Formerly | Pacific Century CyberWorks Limited | ||||||
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Company type | Public | ||||||
Industry | Telecommunications | ||||||
Founded | 24 August 2000 | ||||||
Headquarters | Hong Kong, China | ||||||
Key people | Richard Li (Chairman) B.G. Srinivas (Group Managing Director) [1] | ||||||
Products | Fixed-line, Broadband Internet access, IPTV, Mobile, IT Solutions, Data Centers, Contact Centers, Integrated Global Communications, Infrastructure, Advertising and Interactive Services | ||||||
Owner |
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Number of employees | 22,800 (2020) | ||||||
Chinese name | |||||||
Traditional Chinese | 電訊盈科有限公司 | ||||||
Simplified Chinese | 电讯盈科有限公司 | ||||||
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Alternative Chinese name | |||||||
Traditional Chinese | 電訊盈科 | ||||||
Simplified Chinese | 电讯盈科 | ||||||
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Second alternative Chinese name | |||||||
Traditional Chinese | 電盈 | ||||||
Simplified Chinese | 电盈 | ||||||
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ASN | |||||||
Traffic Levels | 1Tbps+ [2] | ||||||
Website | www |
PCCW Limited (formerly known as PacificCenturyCyberWorks Limited) is a Hong Kong-based information and communication technology (ICT) company.
The company is the major owner of telecommunications company HKT Limited, and also holds a major interest in Pacific Century Premium Developments Limited. PCCW headquartered in Hong Kong and operates in Europe, the Middle East, Africa, the Americas, mainland China, and other parts of Asia. [3]
Moov is a lossless music digital streaming service based in Hong Kong. It provides music content, including songs, concert videos, MVs, and other music shows, under a monthly fee.
Former service
Viu is an Over-the-top (OTT) video service operated by PCCW Media, providing popular Korean dramas and variety shows.
ViuTV and ViuTVsix are a general entertainment television channels in Hong Kong operated by HK Television Entertainment (HKTVE). The channel serves as a free-to-air outlet for television programmes shown on the channels operated by Now TV. In 2015, HK Television Entertainment was granted a 12-year free-to-air television broadcast license by the Hong Kong Government. [18]
Formerly | Unihub |
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Company type | Limited company |
Industry | Information Technology |
Founded | August 15, 2022 |
Headquarters | Hong Kong, China |
Key people | Jerry Li, Chief Executive Officer |
Owner | Lenovo (84%) and PCCW (16%) |
Website | www |
PCCW Solutions is the information technology services and business process outsourcing (BPO) division of PCCW. Press releases prior to February 2006 refer to PCCW Solutions[ original research? ] by the name Unihub. [19] Unihub was a re-branding of PCCW's Business eSolutions division, from 1 September 2003. [20]
Business eSolutions division formed a venture with China Telecom to provide IT solutions to major business organisations in 2002. This was in addition to PCCW's PCITC alliance with Sinopec, formed to serve Sinopec plus other players in China's petrochemical sector. The division also contributed to the new Hong Kong Identity Card system in 2003. [19]
In early 2003, Business eSolutions entered a contract to provide services for Bank of China's credit card back office processing system in China. [21] It also extended a 2002 enterprise resource planning (ERP) project into more provinces for China Mobile and completed the flight information display system (FIDS) for Xiamen Airport, and a human resource management and financial management system for the Hong Kong Council of Social Service. [22]
On August 15, 2022, PCCW and Lenovo started a strategic partnership to create a technology solutions business, forming Lenovo PCCW Solutions (LPS).
Lenovo becomes an effective 84% shareholder in Lenovo PCCW Technology Solutions (PLTS) via a direct 80% interest in PLTS and a 20% stake in PCCW Network Services, the holding company of PCCW's remaining IT solutions obligations in Hong Kong. LPS will focus on expanding its activities across Asia, including Hong Kong, Macau, mainland China, Singapore, and the Philippines.
Lenovo and PCCW believe it represents over $300B in addressable IT Services market opportunity. [23]
Majority-owned by PCCW, Pacific Century Premium Developments ("PCPD", SEHK : 432) develops and manages property and infrastructure projects, as well as investments in buildings in the Asia-Pacific region. PCCW acquired a majority stake in Dong Fang Gas Co. Ltd through a back door listing in 2004, injecting the development rights to the Cyberport project, which includes the Bel-Air residential development, and renamed it Pacific Century Premium Developments. [24] [25]
Apart from the Bel-Air residential development, PCPD holds the right of first refusal to redevelop 60 PCCW-owned telephone exchange buildings into residential and commercial properties. [24]
The UK Broadband Group (shortened to UKBG for marketing) is a wholly owned subsidiary and upstream service provider. Its UK business has been a failure. In June 2014, UKBG launched a 4G service in central London. In February 2017, PCCW agreed to sell UKBG to related[ clarification needed ] company CK Hutchison Holdings. [26] [27] [28]
This section needs additional citations for verification .(May 2013) |
The legal person of PCCW Limited was incorporated as "Ring Holdings Limited" (Chinese :群山企業有限公司) on 24 April 1979. It was renamed several times and known as Tricom Holdings Limited (Chinese :得信佳集團有限公司) in 1992. In October 1994, Tricom Holdings became a listed company. [29] [30] In May 1999 Richard Li acquired the company, [31] [32] and as a backdoor listing, the listed company was renamed to Pacific Century Cyberworks Limited (Chinese :盈科數碼動力有限公司; abb. PCCW) in the same year.
In March of the same year, Richard Li's private company Pacific Century Group won a controversial land deal, acquiring valuable waterfront real estate from the government without any public auction bids. The Hong Kong government, under chief executive Tung Chee Hwa, gave away the land to his new high-tech residential and commercial venture called Cyberport. [33] The development of Cyberport was later injected to[ clarification needed ] PCCW.
The stock of Pacific Century CyberWorks rose from HK$6.00 to HK$19.50 between 1 and 28 December 1999. 23 Dec is a Heritage of Pacific Century CyberWorks, breaking the record of a single company in Hong Kong history with a HK$5 billion transaction. Pacific Century CyberWorks became the seventh-listed (value over HK$170 billion) company on the Hong Kong Exchange on 28 December 1999.[ citation needed ]
PCCW acquired Hong Kong Telecom (HKT) in August 2000, which was formerly known as the "Hong Kong Telephone Company" (founded in 1925).[ citation needed ] Initially, HKT owner Cable & Wireless entertained a bid from Singapore Telecommunications, but there was Beijing concern about a Singapore company owning the largest Hong Kong telephone system.[ citation needed ] PCCW entered the scene and offered Cable and Wireless PCCW stock and US$11 billion in bank loans by HSBC, Bank of China, BNP Paribas & Barclays. [34] The acquisition vaulted PCCW from a dot-com holdings company to one of the largest universal corporations in Hong Kong. PCCW is now also the leading Internet service provider in Hong Kong, using the Netvigator brand for dial-up modem and DSL service. PCCW was the object of much scorn in Hong Kong as a result of the HKT purchase.[ citation needed ] In 2003, the company's stock price was down 96 percent from its 2000 peak.[ citation needed ] In the face of challenges due to debt, intense local telecoms competition and a struggling international joint venture Reach (50/50 owned by PCCW and Telstra), PCCW was the worst-performing blue chip on the Hong Kong Stock Exchange (HKSE) in 2002 and 2003.[ citation needed ] Stock price came down from HK$129.25 to HK$4.7 in less than three years. [35]
In 2003, Cable and Wireless finished cashing in all the stock from the 14.7 percent stake it had in PCCW. Worth US$5 billion at the time of the 2000 acquisition of HKT, the stock sales yielded only $1.9 billion in the end.[ citation needed ]
Richard Li resigned as PCCW's chief executive officer in July 2003 but remained chairman and executive director. Jack So, who left his chairman position at Hong Kong subway operator MTR Corporation Limited, took up the job of group managing director at PCCW on 25 July 2003.
The incumbent managing director is George Chan. Former Infosys president B.G. Srinivas has been announced as the group's managing director, effective July 2014. [1]
After several years as a wholly owned subsidiary, PCCW floated HKT again in 2011.
According to the leaked document, undersea cabling company Reach – a joint venture of Telstra (then 50.1 percent-owned by the Australian Government) and PCCW, a Hong Kong corporation – had to send all communications to or from US to a storage facility "physically located in the United States, from which Electronic Surveillance can be conducted pursuant to Lawful US Process." The document also specifies the facility should be run exclusively by US FBI staff. [36] [37]
Although PCCW's substantial shareholder China Netcom had earlier expressed objection to any disposal of key assets to foreign groups, it also refused to increase its stake; Richard Li attempted to exit from the business in 2006. Li received competing offers from two consortia led by Australia's Macquarie Bank and private equity firm Texas Pacific/Newbridge, submitted expressions of interest last month to acquire PCCW's core telecom and media assets. [38]
PCCW chairman Richard Li has agreed to sell his indirectly held 22.66 percent stake in PCCW on 11 July 2006 to Fiorlatte Ltd, a new startup company wholly owned by Francis Leung Pak-to, for a total consideration of HK$9.16 billion. In turn, Francis Leung Pak-to has agreed to sell an 8% stake in PCCW to Telefónica for 323 million euros.[ citation needed ] Leung, former Peregrine investment banker, is closely associated with Li Ka-shing. PCCW's stock, which had joined Hang Seng Index (HSI) index on 9 August 2000, [39] ceased to be a HSI constituent, effective 10 June 2008. [40]
News report from the Sunday Times on 6 February 2003 revealed that PCCW made a preliminary takeover approach to Cable & Wireless in December 2002 as the British company's share languished near record lows. [41]
Li told the Sunday Times newspaper that PCCW would not launch a hostile bid for C&W but that the two companies could work together to enhance shareholders' value.
The Times quoted Li as saying that he was planning to try again that week with a two billion pound (US$3.27 billion) bid for C&W. Following the news report, PCCW issued a statement through the Hong Kong stock exchange on 6 February 2003 morning saying it had not made a formal offer for C&W and was not in takeover talks with the company. Later in the day, in London and Hong Kong, PCCW issued statements saying it had made a preliminary takeover approach to C&W in a letter at the end of 2002.
PCCW apologised on 10 February 2003 for making what some in the market see as contradictory statements. The Hong Kong Stock Exchange demanded an explanation from PCCW after noting discrepancies between the two statements regarding its approach to C&W about a possible bid.
In any case, C&W had rebuffed PCCW's takeover approach by February 2003. [42]
In a heated shareholders meeting held on 4 February 2009, which lasted seven and a half hours, the shareholders approved the PCCW plan allowing its majority shareholders to force out all minority shareholders of the company amidst allegations of vote-buying. [43] Privatisation would allow PCCW to be delisted from Hong Kong Stock Exchange, [44] while its parent would remain listed in Singapore.
Governance activist David Webb alerted the authorities to allegations that hundreds of agents at Fortis Insurance Co. (Asia), once part of PCCW, may have been given board lots of 1,000 PCCW shares. [45] The Securities and Futures Commission found that Francis Yuen, a Li associate, and member of the buyout group, had instructed a senior executive at Fortis to distribute PCCW shares to about 500 Fortis agents. Yuen and Fortis Asia regional director, Inneo Lam, had exchanged telephone calls shortly before Lam ordered half a million PCCW shares that were later split into board lots and given away to his staff; [46] Lam's secretary had asked for, and received, share transfer forms from Yuen's secretary. Majority shareholders gained approval from the High Court to proceed with their US$2.2 billion privatisation, but the Appeals Court unanimously overturned the ruling. [47]
Communications in Hong Kong includes a wide-ranging and sophisticated network of radio, television, telephone, Internet, and related online services, reflecting Hong Kong's thriving commerce and international importance.
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.
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.
Cable & Wireless Worldwide PLC was a British multinational telecommunications services company headquartered in Bracknell, United Kingdom. It was formed in 2010 by the split of Cable & Wireless plc into two companies, the other being Cable & Wireless Communications serving Central America and the Caribbean.
China United Network Communications Group is a Chinese state-owned telecommunications operator. Started as a wireless paging and GSM mobile operator, it currently provides a range of services including mobile network, long-distance, local calling, data communication, Internet services, and IP telephony. China Unicom is the third-largest wireless carrier in China and the sixth largest mobile provider in the world as of 2022.
Cheung Kong (Holdings) Limited, is a multinational conglomerate, based in Hong Kong. It was one of Hong Kong's leading multi-national conglomerates. The company merged with its subsidiary Hutchison Whampoa on 3 June 2015, as part of a major reorganisation, to become part of CK Hutchison Holdings.
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. It operates mainly in the Asia-Pacific region, including Singapore, Hong Kong and Japan.
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+.
Now TV is a pay-TV service provider in Hong Kong operated by PCCW Media Limited, a wholly owned subsidiary of PCCW. Launched on 26 September 2003, its TV signal is transmitted with IPTV technology through HKT's fixed broadband network.
HKBN Ltd., commonly known for its subsidiary Hong Kong Broadband Network Limited, is a Hong Kong-based Internet, communication and telecommunication company. HKBN was established on 23 August 1999, it is one of the largest residential and enterprise internet, communication and telecommunications service providers in Hong Kong.
David Michael Webb is an activist investor, share market analyst and retired investment banker based in Hong Kong.
The Office of the Telecommunications Authority (OFTA) is the legislative body responsible for regulating the telecommunications industry in Hong Kong. The OFTA has liberalized all telecom sectors and there are no foreign ownership restrictions.
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.
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.
Sunday Communications Limited is a Cayman Islands incorporated holding company, but headquartered and listed in Hong Kong. It is the parent company of a mobile network operator of Hong Kong, Mandarin Communications.
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.
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.
Coolpad Group Limited is a Chinese telecommunications equipment company headquartered in Shenzhen, Guangdong. It is incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange as SEHK: 2369. It is a large smartphone company ZTE in China and the largest Chinese domestic by sales outside of China. Since acquired by Jia Yueting, it was part of LeEco Group, but not under the group mainland's parent company Leshi Holding.
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.
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has generic name (help)This month's Tricom Holdings IPO officially closed 12% oversubscribed on 5 October. The 63m share sale at HK$1.20 per share will be listed this Monday.......
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