PCCW

PCCW Ltd.

Headquarters at PCCW Tower inTaikoo Place
Formerly	Pacific Century CyberWorks Limited
Company type	Public
Traded as	SEHK:8
Industry	Telecommunications
Founded	24 August 2000(2000-08-24)
Headquarters	Hong Kong
Key people	Richard Li(Chairman) B.G. Srinivas (Group Managing Director)
Products	Fixed-line,Broadband Internet access,IPTV,Mobile,IT Solutions,Data Centers,Contact Centers,Integrated Global Communications,Infrastructure,Advertising and Interactive Services
Owner	Pacific Century Group(30.99％) China Unicom(18.43％)
Number of employees	22,800 (2020)
Chinese name
Traditional Chinese	Tin điện doanh khoa công ty hữu hạn
Simplified Chinese	Tin điện doanh khoa công ty hữu hạn
Transcriptions Standard Mandarin Hanyu Pinyin Diànxùn Yíngkē Yǒuxiàn Gōngsī
Alternative Chinese name
Traditional Chinese	Tin điện doanh khoa
Simplified Chinese	Tin điện doanh khoa
Transcriptions Standard Mandarin Hanyu Pinyin Diànxùn yíngkē
Second alternative Chinese name
Traditional Chinese	Điện doanh
Simplified Chinese	Điện doanh
Transcriptions Standard Mandarin Hanyu Pinyin Diàn Yíng
ASN	3491
Traffic Levels	1Tbps+
Website	www.pccw

PCCW Limited(formerly known asPacificCenturyCyberWorks Limited) is aHong Kong–basedinformation and communication technology(ICT) and telecommunications company.

The company is the major owner of telecommunications companyHKT Limited,and also holds amajor interestin 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.

Main business and subsidiaries

HKT Limited

See also:HKT Limited

Subsidiaries and services

• Netvigator
• CSL Mobile( "csl", "1O1O" and "Club SIM" )
• Sun Mobile(majority stake)
• PPS (Payment by Phone Service) – abill paymentservice provided by HKT andEPS.
• The club – a Hong Kong customerloyalty programme.
• HKT Teleservices – formerly PCCW Teleservices, a contact centers and business process outsourcing provider
• HKT Payment Limited – the developer of "Tap & Go", a prepaid mobile payment service for Hong Kong users.
• HKT-eye –over-the-top media servicesandInternet Protocol TVservice delivered to firmware-modifiedtablet computer
• PCCW Global
  • Console Connect
  • Crypteia Networks

HKT Interactive Media/(Now TV/MOOV)

Main article:MOOV

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

• iTV, aninteractive television

Viu

Main article:Viu (streaming media)

Viu is anOver-the-top(OTT) video service operated by PCCW Media, providing popular Korean dramas and variety shows.

ViuTV

Main articles:ViuTVandViuTVsix

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.

Lenovo PCCW Solutions

Lenovo PCCW Solutions Limited

Formerly	Unihub
Company type	Limited company
Industry	Information Technology
Founded	15 August 2022
Headquarters	Hong Kong,China
Key people	Jerry Li, Chief Executive Officer
Owner	Lenovo (84%) and PCCW (16%)
Website	www.pccwsolutions

PCCW Solutions is theinformation technologyservices andbusiness process outsourcing(BPO) division of PCCW. Press releases prior to February 2006 refer to PCCW Solutionsby the nameUnihub.Unihub was a re-branding of PCCW'sBusiness eSolutionsdivision, from 1 September 2003.

Business eSolutions division formed a venture withChina Telecomto provide IT solutions to major business organisations in 2002. This was in addition to PCCW's PCITC alliance withSinopec,formed to serve Sinopec plus other players in China's petrochemical sector. The division also contributed to the newHong Kong Identity Cardsystem in 2003.

In early 2003, Business eSolutions entered a contract to provide services forBank of China's credit cardback officeprocessing system in China.It also extended a 2002enterprise resource planning(ERP) project into more provinces forChina Mobileand completed theflight information display system(FIDS) forXiamen Airport,and ahuman resource managementand financial management system for the Hong Kong Council of Social Service.

On 15 August 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.

Pacific Century Premium Developments

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 theCyberportproject, which includes the Bel-Air residential development, and renamed it Pacific Century Premium Developments.

Apart from the Bel-Air residential development, PCPD holds theright of first refusalto redevelop 60 PCCW-owned telephone exchange buildings into residential and commercial properties.

Past subsidiaries

UK Broadband

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 incentral London.In February 2017, PCCW agreed to sell UKBG to relatedcompanyCK Hutchison Holdings.

Jaleco

Main article:Jaleco

Corporate history

Thelegal personof PCCW Limited was incorporated as "Ring Holdings Limited" (Chinese:Dãy núi xí nghiệp công ty hữu hạn) on 24 April 1979. It was renamed several times and known asTricom Holdings Limited(Chinese:Đến tin giai tập đoàn công ty hữu hạn) in 1992. In October 1994, Tricom Holdings became a listed company.In May 1999Richard Liacquired the company,and as a backdoor listing, the listed company was renamed toPacific Century Cyberworks Limited(Chinese:Doanh khoa chữ số động lực công ty hữu hạn;abb.PCCW) in the same year.

In March of the same year,Richard Li's private companyPacific Century Groupwon a controversial land deal, acquiring valuable waterfront real estate from the government without anypublic auctionbids. The Hong Kong government, under chief executiveTung Chee Hwa,gave away the land to his new high-tech residential and commercial venture calledCyberport.The development of Cyberport was later injected toPCCW.

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.

PCCW acquired Hong Kong Telecom (HKT) in August 2000, which was formerly known as the "Hong Kong Telephone Company" (founded in 1925).Initially, HKT ownerCable & Wirelessentertained a bid fromSingapore Telecommunications,but there was Beijing concern about a Singapore company owning the largest Hong Kong telephone system.PCCW entered the scene and offered Cable and Wireless PCCW stock and US$11 billion in bank loans byHSBC,Bank of China,BNP Paribas&Barclays.The acquisition vaulted PCCW from adot-comholdings company to one of the largest universalcorporationsin Hong Kong. PCCW is now also the leadingInternet service providerin Hong Kong, using theNetvigatorbrand for dial-up modem andDSLservice. PCCW was the object of much scorn in Hong Kong as a result of the HKT purchase.In 2003, the company's stock price was down 96 percent from its 2000 peak.In the face of challenges due to debt, intense local telecoms competition and a struggling international joint ventureReach(50/50 owned by PCCW andTelstra), PCCW was the worst-performingblue chipon theHong Kong Stock Exchange(HKSE) in 2002 and 2003.Stock price came down from HK$129.25 to HK$4.7 in less than three years.

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.

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 operatorMTR Corporation Limited,took up the job of group managing director at PCCW on 25 July 2003.

The incumbentmanaging directoris George Chan. FormerInfosyspresident B.G. Srinivas has been announced as the group's managing director, effective July 2014.

After several years as a wholly owned subsidiary, PCCW floated HKT again in 2011.

FBI surveillance

According to a FCC document, undersea cabling companyReach– a joint venture ofTelstra(then 50.1 percent-owned by theAustralianGovernment) 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 USFBIstaff.

Attempted privatisation

Although PCCW's substantial shareholderChina Netcomhad 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'sMacquarie Bankand private equity firmTexas Pacific/Newbridge,submitted expressions of interest last month to acquire PCCW's core telecom and media assets.

PCCW chairmanRichard Lihas 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 toTelefónicafor 323 million euros.Leung, formerPeregrineinvestment banker, is closely associated withLi Ka-shing.PCCW's stock, which had joinedHang Seng Index(HSI) index on 9 August 2000,ceased to be a HSI constituent, effective 10 June 2008.

Purported Cable & Wireless takeover bid

News report from theSunday Timeson 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.

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. TheHong Kong Stock Exchangedemanded 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.

Privatisation plan

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.Privatisation would allow PCCW to bedelistedfrom Hong Kong Stock Exchange,while its parent would remain listed in Singapore.

Governance activistDavid Webbalerted 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.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;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.

See also

• Jaleco,former subsidiary

External links

• Official website
• Yahoo! – PCCW Limited Company Profile
• Relish Broadband