure and management team in the first step and plans to extend C&W HKT`s assets to other Asian
regions in future.

The related documents have been submitted to SFC waiting for approval and details will be unveiled upon an approval is granted.

He claimed that he does not worry that the takeover will increase interest cost which will affect its overall business growth soon.

[Ataraxie]

11:49

PCCW(4): Richard Li: Not necessary split whole C&W HKT (0008) business


(Infocast News) Richard Li, Chairman of PCCW (1186), emphasized that it is not necessary to split the whole C&W HKT (0008) businesses.

[Ataraxie]

11:50

PCCW [5]: Richard Li clarified that price is not as high as newspaper reported


(Infocast News) Richard Li, Chairman of PCCW (1186), clarified that the acquisition price of C&W HKT (0008) is not as high as newspapers` reportrd. Several
newspaper reported that PCCW`s acquisition price of
C&W HKT is ranged between USD 35 billion to USD 38.1 billion.

[Ataraxie]

11:51

PCCW (6): No press conference today

(Infocast News) Richard Li, Chairman of Pacific Century CyberWorks (1186) (PCCW), said that no press conference will be held today. Details will not be
announced in a press conference until the Board of Directors of C&W HKT (0008) has approved the relevant tradings which is estimated to last for 2 to 3
weeks.

[Ataraxie]

12:00

PCCW [7]: intends to rename C&W HKT as PCCW HKT


(Infocast News) Richard Li, Chairman of PCCW (1186), said in an analysts briefing that he intends to rename C&W HKT to PCCW HKT.

[Ataraxie]

12:04

PCCW(10): Only considers split C&W HKT after 9-18 months


(Infocast News) Richard Li, Chairman of PCCW (1186), said that the company will not consider to split the business of C&W HKT (0008) until 9 to 18 months
later.

[Ataraxie]

12:13

PCCW [11]: PCCW & C&W HKT newly merger entity is valued to USD 70 b


(Infocast News) PCCW (1186) and C&W HKT`s (0008) newly merger entity will be valued to USD 70 billion (about $544.6 billion).

[Ataraxie]

12:14

PCCW(12): Both CMGI & Hikari Tsushin invest US$500M hold more PCCW stakes


(Infocast News) Richard Li, Chairman of Pacific Century CyberWorks (1186) (PCCW), said that both CMGI and Japan-based Hikari Tsushin increase their
shareholdings of PCCW during the compeition of stakes of C&W HKT (0008).

After the increase of shareholdings, the shareholdings of CMGI and Hikari Tsushin in PCCW will increase to 3.5% and 2.5% respectively.

[Ataraxie]

12:36

PCCW [13] will buy out C&W HKT (0008)


(Infocast News) PCCW (1186) will takeover C&W HKT (0008) soon. PCCW will make a general offer to all shareholders of C&W HKT. PCCW will offer 2
options a) cash offer, b)cash plus shares offer.

[Ataraxie]

09:07 29-FEB-2000
PCCW, Legend in China broadband deal - paper

HONG KONG, Feb 29 (Reuters) - Pacific Century
CyberWorks <1186.HK> and Legend Holdings Ltd
<0992.HK> have signed a deal in which Legend will help
PCCW launch its broadband service in China, a Hong Kong
newspaper said on Tuesday.

The Hong Kong Standard quoted Legend executive director Mary Ma as saying the
companies signed a memorandum of understanding in which Legend would provide technical
support to help PCCW use cable television networks to deliver Internet services to China.
There was no investment involved by either company and the cooperation was still in the
preliminary stages, Ma said. The newspaper said the pact would give PCCW a foothold in
China and provide Legend with web content to enhance its Internet-ready personal
computers.

China`s Internet market is expected to grow to 110 million users by 2003 from nine million, it
said. Officials from both companies were not immediately available for comment.

[rocco2]

hallo Ataraxie,

wollte mich mal bedanken fuer deine konsequentes News aufsammeln in Sachen PCCW.

Keep on the good work

Gruss rocco

[Ataraxie]

3:09 01-MAR-2000
RESEARCH ALERT-Daiwa repeats buy on PCCW
<1186.HK>

HONG KONG, March 1 (Reuters) - Daiwa Securities
said on Wednesday it maintained a "buy" recommendation
for Pacific Century CyberWorks Ltd (PCCW) shares
after PCCW detailed its merger plan with Cable &
Wireless HKT <0008.HK>.

"The merger gives PCCW full access and control over C&W HKT`s telecom infrastructure
in Hong Kong and the region," Daiwa analyst David Soh said in a research report.

"This will speed up PCCW`s plans to roll out its now.com multimedia portal via C&W
HKT`s xDSL infrastructure," he said. Soh said C&W HKT`s technical workforce would
better equip PCCW to carry out expansion plans in the region, and at a faster pace. C&W
HKT has about 13,600 employees and PCCW has 440 staff. PCCW may soon announce
plans to cooperate with Chinese personal computer maker Legend Holdings Ltd
<0992.HK> to provide broadband services in China, opening up quicker Internet-related
opportunities in China for PCCW, he said. Shares of PCCW dropped HK$1.15 or 5.19
percent to close Wednesday morning at HK$21.00, and C&W HKT shares tumbled
HK$3.00 or 11.56 percent to HK$22.95.

Soh said he viewed the merger as a positive move for PCCW but he did not give a price
target for the stock. PCCW said on Tuesday it would make an all-paper offer of 1.1 new
share for each C&W HKT share or an alternative combination of HK$7.23 cash and
0.7116 new PCCW share to C&W HKT shareholders in a proposed merger.

[Danmar]

PCCW HKT wird wohl in den Hang Seng aufgenommen (dies wurde ja noch angezweifelt)!!
Hier die Reuters-Meldung (gefunden bei Finet, bzw. unter www.china-stoxx.de:

20:15 01-MAR-2000
Merged PCCW-C&W HKT to join Hang Seng Index <.HSI>

HONG KONG, March 1 (Reuters) - HSI Services Ltd said on Wednesday the company resulting from the planned merger of Pacific Century CyberWorks Ltd (PCCW)<1186.HK> and Cable & Wireless HKT Ltd (C&W HKT)<0008.HK> would be a Hang Seng Index constituent.

[HennyM]

...und hält dem im handelsblatt beschriebenem "enormen verkaufsdruck" meiner ansicht nach ganz gut stand.....

[Guagua]

...und wenn nicht, umso besser, dann kauf ich mir noch 10 k zu günstigeren Kursen und freue mich langfristig (1-5 Jahre) umso mehr.
Außerdem werden die 4% die CW zunächst auf den Markt wirft (obwohl das auch noch nicht sicher ist) soofort vom weiter boomenden Markt aufgenommen.
Nun ja warten wir es ab,... wo "Bertl" (R. Li) den Most holt.

[Ataraxie]

Venture to invest up to $1.5 bln in Internet firms

03/01/00

ANDOVER, Mass., March 1 (Reuters) - CMGI Inc., Hicks, Muse, Tate & Furst Inc. and Pacific
Century CyberWorks Ltd. said Wednesday they will jointly invest up to $1.5 billion in emerging
Internet firms worldwide.

They announced in a statement the formation of a new venture capital partnership, with each of
the three companies committing to invest up to $500 million to support the development of
Internet firms based in Asia, Europe, and the Americas. The joint venture, Ventures Global
Partners, will make investments in Web businesses spanning the four core disciplines of the
Internet economy: content, community, commerce and infrastructure, they added.

CMGI is a leading Internet venture invesiing company, Pacific
Century CyberWorks, the Hong Kong-listed technology flagship
of the Pacific Century Group, is a top Asia technology investor.
On Tuesday, Pacific Century won a bidding war for Hong Kong
telecommunications company Cable & Wireless HKT, offering
$35.9 billion in cash and shares in what would be Asia`s largest
merger.

Dallas-based global investing firm Hicks, Muse, Tate & Furst
Inc. completed or currently has pending deals with a capital value of some $43 billion.

``Finding emerging Internet businesses means finding the companies that are the catalysts in
the expansion of the Internet economy,`` said Richard Li, Chairman, Pacific Century Group in
the statement.

``CMGI and Hicks, Muse, Tate & Furst are ideal partners for us. They have a potent
combination of global financial savvy and technology knowledge.``

Shares in CMGI closed at 129-9/16 on Tuesday on the Nasdaq against a year high of 163-8/16
and a year-low of 30. In preopening trade CMGI eased to 129.

[Ataraxie]

Dienstag, 29. Februar 2000, 21:42 Uhr

Hicks, Muse, Tate & Furst beteiligt sich an Kauf von C&W HKT

Dallas (vwd) - Das Investmenthaus Hicks, Muse, Tate & Furst Inc will in die Akquisition des Telekomunternehmens Cable & Wireless (C&W) HKT Ltd durch
die Pacific Century CyberWorks Ltd, beide Hongkong, 500 Mio USD investieren. Wie Hicks, Muse, Tate & Furst am Dienstag in einer Pressemitteilung weiter
erklärten, werde das Investmenthaus im Gegenzug konvertible Vorzugsaktien von Pacific Century CyberWorks erhalten. Nach Abschluss der Transaktion
werde der Chairman und Chief Executive von Hicks, Muse, Tate & Furst, Thomas O. Hicks, in das Board von Pacific Century einziehen. vwd/DJ/29.2.2000/wi

[geldtip]

Mittwoch, 01.03.00 17:37

HONGKONG (dpa-AFX) - Die Gewinnmitnahmen bei den Aktien der Internetholding Pacific Century CyberWorks Ltd nach der erfolgreichen Übernahme von Cable & Wireless HKT sind nach Meinung von Analysten keine Überraschung. Sie könnte jedoch auch die Verunsicherung der Anleger bezüglich der Logik hinter der Übernahme widerspiegeln. Pacific Century CyberWorks Ltd verloren 7,9% auf 20,40 HKD bei einem Umsatz von 148,05 Mio. Aktien. Cable & Wireless HKT gaben 12,33% auf 22,75 HKD ab. Der Hang Seng Index verlor 1,9% auf 16.843,59 Zähler. Der Markt brauche Zeit um den möglicherweise weitreichenden Einfluss der Übernahme für Hongkong und für das Wesen der "New Economy" zu verstehen, sagte einige Analysten. Unabhängig der Vorbehalte gegen die Übernahme sei in Hongkong ein Unternehmen entstanden, das über das Management und die Mittel verfüge, um den asiatischen Markt zu dominieren.

`VERKAUF ODER BÖRSENGANG VON C&W-SPARTEN MÖGLICH` Cyberworks werde nach 12 Monaten einige Bestandteile von Cable & Wireless HKT verkaufen, um frisches Kapital zu bekommen, sagte ein Analyst eines US-Wertpapierhauses im Gespräch mit AFX-Asia. Dies könne durch den direkten Verkauf, aber auch über Börsengänge einzelner Unternehmenssparten erfolgen. "Die Übernahme ergibt für Cyberworks nur begrenzt Sinn. Tatsächlich sind nur zwei Cable & Wireless-Sparten für Cyberworks von Interesse: Das Breitbandnetz und die Internetzugänge. Insbesondere bekommt Cyberworks mit einem Schlag Kunden." Cyberworks wird nach dem Kauf von Cable & Wireless HKT 10 Mrd. USD aufnehmen müssen. Dies werde zwar den Hunger nach neuen Übernahmen dämpfen, doch neue strategische Partnerschaften seien weiterhin zu erwarten. Nach Einschätzung eines weiteren Analysten wird es noch viele Monate dauern bis sich ein klares Bild von dem neuen Unternehmen abzeichnet. "Bei dem gestrigen Treffen hat uns Richard Li (der Cyberworks Vorstandsvorsitzende) eine kurze Begründung für den Kauf von Cable & Wireless HKT gegeben. Zunächst habe Cyberworks durch den Kauf Zugriff auf einen großen Pool hochqualifizierter Mitarbeiter bekommen. Zweitens habe Cyberworks eine riesige Infrastruktur gekauft, die schon perfekt läuft. Als weitere Grund führte Li den steten und mächtigen Cash-Flow an, den Cable & Wireless HKT aus ihrem bestehenden Geschäft in Cyberworks einbringt."

MITARBEITER, TECHNIK UND CASH-FLOW ZÄHLEN - MUSTERMARKT HONGKONG "Li hat klar gemacht, dass er auf die Mitarbeiter bei Cable & Wireless setzt. Die Firma habe etwas weniger als 14.000 Mitarbeiter. Viele sind auf die Internet-, Multimedia- und Breitbandentwicklung spezialisiert, was exzellent zur Vision von Cyberworks passt," sagte der Analyst. Li sehe Hongkong auch als Mustermarkt für sein Breitband-Multimedia-Konzept. Ursprünglich wollte sich Cyberworks auf Indien, China und Japan konzentrieren. Nun sehe es so aus, als habe Cyberworks die gesamte asiatische Region im Visier. Bisher habe Richard Li nur Ideen und eine große Vision angeboten, nun werde er sagen: `Schau was wir in Hongkong haben ... Genau das könne wir Dir aufbauen.` Der Punkt `Cash Flow` spreche für sich selbst. Richard Li habe nun den steten Geldzufluss, den er so dringend für den Ausbau seines Unternehmens braucht. Unsicher sei die Zukunft des Joint-Ventures zwischen Cable & Wireless HKT und News Corp-Tochter StarTV. StarTV passe hervorragend in das Cyberworks-Geschäftskonzept. Die Frage sei, ob Richard Li mit der News Corp an einem Tisch sitzen möchte.

`WEITERE STÄRKUNG DURCH GEWICHTIGE PARTNER` James So, Direktor des Bereichs Institutionelle Anleger und Analyse bei Asia Financial Securities, wertete den Kauf von Cable & Wireless HKT als geschickten Schritt. Durch Cable & Wireless HKT stärke Cyberworks die eigene Position in Asien. Es entstünde ein Allzweck-Portal und E-Commerce-Anbieter, der vom Zusammenwachsen zwischen Fernsehen und Internet profitiere. Cyberworks könne durch Cable & Wireless HKT sowohl Breitband- wie auch konventionelle Internetzugänge anbieten. "Gleichzeitig kommen noch die Beiträge der übrigen Cyberworks-Partner ins Spiel. Firmen wie CMGI , Intel und Softnet werden das neu entstehenden Unternehmen zusätzlich stärken."

`ÜBERNAHME WIRD AUS CASH-FLOW BEZAHLT` - CYBERWORKS BEKOMMT ERSTE KUNDEN Laut einer Kurzstudie des Brokerhauses OSK Asia Securities gäben die Akquisitionskosten zwar Anlass zu Sorge. Letztlich werde jedoch der Mittelzufluss aus dem laufenden Geschäft bei Cable & Wireless HKT die Kosten decken. OSK erwartet ebenfalls den Verkauf einiger Sparten. Die verbleibenden Cable & Wireless-Sparten böten jedoch enormes Synergiepotenzial. Langfristig seien die Aussichten für Cyberworks gut. Auch Dao Heng Securities sieht positive Auswirkungen aus der Übernahme. Durch Cable & Wireless HKT werde sich der Start eines pan-asiatischen Breitbanddienst deutlich beschleunigen. Cyberworks habe nun 3,3 Mio. Telefonkunden, 1,0 Mio. Mobiltelefonnutzer, 400.000 Internetkunden, 90.000 Abonnenten beim interaktiven Fernsehen und 22.000 Breitbandkunden. Cyberworks werde wahrscheinlich das Modell `Hongkong` auf andere asiatische Märkte übertragen. Cable & Wireless HKT werde im Geschäftsjahr 2001 Cyberworks einen Mittelzufluss von 7,9 Mrd. HKD bescheren, so Dao Heng Securities./cs/ph

Quelle: dpa - AFX -Alle Angaben ohne Gewähr-

[slash]

Bin bei 2,81 raus.
Bei einem KGV von 3200 ist die Aktie ja nahezu geschenkt!!!!!
Bericht siehe letzte Telebörse.
Für ein KGV von 3200 habe ich keine Phantasie mehr.
slash

[Ataraxie]

Financial Times.com - What a Deal

Lex:
PCCW - What a deal
1 Mar 2000 06:56GMT

What a deal. And what a vindication of internet paper as a currency of acquisition. In many ways, Pacific Century Cyberwork`s $36bn takeover of Hong Kong Telecom is
even more remarkable than America Online`s acquisition of Time Warner. After all, AOL is a blue chip internet business with millions of subscribers. Pacific Century is
an internet project with tremendous potential but no subscribers. And Pacific Century had to bid against Singapore Telecom. Old hands will be amazed: this must be the
first time a big company has been taken over by an idea. The victory is a stunning coup for Richard Li, Pacific Century`s controlling shareholder, who has not only traded
his highly valued paper for hard assets but done so in a way that adds credibility to his grand ambition: to offer broadband interactive services across Asia.

Investors could be forgiven for taking the hype with a great pinch of salt. However, even before the deal Pacific Century had put in place some of the elements of this
strategy: it had alliances with Intel and CMGi, content ventures and some cutting edge intellectual property. Whether this merited its extraordinary valuation - more than
that of Amazon.com - is debateable. But even if it did, there was a big risk that Pacific Century`s momentum would fade as investors waited for it to start offering
services. That date has now jumped forward.

The big prize for Pacific Century is Hong Kong Telecom`s broadband cable network, which reaches 80 per cent of Hong Kong`s population. Pacific Century can use this
to deliver its interactive services more or less immediately, gaining first mover advantage. Hong Kong Telecom`s broadband expertise should help Pacific Century
accelerate its roll-out in other markets. Pacific Century also gets Hong Kong Telecom`s mobile and old fixed line businesses: prime candidates for sell-offs to reduce the
$11bn debt taken on to fund the acquisition.

How good a deal this is for Cable and Wireless, which is selling its 54 per cent stake in Hong Kong Telecom, is harder to assess. That depends on the performance of
Pacific Century shares - suspended for several days. C&W`s decision to turn down the rival offer from Singapore Telecom, involving more easily valued stock, is
certainly a bold one. But Pacific Century offered more cash - a total of $11.3bn. C&W has also announced plans to place some of the paper it receives with other
investors. Even so, SingTel offered a cleaner exit option. C&W decided that it gains strategically from staying with the new Pacific Century.

Then there was politics. Neither Beijing nor Hong Kong intervened in the bid battle. It was, though, clear that trusted Mr Li and Pacific Century was their prefered bet. All
parties had to factor that into their calculations - Hong Kong Telecom`s value rests on its local strength and its prospects of expanding into China. C&W also weighed up
the benefits of remaining friendly with the authorities with a view to future opportunities in China. In the Middle Kingdom, it pays to take a broad view of business.

http://news.ft.com/ft/gx.cgi/ftc?pagename=View&c=Article&cid…

[Krock]

09:41 02-MAR-2000
HK`s Li wins takeover, loses web
name battle

HONG KONG, March 2 (Reuters) - Hong
Kong`s Richard Li may have won the battle
to take over Cable & Wireless HKT
<0008.HK> but has been outwitted over the
registration of the soon-to-be merged
company on the World Wide Web. Li`s
Pacific Century CyberWorks <1186.HK> (PCCW) said on Tuesday
it would name the soon-to-be-merged company Pacific Century
CyberWorks-Hongkong Telecom (PCCW-HKT).

But both PCCW-HKT and PCCWHKT had already been registered
on .com, .net and .org websites by other people.

The register.com shows that pccwhkt.net and pccwhkt.org were
registered on Tuesday, the same day PCCW announced the merger
deal, by a Hong Kong person.

Pccw-hkt.org was registered by another Hong Kong person on
Tuesday, while both pccwhkt.com and pccw-hkt.com were taken by
two South Korean firms in February.

PCCW won the battle to take over C&W HKT from Britain`s Cable
& Wireless Plc with a US$35.9 billion cash-and-share deal, beating
rival bidder Singapore Telecommunications Ltd .

Officials from PCCW were not immediately available for comment.

But the Chinese-language Ming Pao newspaper quoted a
spokesperson from the young Internet startup as saying the company
was seeking legal advice on the name issue. .

Quelle: http://www.finet.com.hk/cgi-bin/news/index1.cgi?filecode=306…

Gruß Krock

[Ataraxie]

13:04
Richard Li: Merges with C&W HKT helps PCCW develop Japan & PRC network

(Infocast News) Richard Li, Chairman of PCCW (1186), emphasized in today`s press conference that PCCW and HKT C&W (0008) is a merge issue not an acquisition
issue.

He claimed that one of the reasons to merger with C&W HKT is its enormous network client base and steady current income which can speed up the development of
networks in Japan and the PRC and match with NOW, the network service of PCCW which will be launched in the middle of this year. In addition, the human resources,
the platforms and the market potential of C&W HKT are the key elements for the merger.

(02/03/00)

[Ataraxie]

12:53
Richard Li: Star TV and C&W HKT may discuss whether to continue coorperation

(Infocast News) Regarding to market`s worries on the termination of the coorperation between News Corp`s Star TV and C&W HKT (0008), Richard Li, Chairman of
PCCW (1186), said this morning that both parties intend to review whether or not they would continue or expand the said coorperation. The overriding concern is the
interest of the shareholders.

Otherwise, Murdoch, Chairman of News Corp, said in an interview with Financial Times, that he forecasts Star TV and C&W HKT`s coorperation on pay-TV and Internet
project will be terminated. However, Li said that he has no enemy in business and has forgotten News Corp`s investment in SingTel as Murdoch may opin that News
Corp`s investment resulted in a possible termination of coorperation between Star TV and C&W HKT.

(02/03/00)

[Ataraxie]

PCCW Rich in Cash

(1186)
Mar 02,2000 - 12:38:58 HKT

Mr Richard Li Tzar-kai, chairman of Pacific Century CyberWorks (1186), said the company has more than US$2 billion cash in hand. Combined with the US$2 billion
cash held by Cable & Wireless HKT (0008), the merged entity will have a reserve of US$4 billion (approximately HK$31.2 billion). Mr Li said he is not worried that taking
over HKT will lead to a heavy debt burden since the interest income from the cash holdings can help alleviate the debt level.

Quamnet News

[Ataraxie]

Pacific Century CyberWorks and SoftNet Systems Launch Pacific Century SoftNet to Bring Broadband Internet Access to Asia

PR Newswire - March 02, 2000 12:40
Jump to first matched term

SAN FRANCISCO and HONG KONG, March 2 /PRNewswire/ -- Leading broadband Internet services provider, SoftNet Systems, Inc. (Nasdaq: SOFN) and Pacific
Century CyberWorks Limited, the technology flagship of the Pacific Century Group ("PCCW": Reuters 1186.HK; Bloomberg 1186), today announced the launch of their
50/50 joint venture, Pacific Century SoftNet.

Pacific Century SoftNet has been formed to market high speed Internet access, technical expertise and related services and products to Asian cable operators and their
130 million subscribers in more than 50 Asian countries.

In Asia, broadband services can be delivered via cable operators, and Pacific Century SoftNet will have an enormous head start in this wide open market.

Pacific Century SoftNet will be headquartered in Hong Kong. Each company will hold two seats on the board of Pacific Century SoftNet. The chairmanship will be rotated
annually each year between the two parent companies.

Dr. Lawrence Brilliant, SoftNet chairman and chief executive officer, said, "Pacific Century SoftNet draws from the combined expertise of both companies to create a
very powerful Asian presence. The joint venture will provide the advanced network engineering, marketing and technical expertise necessary to empower Asian cable
companies to upgrade existing systems to provide broadband services to their subscribers. Asia is currently the most exciting market for the growing Internet economy
and PCCW`s ability to exploit emerging technology trends makes it the preferred Internet partner for companies such as SoftNet."

Hubert Ng, Pacific Convergence Corporation chief executive officer, said, "The creation of Pacific Century SoftNet is another exciting step for PCCW as we continue to
pioneer the Internet revolution in Asia. SoftNet`s ISP Channel has already launched more than 70 cable operations in the U.S. to deliver high speed broadband, giving it a
demonstrated ability to help us bring broadband to Asia."

Notes to editors

PCCW and SoftNet

The launch of Pacific Century SoftNet is part of a broader relationship between SoftNet and PCCW. In January, the companies announced the completion of a
transaction in which PCCW paid US$129 million for five million shares of SoftNet common stock, becoming SoftNet`s largest shareholder. In addition, George Chan,
executive vice president of Pacific Century Group, was appointed to SoftNet`s board of directors. Pacific Century Group expects to name a second member to SoftNet`s
board later this year.

[Ataraxie]

CyberWorks, Legend link for China broadband

By Bill Clifford, CBS MarketWatch
Last Update: 12:43 PM ET Mar 2, 2000 Listen to

Now that the merger machinations involving Cable & Wireless HKT have been settled, winning bidder Pacific Century CyberWorks Ltd. (PCCLF: news, msgs) can get
down to other projects -- including an alliance with China`s largest computer maker and distributor, Legend Holdings Ltd., to develop broadband Internet services in
China.

Legend Holdings` over-the-counter ADRs

Legend (LGHLY: news, msgs) will design and manufacture PCs with built-in cable modems to give users broadband connectivity to the Internet through PCCW`s
Network of the World technology. The NOW service, combining Web access with interactive digital video viewing, will be launched later this year.

Shares of the red-chip Legend soared ahead of Thursday`s announcement of the alliance, which had been postponed from Monday, and were nearly 27 percent higher
at 44.80 Hong Kong dollars. Legend claimed 27.3 percent share of China`s personal computer market in the fourth quarter of last year. In the Asia-Pacific region,
excluding Japan its market share slightly exceeds 9 percent. PCCW stock was up 1.5 percent to 20.70 Hong Kong dollars.

http://cbs.marketwatch.com/archive/20000302/news/current/asi…

[Ataraxie]

19:04 02-MAR-2000

ANALYSIS-PCCW faces no easy ride into China

By Matt Pottinger BEIJING, March 2 (Reuters) - After grabbing Hong Kong`s flagship phone company, Pacific Century CyberWorks Ltd <1186.HK> is turning its sights on
mainland China, but analysts said on Thursday it faces a host of obstacles in that vast market.

PCCW`s pending $38.1 billion takeover of Cable & Wireless HKT <0008.HK> will give the Internet startup a laboratory to roll out a core planned service: delivery of video
programming and the Internet over broadband networks.

Chairman Richard Li, son of one of Beijing`s favourite Hong Kong tycoons, Li Ka-shing, aims to beam the planned Network of the World (NOW) service across Asia
through telephone lines, cable TV systems and satellite.

But while the Li family name may open doors into the sanctums of power in China, NOW is unlikely to go anywhere in that vast market unless Beijing changes a raft of
regulations.

And while Hong Kong may provide a good launch pad for the system in sophisticated parts of Asia, the rich former British colony is hardly a microcosm of the China
market, which has creaky infrastructure and low Web penetration.

A LINK TO JIANG ZEMIN PCCW is already pushing an ambitious business strategy in China.

This week it announced a strategic tie-up with China`s largest computer maker, Legend Holdings Ltd <0992.HK>, and it has poured tens of millions of dollars into
China-focused Internet firms.

"Mainland China is definitely an important market for us," said Rebecca Leung, executive vice-president of Pacific Century Group.

"We are looking into quite a few ventures." PCCW and Legend have agreed to develop broadband services and content in China. Legend will design and make personal
computers with a built-in cable modem designed to carry PCCW`s combination of Web content and video programming.

The partnership adds to PCCW`s high-level personal connections.

Legend was founded by the Chinese Academy of Sciences, where President Jiang Zemin`s son holds a senior position.

Before joining the academy last year, Jiang Mianheng helped build Shanghai`s information industry.

"We have a very good relationship with the Chinese Academy of Sciences," Leung said. PCCW also has stakes in Chinese-language Web portals Sina.com, Sohu.com
and Tom.com <8001.HK>, which made a spectacular debut on Hong Kong`s new Growth Enterprise Market on Wednesday, soaring 335 percent from its issue price.
DELIVERY PROBLEMS PCCW`s problem will be delivering NOW, conceived as eight digital interactive channels focusing on areas such as sports, agriculture,
entertainment and education.

For a start, China bans most foreign satellite broadcasts.

The few channels which are licensed are only allowed in tourist hotels and compounds where foreigners live. What is more, cable television systems, which PCCW is
interested in using to carry its content to homes and offices, were effectively banned from connecting to the Internet last year except in a handful of cities.

"We have been talking to lots of licensed cable operators all over China," said Leung. "We have to adhere to the regulations." China is also expected to enforce
restrictions on foreign investment in Internet content and service providers.

MURDOCH HAS TROUBLES TOO Richard Li would not be the first media mogul to find himself frustrated in China. Despite years of effort, Rupert Murdoch has not
earned any profits out of piping News Corp`s Star TV programmes into China. But analysts said by the time PCCW has a workable product, China may have eased the
rules. Willie Brent, president of China Entertainment Network, said he expected China to have a change of heart and roll out a broadband network carrying video and
Internet in three to five years.

"Those rules are doomed by the force of market economics," Brent said. "The convergence that`s happening elsewhere will happen in China." .

[geldtip]

Freitag, 03.03.00 09:17

03.03.00 09:05 Pacific Century CyberWorks Ltd und SoftNet gründen Kabelnetz-Joint-Venture
HONGKONG (dpa-AFX) - Die Hongkonger Internetholding Pacific Century CyberWorks Ltd und die amerikanischen SoftNet Systems Inc wollen ein Gemeinschaftsunternehmen gründen. Das neue Unternehmen soll in Asien den Vertrieb von Kabel-TV-Anschlüssen mit integriertem Internetzugang vorantreiben, teilten die beiden Firmen am Freitag mit. Das Pacific Century SoftNet genannte Joint-Ventures soll asiatische Kabelnetz-Betreibern bei dem Ausbau und der Modernisierung ihrer Netze unterstützen. Auf diesem Weg sollen 130 Mio. Kabel-TV-Abonnenten in mehr als 50 asiatischen Ländern Hochgeschwindigkeits-Internetzugänge erhalten. An der gemeinsamen Firma werden die beiden Partner jeweils 50% halten. Eigenen Angaben zufolge hat SoftNet bereits 70 amerikanische Kabelnetz-Betreiber mit Hochgeschwindigkeits-Internetzugänge ausgerüstet. Pacific Century CyberWorks Ltd hält eine 22,5%-Beteiligung an SoftNet./cs




Quelle: dpa - AFX -Alle Angaben ohne Gewähr-

[tosca1]

PCCW-HKT to replace HKT as Hang Seng Index member
By Bloomberg, CNET News.com
Thursday, March 02 2000

HONG KONG--The company formed by the merger of Pacific Century Cyberworks Ltd (PCCW) and Cable &
Wireless HKT Ltd will replace HKT as a member of Hong Kong`s Hang Seng Index, said HSI Services Ltd, the
company that compiles and manages the index.

HKT`s replacement as a constituent stock of the city`s benchmark stock index is contingent on the current
telephone company being delisted, HSI Services said. Company officials expect the merger to take four months to
complete.

[FillOrKill]

Hallo Ihr PCCW - Fans !

Tja, ich besitze diese Aktie nicht aber ich verfolge schon längere Zeit euren Thread

Und nun habe ich aktuelle FAKTEN und NEWS für euch Nur einige Minuten alt :

11:02 06-MAR-2000 (Anmerkung: HK - TIME!)
Legend <0992.HK> hits new high, up 40.8 percent

HONG KONG, March 6 (Reuters) - Red chip Legend Holdings Ltd soared 40.8 percent or HK$20.30 to a record HK$70.00 early on Monday, boosted by a stock split proposal and after news of a strategic alliance with Internet firm Pacific Century CyberWorks <1186.HK>.

Within one hour of trade, shares in the Chinese computer maker stabilised, up HK$17.30 or 34.8 percent at HK$67.00 on heavy turnover of HK$415.5 million.


Quelle : http://www.finet.com.hk/cgi-bin/news/index1.cgi?filecode=308…

Ich hoffe, dass interessiert,
Grüsse,
FillOrKill

[Ataraxie]

Montag, 6. März 2000, 12:50 Uhr

CyberWorks nimmt wegen Übernahme von C&W HKT 12 Mrd USD Kredite auf

HONGKONG (dpa-AFX) - Die Pacific Century CyberWorks Ltd wird voraussichtlich rund 12 Mrd. USD an neuen Krediten aufnehmen, um die Übernahme der
Cable & Wireless (C&W) HKT zu finanzieren. Das berichtete die Tagezeitung "Ming Pao" am Montag unter Berufung auf CyberWorks-Vorstandschef Richard
Li.

Li verwies darauf, dass sein Unternehmen nicht mit Hutchison Telecom zusammen die Preise für Telefondienstleistungen zu manipulieren gedenke und das C&W
HKT eine bessere Marktposition als Hutchison Telecom habe.

CyberWorks habe zuerst mit Singapore Telecommunications (SingTel) kooperieren wollen, um C&W HKT zu kaufen. Später habe man sich zum Alleingang
entschlossen, nachdem SingTel die Gewährung des Zuganges auf den Telekom-Markt in Singapur abgelehnt habe.

Li habe sich dem Bericht zufolge zuversichtlich gezeigt, einen 5%igen Anteil an der tom.com zu erhalten./xs/ba