Meter Madness
How HK's policies of pseudo-anonymity and deep under-pricing of metered parking have resulted in a half-baked not-very-smart upgrade to the system, launched yesterday. (19-Jan-2021)
PCCW-HKT v HK Broadband Network Ltd
HK Court of First Instance, 5-Sep-2018
HKT's claim of trademark infringement in HKBN's advertising is dismissed.
HKBN and HKT salesmen in court for alleged bribery for customer referral
ICAC, 10-Jan-2017
SFC fines Kingston HK$500k
SFC, 5-May-2015
This story is a leftover from a vote-rigging scheme in the attempted privatisation of PCCW in 2009. The 22 clients in Macau were among 175 Kingston clients who bought 1-3 board lots of PCCW shares, withdrew them from the clearing system, registered them in their own names and then voted in favour of the privatisation to boost the headcount.
Ex-PCCW executive jailed 16 months for accepting HK$1.7m bribes
ICAC, 17-Oct-2014
Ex-PCCW executive admits accepting HK$1.7m in bribes
ICAC, 25-Sep-2014
HKT's abuse of ID numbers
Your ID number is not a password; so many firms and people know your identity - but dominant land-line provider HKT Ltd (6823) is using it that way to access your phone bills. HKT: Here to Cut Corners. (9-Sep-2014)
Senior PCCW exec charged with accepting HK$1.7m in bribes
ICAC, 24-Jul-2014
Siblings jailed for bribery and fraud over Now TV game show
ICAC, 25-Nov-2013
Perhaps they had seen Robert Redford's "Quiz Show" (1994).
Government trys to explain decision on free TV licences
HK Government, 5-Nov-2013
ExCo Secretariat statement on free TV
HK Government, 5-Nov-2013
It is unclear whom the Secretariat actually is, or speaks for - did ExCo authorise this statement? The Secretariat "disagrees" to the disclosure of the Cosultant's reports (plural) on the "competition implications of new entrants the local free TV market". So there is no specific agreement or undertaking preventing HKTV from publishing them. They should go ahead and do so. The Secretariat regards this as "partial and selective", so it should disclose the rest. Besides, competition implications should have been irrelevant to a decision - viability is for the free market to decide.
Webb on "Backchat" re free TV and mobile phone spectrum
RTHK, 16-Oct-2013
SCED's opening remarks on new free TV licences
HK Government, 15-Oct-2013
Chief Executive in Council approves in principle two applications for free TV licences
HK Government, 15-Oct-2013
Siblings bailed in game show bribery case
HK Standard, 8-Aug-2013
Siblings face fraud charges over television quiz bribery
South China Morning Post, 8-Aug-2013
Game's up as sibling pair accused of show fraud
HK Standard, 7-Aug-2013
Duo charged with bribery and fraud over TV game show
ICAC, 6-Aug-2013
The sister, named here as Fung Kin Man, was later named Fung Kwan Wai when she was sentenced on 25-Nov-2013.
Paul Chan Cheuk Chi v HKICPA
HK Court of Appeal, 8-Feb-2013
LegCo Question: why are those TV licenses taking so long?
HK Government, 7-Nov-2012
"The CE in Council is now processing the recommendations in a prudent manner. The outcome will be announced as soon as possible after a decision is made by the CE in Council."
Legco Question: why are those TV licences taking so long?
HK Government, 17-Oct-2012
"The Administration is now processing the applications in a prudent manner and will announce the outcome as soon as possible after a decision is made by the CE in Council."
Decapitate the headcount
We make the case for abolition of the archaic and anarchic headcount rule in Schemes of Arrangement, which was brought into focus when we reported evidence of a vote-rigging scheme in the proposed PCCW privatisation in 2009. For once, the tycoons agree with us, but the Government seems afraid to take the lead. (12-Mar-2012)
HKICPA disciplines Paul Chan Cheuk ChiReasons
HKICPA, 24-Feb-2012
The unnamed finance director (actually, manager) is Steve Lam Sing Keung and his unnamed employer was PCCW Ltd (0008). The unnamed corporate practice of which Paul Chan Cheuk Chi was a director is Baker Tilly Hong Kong Ltd. The bogus debit note was to cover the cost of "employing" Lam's girlfriend so that she could get a work visa in HK.
TV licensing in HK: what a mess
HK Government, 11-Jan-2012
Unlike cellphone networks, TV stations don't have to bid for their radio spectrum, and can squat on it with only cursory reviews. The Chief Executive of HK decides who should be allowed to broadcast. Let the market decide instead.
HKSAR v Tai Kai CheungReasons for sentence
HK Court of Appeal, 24-Mar-2011
How a PCCW accounts manager scammed his employer out of commissions for sales of phantom mobile phone contracts.
Ex-GM of PCCW charged with fraud and bribery over logistic agreements
ICAC, 12-Jan-2011
Chung Nam Securities & responsible officers fined HK$1.3m re PCCW trades
SFC, 26-Aug-2010
This relates to the vote-rigging of the headcount in PCCW's privatisation exposed by Webb-site in 2009. The judge in the Court of First Instance said "I agree with the submission of the SFC that there are sufficiently cogent reasons to infer that the 132... persons in whose names the single board lots were acquired through Chung Nam...did so as a result of a plan devised by Eugene boost the head-count...The purchase of 125 single board lots would appear to have been financed by Eugene Chuang".
HKICPA strikes off Steve Lam Sing KeungReasons
HKICPA, 7-Jun-2010
Once again the HKICPA fails to name the listed company for which the accountant worked. It was PCCW Ltd. We note that Mr Lam was not a director of the listed company but was described by the ICAC as "director of group finance".
PCPD details Cyberport dispute with government
Company announcement, 23-May-2010
Comment: readers will recall we criticised this interventionist property project, announced by Donald Tsang in his 1999 budget and awarded to Richard Li without tender. Now it turns out that they left a loophole in the definition of "deficit" in the agreements - PCPD says it excludes depreciation, while the Government says it doesn't. The difference: about HK$1.2bn of taxpayer's money.
Imagi bubble
We issue a bubble warning on Imagi (0585), up 616% in 4 days on turnover of 185% of the company. The confusing timetable, with a 10:1 consolidation yet to come, has likely contributed to more chaos than we have seen since Asian Citrus. The market price implies a valuation of 33.2 times book value, or a premium of HK$17.3bn (US$2.23bn). We think a discount would be more appropriate, for the characters involved. (14-Apr-2010)
Silence loud on police raids over PCCW's failed privatisation
South China Morning Post, 11-Mar-2010
Police raid Richard Li home over PCCW bid
South China Morning Post, 20-Feb-2010
Re PCCW Limited - decision on costs
HK Court of Appeal, 26-Aug-2009
Re PCCW Ltd - refusal to grant leave to appeal to CFA
HK Court of Appeal, 26-Aug-2009
Court drama as Li loses another PCCW appeal
HK Standard, 19-Aug-2009
HKSAR v Steve Lam Sing Keung
HK Court of Appeal, 26-May-2009
SFC comments on Court of Appeal ruling in PCCW case
SFC, 11-May-2009
Re PCCW Ltd - reasons for refusal of further evidence
HK Court of Appeal, 11-May-2009
Re PCCW Ltd proposed scheme of arrangement for privatisation
HK Court of Appeal, 11-May-2009
David Webb continues Hong Kong quest
Wall Street Journal, 27-Apr-2009
David Webb, a fly in HK's corporate ointment
Reuters, 23-Apr-2009
Webb on "Backchat" re PCCW Court of Appeal verdict
RTHK, 23-Apr-2009
HK court blocks PCCW buyout bid: Webb interview
CNBC, 22-Apr-2009
PCCW - Grounds of Appeal
In our view the judgment in the Court of First Instance on PCCW's scheme of arrangement and the alleged vote-rigging provides ample grounds for appeal. We look at the ruling in detail and where the SFC may be taking this case on Thursday at the Court of Appeal. (13-Apr-2009)
Webb on "Backchat" re PCCW court case
RTHK, 7-Apr-2009
Court of Appeal stays decision on PCCW privatisation
SFC, 6-Apr-2009
Re PCCW Limited scheme of arrangement - costs
HK Court of First Instance, 6-Apr-2009
Re PCCW Limited scheme of arrangement
HK Court of First Instance, 6-Apr-2009
PCCW-HKT Telephone Ltd v The Telecommunications Authority
HK Court of Appeal, 2-Apr-2009
Court grants SFC application to intervene in PCCW scheme of arrangement
SFC, 24-Feb-2009
PCCW clarification announcement
Company announcement, 3-Feb-2009
Comment: PCCW's inquiries into the alleged vote-rigging "include a review of the share register" which "will take time to complete". Surely this review should be conducted by the SFC which, unlike PCCW, does not have a conflict of interest in the matter.
Vote-rigging plan for PCCW meeting has discovered compelling evidence of an attempt to rig the shareholder vote in the proposed privatisation of PCCW Ltd, involving hundreds of new holders of one board lot each, many of whose names match insurance agents of Fortis Asia, a former fellow subsidiary of PCCW. (1-Feb-2009)
The paid advert opposing the blackout rule
With links to the signatories in Webb-site Who's Who. (29-Dec-2008)
PCCW bid - comment
We look at the PCRD/CNC proposal to privatise PCCW. The financial evidence suggests they have left room for an increase in the bid. (5-Nov-2008)
Ex-senior executive of PCCW jailed for HK$430,000 accounting fee fraud
ICAC, 21-Jun-2008
Ex-senior executive of PCCW guilty of HK$430,000 accounting fee fraud
ICAC, 14-Jun-2008
Official: Richard Li doesn't control PCCW
The Government-appointed Broadcasting Authority says that Richard Li doesn't control PCCW - who knew? This exposes a huge loophole in the law on cross-media ownership, which can be avoided simply by passing your shareholdings into a trust. We call on the Government to either scrap the law, which is outdated in the internet age, or close the loophole by amending it. (2-Jun-2008)
Broadcasting authority's findings in connection with PCCW Media and HK Economic Journal
HK Broadcasting Authority, 2-May-2008
Ex-senior executive of PCCW charged for alleged accounting fee fraud
ICAC, 1-Nov-2007
PCCW-HKT Telephone Ltd v The Telecommunications Authority
HK Court of First Instance, 1-Jun-2007
PCCW Media required to provide information on voting controllers
HK Broadcasting Authority, 5-Jan-2007
Webb on "Backchat" re PCCW
RTHK, 4-Dec-2006
Breach of Listing Rules: late disclosure of large exposure to 4 customers under Practice Note 19
Company announcement, 6-Oct-2006
Note: estimates that the 4 unnamed customers were groups of which the following are the parents: (1) Cheung Kong (Holdings) Ltd and Hutchison Whampoa Ltd; (2) PCCW Ltd; (3) New World Development Co Ltd; and (4) Kerry Properties Ltd.
Webb on "Backchat" re PCCW, MTR/KCR and Open Forum
RTHK, 27-Jun-2006
Government 'sanitizes' LegCo Cyber Report
In a test of the flimsy Code on Access to Information, has been quietly battling to obtain the Cyberport accounts. We can now reveal that the Government has "sanitized" the financial information it recently released to LegCo. We call on Legislators to establish a Select Committee to investigate this controversial, untendered project and force disclosure of all the documents. If Government is serious about collusion with the business sector, or preventing it, then they should co-operate. (7-Feb-2005)
Cyberport Secrets
Government-owned Hong Kong Cyberport Development Holdings Ltd and its subsidiaries were incorporated in December 1999, but refuse to publish any of their accounts. What is the Government trying to hide? We also take a look at the controversial West Kowloon project, the winner of which will be determined by Government in a highly subjective process. (24-Oct-2004)
Breach of Listing Rules
Company announcement, 31-Dec-2003
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-2003)
Results of AGM
Company announcement, 22-May-2003
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-2003)
Don't Ask, Don't Tel
PCCW introduces new "Don't Ask, Don't Tel" branding to investor relations product. (10-Feb-2003)
Laughing Stock: Don't Ask, Don't Tel
PCCW introduces new "Don't Ask, Don't Tel" branding to investor relations product. (10-Feb-2003)
Hikari's Strange Exit
Our eyebrows were raised when all the representatives of PCCW resigned from the board of Hikari Tsushin International, of which PCCW owned 20%. All became clear a few days later as the Japanese parent sold a 51% controlling stake to a previously unknown investor whose intentions remain vague. The sale price was announced as $0.045, a 70% discount to NAV, triggering a general offer at that lowly price, but days later PCCW sold a 10% stake at $0.155 - what's going on? (30-Dec-2001)
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 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-2001)
PCCW circular on CB placing and Miller options
Company circular, 13-Nov-2000
Telstra's New Deal
After six months of negotiation, the final terms of the Telstra-PCCW deal are out. takes you behind the numbers and tells you what the press release didn't say. (13-Oct-2000)
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 walks the Telstra board through some of the many alternatives to an over-priced deal with PCCW. (2-Oct-2000)
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-2000)
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-2000)
3G in HK
A fascinating debate is going on in HK about how the Government should dispose of the radio spectrum needed to launch third generation (3G) mobile services. Two arms of the Li family, PCCW and Hutchison, appear on opposite sides of the spectrum debate. Auctioning the licenses could wipe out the budget deficit for several years, without introducing sales taxes or selling off the MTRC - examines the issues. (9-Jun-2000)
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-2000)
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-2000)
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 exclusive, we have seen the full joint venture agreement. The JV seems almost certain to collapse, and we'll tell you why... (28-May-2000)
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-2000)
China United (0273) buys 3.2m shares (12.426%) of TCM-Online Inc from Jim Wang & Tung Developments Ltd for US$6.4m
Company announcement, 8-Mar-2000
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-2000)
The PCCW Portfolio
This page provides details of the known investments and acquisitions of Pacific Century CyberWorks (PCCW) (18-Feb-2000)
PCCW Equity 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-2000)
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-2000)
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-1999)
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. 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-1999)
Kroll investigates our Cyberport coverage
In a development with startling implications for press freedom in Hong Kong, 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. If negative journalistic criticism of a Hong Kong corporate project gets investigated in this way, then what does that say about the future of Hong Kong as a media centre, and indeed an e-portal, for Asia? Is this "press freedom with Hong Kong characteristics?" (27-May-1999)
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. reveals a previous link between China Strategic and the property, once known as Nation Wealth Plaza. (5-May-1999)
Pacific Century CyberWok
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-1999)
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-1999)

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