Word: hkt
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...RESIGNED. RICHARD LI, 36; as chief executive officer of Pacific Century CyberWorks Ltd. (PCCW); in Hong Kong. Li will be replaced by Jack So, currently chairman of Hong Kong's subway operator MTR Corp. PCCW acquired the city's former phone monopoly Cable & Wireless HKT for $28.5 billion in 2000. Li, son of Hong Kong's richest man, Li Ka-shing, will remain chairman of PCCW, which has debts of $4 billion...
...much more to explain recently than his company's $886 million loss during 2000. For instance, why did he claim to be a 1987 Stanford graduate when he had spent only three years there? Everything looked rosy last spring when Pacific Century paid $36 billion for Cable and Wireless HKT, the biggest corporate buyout in Asia outside Japan. The Stanford admission may have made credibility as big a problem for Li as profitability...
...from its February high of $3.38.) It was dragged down partly by NASDAQ's own lackluster performance, but there was another, more direct cause. Britain's Cable & Wireless, the parent of the Hong Kong firm, dumped a quarter of its 20.1% stake in CyberWorks, acquired after the merger with HKT was approved in August. According to analysts, the move suggested that Cable & Wireless expects CyberWorks' shares to fall further. "Actions speak louder than words," says Henry D.C. Lee, managing director of Hendale Asia, an investment-advisory firm in Hong Kong. "The signal was clear. They wanted...
...things change. When news of CyberWorks' plan to take over the telecom giant emerged on Feb. 15, the move was seen as inspired. The merger effectively allows CyberWorks to use HKT's assets, such as its broadband Internet service, cellular-phone system and potential third-generation cellular technology, as well as the right to offer programs of a former Richard Li property, Star TV network (a satellite broadcaster that runs mostly English-language programming across Asia) over the broadband network...
...will see big growth in three to four years' time, but in the short term, CyberWorks will remain an old phone company," says Lee. After a share-price drop earlier this month, analysts calculate that CyberWorks' net worth, at $24.5 billion, is about equal in value to just the HKT portion--effectively putting a zero valuation on the company's Internet business. Li's dream of walking on air has dropped below the clouds--and suddenly the future is looking more stormy than it did six months...