PCCW Limited

Note: the HK stock code of this company was formerly 1186. It was changed to 0008 with effect from 17-Aug-00.

Formerly known as	Until
Pacific Century Cyberworks Limited	9-Aug-02
Tricom Holdings Limited	13-Aug-99

Ex-senior executive charged for alleged accounting fee fraud
ICAC, 1-Nov-07

PCCW-HKT Telephone Ltd v The Telecommunications Authority
HK Court of First Instance, 1-Jun-07

Webb on "Backchat" re PCCW, MTR/KCR and Open Forum
RTHK, 27-Jun-06

Breach of Listing Rules
Company announcement, 31-Dec-03

Vampire bites PCCW
At PCCW's AGM on Thursday, investors voted against the general issue mandate by an estimated margin of 77.4% to 22.6%, or more than 3 to 1, the 6th index win for Project Vampire. A low turn-out may indicate how little interest this company now commands amongst institutional investors. (27-May-03)

Results of AGM
Company announcement, 22-May-03

PCCW voting advice
The 15th AGM in Project Poll is on 22-May-03. We urge shareowners to protect their investment by voting against the general mandate. (9-May-03)

Laughing Stock: Don't Ask, Don't Tel
PCCW introduces new "Don't Ask, Don't Tel" branding to investor relations product. (10-Feb-03)

The Undergraduate
So the truth is out, and Richard Li has admitted that he did not graduate from Stanford, contrary to claims previously made in PCCW biographies and the group web site. In admitting this, the company took pains to emphasise that the claim was not made "in public disclosures filed by the Company in accordance with applicable legal requirements". That's true, as far as it goes... but Webb-site.com can reveal that the degree claim has been made in both the US and Singapore in legal filings of documents for which Richard Li was responsible - read on. (23-Mar-01 updated 24-Mar-01)

Telstra's New Deal
After six months of negotiation, the final terms of the Telstra-PCCW deal are out. Webb-site.com takes you behind the numbers and tells you what the press release didn't say. (13-Oct-00)

What Price Mobile?
We examine the price on the mobile phones in the Telstra-PCCW deal, and find a huge premium to listed competitors Smartone and Sunday. We also look at how the HK Government's pending decision on 3G will affect all players. Finally Webb-site.com walks the Telstra board through some of the many alternatives to an over-priced deal with PCCW. (2-Oct-00)

End Game for PCCW
We examine the collapse in the price of PCCW and the self-inflicted situation of Cable & Wireless. We ask whether the Telstra convertible loan note could be repriced again, and ask what has happened to the planned funding from Hicks Muse Tate and Furst. Finally, we tell you why we've spent so much time on this company in the first place. (21-Sep-00)

HKT Completion
The PCCW takeover of HKT became effective today. The resultant shareholdings add up to one giant overhang. We also look at how many people failed to elect for the more valuable of the two offers, the shrinking investment portfolio, and the silence surrounding key deals by PCCW needed to refinance its debt as it transits from concept stock to telecom utility. (17-Aug-00)

Decision Time
As the shareholder meetings of C&W and HKT draw nearer, we take a look at the details of the takeover document. If you are an HKT shareholder, watch out for a sting in the offer alternatives. If you are a C&W shareholder, consider the real value of the huge PCCW stake your company will be getting. We also review the debt burden PCCW will be under and find a few surprises in the offer document. (9-Jun-00)

Schemes & Votes
The proposed takeover of C&W HKT by PCCW is being done by Scheme of Arrangement rather than General Offer. While this tactic accelerates the path to 100% ownership (and access to HKT's cash) the legal framework leaves the deal open to a decision by minority shareholders in the final vote. If you are an HKT shareholder, find out how to make your vote count! (29-May-00)

Starless Now?
The PCCW-HKT takeover document is out, and we've read it. We'll give you the inside track on that in the next few days. But first, spare a thought for News Corp's Star TV, which in November announced a joint venture with HKT for digital TV. In another Webb-site.com exclusive, we have seen the full joint venture agreement. The JV seems almost certain to collapse, and we'll tell you why... (28-May-00)

Behind the Telstra Deal
PCCW has begun to dismember C&W HKT even before it has bought it. Lining up a deal with Telstra yesterday, it will sell 40% of the mobile phone operations and borrow US$1.5bn in a subordinated convertible loan from Telstra. We take a look at the terms of the transaction, and update our valuation of PCCW with and without HKT, to take account of the slide in the market prices of its internet portfolio. (13-Apr-00)

End of The Equity Spiral
We look in detail at last week's announcement of the proposed acquisition by Pacific Century CyberWorks of Cable & Wireless HKT. The issue of inflated shares in the deal will raise our valuation per share, but PCCW is now so big that the equity spiral is over, and there's a gap of US$44bn of hope or hype in the price. Read our detailed evaluation and discover the key "crossover" point between the two offers. (5-Mar-00)

PCCW Portfolio
This page provides details of the known investments and acquisitions of Pacific Century CyberWorks (PCCW) (last update: 18-Feb-00)

Screening Our Calls
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. (15-Feb-00)

PCCW Funding
This page provides details of the various equity issues for cash by Pacific Century CyberWorks. It does not include shares issued in exchange for assets or shares of other companies. (15-Feb-00)

Tricom's Day of Reckoning
The day of reckoning approaches for Tricom, shortly to be renamed Pacific Century CyberWorks. Yesterday Pacific Century announced an injection of its Intel joint venture into Tricom, on terms we examine in this article. In a previous article we called the stock over-valued at $1.83. It closed yesterday at $1.00, on the eve of a 5 to 1 consolidation. We review the share transactions since the deal was announced, and give you our take on what happens next. (3-Aug-99)

Cyber-Sale?
Two recent votes in Legco approved funding for the Cyberport's basic infrastructure, after a meeting between the government and 10 leading developers who had raised objections to the deal. Webb-site.com has learned that the Government has appointed Morgan Stanley to advise it in relation to the project. Rumours are circulating that a Government announcement is expected in the next few days. We make a prediction of what they will say...(9-Jun-99)

Kroll Investigates our Cyberport Coverage
In a development with startling implications for press freedom in Hong Kong, Webb-site.com discovers that leading private-eye Kroll has been investigating our critical coverage of the Cyberport, for an unknown client, as part of a wider on-going project. (27-May-99)

Pacific Century CyberWok (updated 8-Jul-99)
Will punters never learn? Tricom's deal with Pacific Century Group may be exciting, but it might be safer to rename the vehicle Pacific Century CyberWok, for the effect it will have on people who bought the shares yesterday! (5-May-99)

Pacific Roundabout
Richard Li's Pacific Century Group is reversing a property called Pacific Century Place, Beijing, into Hong Kong-listed Tricom, currently a subsidiary of China Strategic. Webb-site.com reveals a previous link between China Strategic and the property, once known as Nation Wealth Plaza. (5-May-99)

Cyber Villas by the Sea
A critical analysis of the Government's proposed joint venture property development with Pacific Century Group. The author finds the project space is 75% residential. (22-Mar-99)

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