Pacific Century Group

Last updated

Pacific Century Group
Company type Private
Industry
FoundedOctober 1993;31 years ago (October 1993)
Founder Richard Li
Headquarters
Subsidiaries
Website www.pcg-group.com

Pacific Century Group (PCG), chaired by Richard Li, is an Asia-based private investment group founded in 1993 with interests in technology, media and telecommunications, financial services, infrastructure, property and other investments. [1] It operates mainly in the Asia-Pacific region, including Singapore, Hong Kong and Japan. [2]

Contents

PCG's main subsidiary is PCCW, which is the largest telecommunications and IT provider in Hong Kong, and through which it controls Hong Kong Telecom (HKT) and Pacific Century Premium Developments among other companies. [3] [4]

Background

Richard Li first became interested in the TMT space in 1989 when he foresaw the opportunity for the creative development of information and home entertainment services in Asia and set-up STAR TV, Asia's first satellite-delivered cable-TV service. [5] By 1993 STAR TV had a viewer base of 45 million. [6] In 1993, Richard Li sold STAR TV to Rupert Murdoch's News Corporation in 2 tranches for around US$1.0 billion, achieving a return of 9x over 3 years, [7] and went on to form PCG. [8]

Acquisitions

First Acquisition

PCG has a strong track record of holding and developing assets over the long term, and has a network of well-established connections in Asia. Its first foray into financial services came from the acquisition of Pacific Century Insurance ("PCI") in 1994. [9] PCI was listed on the stock exchange of Hong Kong in 1999. [10] By 2007, PCI was the sixth largest life insurer in Hong Kong, including PCI Investment Management [11] Between 2000 and 2007 this company's assets increased seven-fold and the firm received numerous awards from Standard & Poor's, as well as Lipper. [12] Having grown the business in Hong Kong into a public company with a strong agency force and sound financial performance, there were limited opportunities for expansion in Asia at that time. In 2007, PCI was sold to Fortis to better position the business for the next phase of growth as part of a broader international platform. [13]

Subsequent Acquisitions

PCG acquired AIG's asset management operations, AIG Investments, in 2010, and renamed it PineBridge Investments after restructuring. [14]

In February 2013, PCG announced the acquisition of the Hong Kong, Macau and Thailand insurance businesses from ING Groep N.V. (ING). PCG has said that these acquisitions are the first step in its plan to develop a world class pan-Asian insurance business to capitalise on the long-term potential of the insurance sector. The total cash consideration of the acquisition was US$2.14 billion (EUR 1.64 billion). [15]

In September 2020, FWD Group, the insurance arm of Pacific Century Group entered into a strategic partnership with IPP Financial Advisers to develop life insurance products. [16]

Brands

Current Subsidiaries and Investments

Former Subsidiaries and Investments

Related Research Articles

<span class="mw-page-title-main">PCCW</span> Hong Kong multinational telecommunications services company

PCCW Limited is a Hong Kong–based information and communication technology (ICT) and telecommunications company.

<span class="mw-page-title-main">Cyberport</span> Business park in Hong Kong

Cyberport is a business park in Southern District, Hong Kong, consisting of four office buildings, a hotel, and a retail entertainment complex. It describes itself as a digital technology community with over 1,800 digital and technology companies.

<span class="mw-page-title-main">Richard Li</span> Hong Kong businessman

Richard Li Tzar-kai is a Hong Kong businessman and philanthropist. The founder and chairman of the private investment group Pacific Century Group (PCG), Li started his career in the 1990s with the founding of STAR TV, a pan-Asian television network. After founding PCG in 1993, he went on to establish PCCW and HKT Trust.

Disney Networks Group Asia Pacific was a Hong Kong–based commercial broadcasting company operating multiple specialty television channels. The company was founded in 1991 by Hong Kong businessman Richard Li.

<span class="mw-page-title-main">People's Insurance Company of China</span> Chinese insurance company

The People's Insurance Company (Group) of China Limited, known as PICC Group or just PICC, is a Chinese listed insurer. The Chinese Central Government is the controlling shareholder.

Chow Tai Fook Life Insurance Company Limited is a Hong Kong insurance company that focuses on health insurance and life insurance products. It is a wholly owned subsidiary of Chinese conglomerate NWS Holdings.

<span class="mw-page-title-main">CSL Mobile</span> Hong Kong telecommunication company

CSL Mobile Limited is a Hong Kong telecommunications company, which operates mobile network brands of "csl", "1O1O" and "Club SIM". CSL is a subsidiary of Hong Kong Telecom (HKT) and was Hong Kong's first mobile communications operator established in 1983, and also the first network to launch the world’s first dual band 4G LTE network with DC-HSPA+.

Moov is a subscription-based music, podcast and video streaming service that combines lossless audio and high-definition music videos with exclusive content and special features on music. Moov was launched in 2006 by Hong Kong public company PCCW.

<span class="mw-page-title-main">AIA Group</span> Hong Kong-based multinational insurance and finance company

AIA Group Limited, often known as AIA, is an American-Hong Kong–based multinational insurance and finance corporation. It is the largest publicly traded life insurance group in the Asia-Pacific region. It offers insurance and financial services, writing life insurance for individuals and businesses, as well as accident and health insurance, and offers retirement planning, and wealth management services, variable contracts, investments and securities.

<span class="mw-page-title-main">Reach Limited</span>

Reach Limited is a Bermuda-incorporated holding company. It is a joint venture of Telstra and Hong Kong Telecom. Reach, headquartered in Hong Kong, has interests in more than 40 submarine cables and international satellite systems, mainly servicing the Asia Pacific area. Reach has operating licenses and landing rights in most major markets including Hong Kong, Japan, Korea, Taiwan, Singapore, Australia, North America and Europe.

<span class="mw-page-title-main">Linus Cheung</span>

Linus Cheung Wing Lam, JP was the chairman of Asia Television in 2008–2009, Chief Executive Officer of Hong Kong Telecom (HKT) and executive director of Cable & Wireless plc in the United Kingdom in 1994–2000, following the merger of Cable & Wireless HKT with PCCW Limited (PCCW) in 2000, Linus served as the Deputy Chairman of PCCW until 2004. Prior to joining HKT, Linus spent 23 years at Cathay Pacific, before departing as Deputy Managing Director. Linus then served on the board of China Unicom since 2004 and HKR International since 2006.

PCCW Mobile HK Limited previously known as Mandarin Communications Limited, was a subsidiary of PCCW involving mobile network operator of 2G and 3G in Hong Kong. It was previously owned by a Caymans-incorporated Hong Kong listed company Sunday Communications until 2006.

<span class="mw-page-title-main">Sun Mobile</span>

Sun Mobile Limited, formerly known as New World Mobility Limited, is a mobile network operator brand and company in Hong Kong. It is a joint venture of HKT and Telecom Digital.

<span class="mw-page-title-main">Gateway Communications</span>

Gateway Communications, also known as Gateway Carrier Services was a telecommunication business division. It was acquired by PCCW Global, a division of HKT Limited in 2012. HKT Limited itself was a subsidiary of PCCW. Gateway Global Communications owns one of the largest pan-African telecommunications networks, supplying Africa's foremost mobile operators and ISPs.

<span class="mw-page-title-main">Ageas</span> Belgian-listed international insurance Group

Ageas is a Belgian multinational insurance company co-headquartered in Brussels. Ageas is Belgium's largest insurer and operates in 13 countries worldwide. The company was renamed from Fortis Holding in April 2010 and consists of those insurance activities remaining after the breakup and sale of the financial services group Fortis during the financial crisis of 2007-2010.

<span class="mw-page-title-main">Hong Kong Telecom</span> Hong Kong telecommunications company

HKT Limited, also known as Hong Kong Telecom, is one of the largest telecommunications companies in Hong Kong. It has a dominant position in fixed-line, mobile, IDD and broadband services in Hong Kong. HKT Group is a subsidiary of PCCW since 2000, after it was acquired from Cable & Wireless plc.

<span class="mw-page-title-main">Star China Media</span> Chinese media company; subsidiary of China Media Capital

Star China Media, also known as Star (CM) Holdings, is a Chinese media company owned by China Media Capital. The company operates television channels Xing Kong and Channel V Mainland China, and maintains Fortune Star film library.

<span class="mw-page-title-main">FWD Group</span> Insurance company based in Hong Kong

FWD Group is an insurance company based in Hong Kong. Founded in 2013 as the insurance arm of Pacific Century Group, the company provides life and medical insurance, general insurance and employee benefits in Asia. As of 2021, the FWD managed approximately US$63 billion in assets. The company filed for its IPO in 2022 and refiled its Main Board listing application with the Hong Kong Stock Exchange on March 13, 2023.

The Li Ka-shing Family refers to a wealthy family based in Hong Kong but with business interests worldwide. The family empire was started by Li Ka-shing, a wealthy Hong Kong entrepreneur who has long been Hong Kong's wealthiest individual and one of the wealthiest in the world. While Li Ka-shing and his family are best known for CK Hutchison Holdings and CK Asset Holdings, they are also associated with a number of other businesses outside of CK including Pacific Century Group.

<span class="mw-page-title-main">PineBridge Investments</span> American Investment Management Firm

PineBridge Investments is an American asset management firm. It was previously the asset management division of American International Group (AIG) known as AIG Investments before being sold to the Pacific Century Group in 2010. It was subsequently renamed to PineBridge Investments.

References

  1. Bloomberg (29 March 2010). "PineBridge Investments' Sale to Pacific Century Group Complete". Bloomberg.
  2. "White & Case Advises Pacific Century Group on Closing of AIG Investment Advisory and Asset Management Purchase". White & Case. 29 March 2010.
  3. PCCW stock becomes value number, International: SCMP.com, 2012
  4. Telecom Asia (November 2007). "News Map". Telecom Asia. Archived from the original on 14 July 2014.
  5. Catherine Ong (24 July 1994). "Richard Li : Asserting his place in life". Straits Times.
  6. Philip Shenon (23 August 1993). "THE MEDIA BUSINESS; Star TV Extends Murdoch's Reach". New York Times.
  7. Juliana Liu (20 July 2011). "Rupert Murdoch's Chinese dreams never became a reality". BBC.
  8. Christopher W. Runckel (December 1999). "Interview with Richard Li of Hong Kong". Runckel & Associates.
  9. Fortis (1 March 2007). "Fortis to acquire a majority stake in Pacific Century Insurance ("PCI")". Fortis.
  10. PCI (8 November 2004). "Pacific Century Insurance performs well in Q3". PCI.
  11. PR/Newswire (27 October 1999). "S&P Assigns 'Bpi' Rating to Pacifc Century Insurance". PR Newswire.
  12. ING (25 March 2013). "ING Life Insurance Company (Bermuda) Limited". ING.
  13. "Fortis aims to buy Pacific Century Insurance -source". Reuters. Reuters. 28 February 2007.
  14. PineBridge Investments' Sale to Pacific Century Group Complete, International: Bloomberg, 2010
  15. "ING Groep NV Completes Sale of Insurance Units in Hong Kong, Macau, Thailand". Reuters. Reuters. 28 February 2013. Archived from the original on 14 July 2014.
  16. "FWD Acquires Stake in Financial Planning Company". finews.asia. 8 September 2020. Retrieved 8 September 2020.