View source for PCCW

{{Short description|Hong Kong multinational telecommunications services company}}{{Expand Chinese|date=July 2025}}

{{Use dmy dates|date=January 2020}}
{{Use Hong Kong English|date = July 2025}}

{{Infobox company
| name = PCCW Ltd.
| logo = [[File:PCCW (Hong Kong ICT company) logo (fair use).svg|200px]]
| former_name = Pacific Century CyberWorks Limited
| image = PCCW_Tower.jpg
| image_caption = Headquarters at PCCW Tower in [[Taikoo Place]]
| type = [[Public company|Public]]
| traded_as = {{Unbulleted list|{{SEHK|8}}}}
| company_slogan = 
| foundation = {{start date and age|2000|8|24|df=yes}}
| location = [[Hong Kong]]
| key_people = [[Richard Li]] (Chairman)<br /> Susanna Hui (Acting Group Managing Director and Group Chief Financial Officer)<ref>Source: PCCW 2024 Annual report p.12
https://www1.hkexnews.hk/listedco/listconews/sehk/2025/0402/2025040201250.pdf</ref>
| num_employees = 14,600 (2024)<ref>Source : PCCW 2024 Annual report p.54https://www.pccw.com/staticfiles/PCCWCorpsite/About%20PCCW/Investor%20Relations/Announcements%20&%20Notices/2025/Apr/e01_PCCW%202024%20Annual%20Report.pdf</ref>
| parent = 
| industry = [[Telecommunications]]
| products = [[Fixed-line]], [[Broadband Internet access]], [[IPTV]], [[Mobile network operator|Mobile]], IT Solutions, [[Data center services|Data Centers]], [[Call centre|Contact Centers]], Integrated Global Communications, [[Infrastructure]], [[Interactive advertising|Advertising and Interactive Services]]
| revenue = 
| operating_income = 
| owner = {{ubl|[[Pacific Century Group]] (30.99％)|[[China Unicom]] (18.43％)}}
| net_income = 
| homepage = {{URL|http://www.pccw.com}}
| module = {{Chinese|child=yes|t=電訊盈科有限公司|s=电讯盈科有限公司|p=Diànxùn Yíngkē Yǒuxiàn Gōngsī|order=ts|t2=電訊盈科|s2=电讯盈科|p2=Diànxùn yíngkē|t3=電盈|s3=电盈|p3=Diàn Yíng}}
{{Infobox NSP
| child = yes
| asn = 3491
| trafficlevels = 1Tbps+<ref>{{cite web | url=https://www.peeringdb.com/asn/3491 | title=PeeringDB}}</ref>
}}
}}
'''PCCW Limited''' (formerly known as '''Pacific''' '''Century''' '''CyberWorks Limited''') is a [[Hong Kong]]–based [[information and communications technology|information and communication technology]] (ICT) and telecommunications company.

The Company holds a majority stake in the HKT Trust and [[HKT Limited]], and also holds a stake in Pacific Century Premium Developments Limited. 

PCCW is headquartered in Hong Kong and operates in Europe, the Middle East, Africa, the Americas, mainland China, and other parts of Asia.<ref>{{Cite web|url=http://www.pccw.com/contact/pccw-around-the-world/index.page?|title=PCCW Around the World|website=PCCW|access-date=8 April 2018}}</ref>

==Main business and subsidiaries==
=== HKT Limited ===

{{see also|HKT Limited}}

==== Brands and services ====
* [[Netvigator]]
* [[CSL Mobile]] ("csl", "1O1O" and "Club SIM")
* [[Sun Mobile]] (majority stake)
* PPS (Payment by Phone Service) – a [[Electronic bill payment|bill payment]] service provided by HKT and [[Electronic Payment Services|EPS]].<ref>{{cite web|url=https://www.ppshk.com/hkt/revamp2/English/AboutUs.html|title=About Us|publisher=PPS |location=Hong Kong|access-date=11 March 2019}}</ref><ref>{{cite news|url=https://hk.news.appledaily.com/local/daily/article/20070905/10115360|script-title=zh:繳費靈4戶口被盜15萬 17歲少年 承認46項罪 判教導所 |date=5 September 2007|access-date=11 March 2019|work=Apple Daily|language=zh-hk|location=Hong Kong}}</ref>
* The Club – a Hong Kong customer [[loyalty programme]].<ref>{{Cite news|url=https://www.scmp.com/article/1681846/club-rewards-hkt-premier-customers-their-loyalty|title=The Club rewards HKT Premier customers for their loyalty|work=South China Morning Post|access-date=26 January 2018}}</ref><ref>{{Cite web|url=https://www.theclub.com.hk/eng/about/index.jsp|title=The Club {{!}} An exciting rewards program {{!}} Offers you a variety of events and privileges to meet your lifestyle and entertainment needs|website=www.theclub.com.hk|access-date=26 January 2018}}</ref>
* HKT Teleservices – formerly PCCW Teleservices, a contact center and business process outsourcing provider<ref>{{cite web|url=http://www.hktteleservices.com/|title=About Us|publisher=HKT Teleservices|location=Hong Kong|access-date=1 May 2019}}</ref>
* HKT Payment Limited – the developer of "Tap & Go", a prepaid mobile payment service for Hong Kong users.<ref>{{Cite web|url=https://www.cw.com.hk/digital-transformation/hkt-debuts-tap-go-nfc-payment-service|title=HKT debuts Tap & Go NFC payment service|work=ComputerWorld Hong Kong|access-date=26 January 2018|archive-date=27 January 2018|archive-url=https://web.archive.org/web/20180127004405/https://www.cw.com.hk/digital-transformation/hkt-debuts-tap-go-nfc-payment-service|url-status=dead}}</ref><ref>{{Cite news|url=https://www.scmp.com/business/article/2015144/hong-kongs-hkt-expands-mobile-payment-service-part-fintech-push|title=Hong Kong's HKT expands mobile payment service as part of fintech push|work=South China Morning Post|access-date=26 January 2018}}</ref>
* HKT-eye – [[over-the-top media services]] and [[Internet Protocol TV]] service delivered to firmware-modified [[tablet computer]]<ref>{{cite news|url=http://the-sun.on.cc/cnt/finance/20130712/00434_025.html|script-title=zh:香港電訊檢討固網月費|date=12 July 2013|access-date=19 March 2018|work=The Sun|location=Hong Kong|publisher=[[Oriental Daily News|Oriental Press Group]]|language=zh-hk}}</ref><ref>{{cite news|url=https://hk.news.appledaily.com/local/daily/article/20080817/11486183|script-title=zh:被游說裝 eye多媒睇得物無所用 |date=17 August 2008|access-date=19 March 2018|work=Apple Daily|language=zh-hk|location=Hong Kong}}</ref>
* PCCW Global<ref>{{Cite press release|url=https://www.pccwglobal.com/en/news-room/2018/567-pccw-global-to-link-rodrigues-with-high-speed-undersea-cable-for-mauritius-telecom|title=PCCW Global to link Rodrigues with high-speed undersea cable for Mauritius Telecom |publisher=PCCW Global|access-date=7 April 2018|date=5 March 2018|location=Hong Kong}}</ref>{{primary source inline|date=March 2019}}
**[[Console Connect]]<ref name=ConsoleConnect>{{cite press release|url=https://www.pccwglobal.com/en/news-room/2017/541-console-connect-acquired|title=Console Connect Acquired|date=6 November 2017|access-date=11 March 2019|publisher=PCCW Global}}</ref>
** Crypteia Networks <ref>{{Cite web|last1=Oct 20|first1=david nunes {{!}}|last2=Releases|first2=2014 {{!}} Press|date=2014-10-20|title=PCCW Global acquires Crypteia Networks to address cyber security issues facing most organisations today|url=https://connect-world.com/pccw-global-acquires-crypteia-networks-to-address-cyber-security-issues-facing-most-organisations-today/|access-date=2020-09-12|website=Connect-World|language=en-US}}</ref>

===== HKT Interactive Media/(Now TV/MOOV) =====
{{Main|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, an [[interactive television]]<ref>{{cite news|url=https://www.scmp.com/article/386023/lingering-legacy-itv|title=Lingering legacy of iTV|access-date=19 March 2018|work=South China Morning Post|location=Hong Kong}}</ref><ref>{{cite news|url=https://www.scmp.com/article/259443/itv-chief-expects-break-even-2-years|title=iTV chief expects to break even in 2 years|date=21 October 1998|access-date=19 March 2018|work=South China Morning Post|location=Hong Kong}}</ref>

=== Viu ===
{{Main|Viu (streaming media)}}
Viu is an [[Over-the-top content|Over-the-top]] (OTT) video service operated by PCCW Media, providing popular Korean dramas and variety shows.

=== ViuTV ===
{{Main|ViuTV|ViuTVsix}}
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.<ref>{{cite news|url=https://www.bloomberg.com/news/articles/2013-10-15/pccw-i-cable-win-free-to-air-television-licenses-in-hong-kong|title=PCCW, I-Cable Win Broadcast Television Licenses in Hong Kong|date=16 October 2013}}</ref>

===Lenovo PCCW Solutions===
{{Infobox company
| name = Lenovo PCCW Solutions Limited
| logo = 
| former_name = Unihub
| type = [[Limited company]]
| industry = [[Information Technology]]
| foundation = 15 August 2022
| location = [[Hong Kong]], [[China]]
| key_people = Jerry Li, Chief Executive Officer (Departed in November 2024)
| revenue = 
| operating_income = 
| net_income = 
| owner = [[Lenovo]] (84%) and PCCW (16%)
| parent = 
| homepage = {{URL|https://www.pccwsolutions.com}}
}}
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 inline|date=March 2019}} by the name ''Unihub''.<ref name="PCCW-Solutions-PR">{{cite press release|url=http://www.pccwsolutions.com/a5.html |publisher=PCCW Solutions |title=News & Events |access-date=13 April 2008 |url-status = dead|archive-url=https://web.archive.org/web/20080214143320/http://www.pccwsolutions.com/a5.html |archive-date=14 February 2008  }}</ref> Unihub was a re-branding of PCCW's ''Business eSolutions'' division, from 1 September 2003.<ref>{{cite press release |url=http://www.pccw.com/NASApp/cs/ContentServer?pagename=PCCW/COMMON/newspopup&pageid=1058030271674&pagelang=eng |publisher=PCCW Solutions |title=PCCW attains BS 7799 |date=17 November 2003 |access-date=13 April 2008 |archive-url=https://web.archive.org/web/20080312104345/http://www.pccw.com/NASApp/cs/ContentServer?pagename=PCCW%2FCOMMON%2Fnewspopup&pageid=1058030271674&pagelang=eng |archive-date=12 March 2008 |url-status=dead }}</ref>

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.<ref name="PCCW-Solutions-PR"/>

In early 2003, Business eSolutions entered a contract to provide services for [[Bank of China]]'s credit card [[back office]] processing system in China.<ref>{{Cite web|url=http://www.pccwsolutions.com/public/Career/Who%20we%20are|title=PCCW Solutions – Who we are|website=www.pccwsolutions.com|language=en|access-date=7 April 2018|archive-date=8 April 2018|archive-url=https://web.archive.org/web/20180408010258/http://www.pccwsolutions.com/public/Career/Who%20we%20are|url-status=dead}}</ref> 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 Gaoqi International Airport|Xiamen Airport]], and a [[human resource management]] and financial management system for the Hong Kong Council of Social Service.<ref>{{Cite web|url=http://www.pccwsolutions.com/public/Solutions/IT%20Services/System%20Integration%20Services/Enterprise%20Resources%20Planning|title=PCCW Solutions – Enterprise Resources Planning|website=pccwsolutions.com|language=en|access-date=7 April 2018|archive-date=8 April 2018|archive-url=https://web.archive.org/web/20180408010420/http://www.pccwsolutions.com/public/Solutions/IT%20Services/System%20Integration%20Services/Enterprise%20Resources%20Planning|url-status=dead}}</ref>

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.<ref>{{Cite web|url=https://news.lenovo.com/pressroom/press-releases/lenovo-and-pccw-partnership/|title=Lenovo PCCW Solutions – COMPLETION OF DISCLOSEABLE TRANSACTION AND CONTINUING CONNECTED TRANSACTIONS WITH LENOVO}}</ref>

===Pacific Century Premium Developments===
Majority-owned by PCCW, Pacific Century Premium Developments ("PCPD", {{Hong Kong Stock Exchange|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.<ref name=20060712sentinel/><ref name=20040511theage>{{cite web|url=http://www.theage.com.au/articles/2004/05/11/1084041395274.html|title=Cyberport tech park still has doubters |author=Andrew Coffey|work=The Age|date=12 May 2004 }}</ref>

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.<ref name=20060712sentinel>{{cite web|url=http://www.asiasentinel.com/politics/after-selling-pccw-in-which-industry-will-richard-li-find-his-future-2/|title=After Selling PCCW, in which industry will RICHARD LI find his future?|work=Asia Sentinel|date=12 July 2006 }}</ref>

== 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 in [[central London]]. In February 2017, PCCW agreed to sell UKBG to related{{elaborate|date=November 2021}} company [[CK Hutchison Holdings]].<ref>{{Cite news|url=https://www.scmp.com/business/companies/article/2068861/pccw-shares-surge-sale-uk-broadband-business-ck-hutchison|title=PCCW shares surge after sale of UK broadband unit|work=South China Morning Post|access-date=26 January 2018|language=en}}</ref><ref>{{Cite news|url=https://uk.reuters.com/article/uk-pccw-ckh-holdings/hks-pccw-agrees-to-sell-british-broadband-unit-to-ck-hutchison-idUKKBN15M07N|archive-url=https://web.archive.org/web/20171207012811/https://uk.reuters.com/article/uk-pccw-ckh-holdings/hks-pccw-agrees-to-sell-british-broadband-unit-to-ck-hutchison-idUKKBN15M07N|url-status=dead|archive-date=7 December 2017|title=HK's PCCW agrees to sell British broadband unit to CK Hutchison|work=Reuters|author=Reuters Editorial|access-date=26 January 2018|language=en-GB}}</ref><ref>{{Cite web|url=http://www.capacitymedia.com/Article/3659839/Three-UK-agrees-to-buy-PCCW-owned-UK-Broadband-Limited-in-250m-deal|title=Three UK agrees to buy PCCW-owned UK Broadband Limited in £250m deal|website=capacitymedia.com|date=7 February 2017 |access-date=26 January 2018}}</ref>

===Jaleco===
{{main|Jaleco}}

==Corporate history==
{{More citations needed section|date=May 2013}}
The [[legal person]] of PCCW Limited was incorporated as "Ring Holdings Limited" ({{zh|t=群山企業有限公司}}) on 24 April 1979. It was renamed several times and known as {{ill|Tricom Holdings|zh|得信佳集團|lt=Tricom Holdings Limited}} ({{zh|t=得信佳集團有限公司}}) in 1992. In October 1994, Tricom Holdings became a listed company.<ref>{{cite news|url=http://www.ifre.com/hong-kong-tricom-oversubscribed/437704.article|title=HONG KONG – Tricom oversubscribed |date=15 October 1994|access-date=21 May 2018|work=International Financing Review|quote=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.......|url-access=subscription }}</ref><ref>{{cite web|url=https://www.hkex.com.hk/Market-Data/Securities-Prices/Equities/Equities-Quote?sym=8&sc_lang=en|title= PCCW LTD. (8) |access-date=21 May 2018|publisher=Hong Kong Exchanges and Clearing}}</ref> In May 1999 [[Richard Li]] acquired the company,<ref>{{cite news|url=https://www.wsj.com/articles/SB925845588116747014|title=A Property Play? Pacific Century To Use Tricom as Listed Vehicle|date=5 May 1999|access-date=21 May 2018|work=Wall Street Journal|url-access=subscription }}</ref><ref>{{cite news|url=https://www.scmp.com/article/281012/tricom-rockets-cyberport-interest|title=Tricom rockets on Cyberport interest|date=5 May 1999|access-date=21 May 2018|work=South China Morning Post|location=Hong Kong}}</ref> and as a backdoor listing, the listed company was renamed to '''Pacific Century Cyberworks Limited''' ({{zh|t=盈科數碼動力有限公司}}; <small>abb.</small> 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]].<ref>{{cite web
 |work=AFP 
 |title=Cyberport Critics Get Stake Hint 
 |publisher=Hong Kong Standard 
 |date=21 March 1999 
 |url=http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=25641&sid=&con_type=1&d_str=19990321&sear_year=1999 
 |access-date=11 January 2007 
 |url-status = dead|archive-url=https://web.archive.org/web/20071122134958/http://www.thestandard.com.hk/news_detail.asp?pp_cat=&art_id=25641&sid=&con_type=1&d_str=19990321&sear_year=1999 
 |archive-date=22 November 2007 
}}</ref> The development of Cyberport was later injected to{{Clarify|date=April 2019}} 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|date=May 2018}}

PCCW acquired Hong Kong Telecom (HKT) in August 2000, which was formerly known as the "Hong Kong Telephone Company" (founded in 1925).{{Citation needed|date=February 2008}} Initially, HKT owner [[Cable & Wireless Worldwide|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|date=May 2008}} 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]].<ref>Y. C. Jao, ''The Asian Financial Crisis and the Ordeal of Hong Kong'', Greenwood Publishing Group, 2001, p. 214.</ref> The acquisition vaulted PCCW from a [[Dot-com company|dot-com]] holdings company to one of the largest universal [[corporation]]s in Hong Kong. PCCW is now also the leading [[Internet service provider]] in Hong Kong, using the [[Netvigator]] brand for dial-up modem and [[Digital subscriber line|DSL]] service. PCCW was the object of much scorn in Hong Kong as a result of the HKT purchase.{{Citation needed|date=February 2008}} In 2003, the company's stock price was down 96 percent from its 2000 peak.{{Citation needed|date=February 2008}} 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 (stock market)|blue chip]] on the [[Hong Kong Stock Exchange]] (HKSE) in 2002 and 2003.{{Citation needed|date=February 2008}} Stock price came down from HK$129.25 to HK$4.7 in less than three years.<ref>{{cite web|url=https://www.google.com.hk/finance?q=0008&ei=E0nLU9DcEM-dkgX4o4GoBw|title=0008 – Google Search|website=www.google.com.hk}}{{Dead link|date=July 2025 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

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|date=February 2008}}

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.<ref name="bp">{{cite web|title=Ex-Infosys president B.G. Srinivas to join Hong Kong based PCCW|url=http://news.biharprabha.com/2014/05/ex-infosys-president-b-g-srinivas-to-join-hong-kong-based-pccw/|work=IANS|publisher=news.biharprabha.com|access-date=30 May 2014}}</ref>

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

=== FBI surveillance ===
According to a FCC document, undersea cabling company [[Reach Limited|Reach]] – a joint venture of [[Telstra]] (then 50.1 percent-owned by the [[Australia]]n [[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.<ref>{{cite web |url=http://media.crikey.com.au/wp-content/uploads/2013/07/US-NSAs-Telstra.pdf |title=Archived copy |website=media.crikey.com.au |access-date=13 January 2022 |archive-url=https://web.archive.org/web/20140530031043/http://media.crikey.com.au/wp-content/uploads/2013/07/US-NSAs-Telstra.pdf |archive-date=30 May 2014 |url-status=dead}}</ref><ref>{{cite web|url=http://www.crikey.com.au/2013/07/12/telstras-deal-with-the-devil-fbi-access-to-its-undersea-cables/|title=Telstra's deal with the devil: FBI access to its undersea cables|date=12 July 2013|website=crikey.com.au}}</ref>

=== Attempted privatisation===
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. PCCW confirmed that Australia's [[Macquarie Group|Macquarie Bank]] and private equity firm [[Texas Pacific]]/[[Newbridge Capital|Newbridge]], had submitted expressions of interest to acquire PCCW's core telecom and media assets.<ref>[https://www.forbes.com/feeds/afx/2006/07/03/afx2854958.html Hong Kong PCCW's Li sees decision on any asset disposals by mth-end]{{dead link|date=January 2022|bot=medic}}{{cbignore|bot=medic}}, AFX News Limited, Forbes Magazine, 3 July 2006</ref><ref>https://paper.hket.com/article/1300182/%E7%9B%88%E7%A7%91600%E5%84%84%E8%B3%87%E7%94%A2%20%E6%8E%80%E7%88%AD%E5%A5%AA%E6%88%B0//電訊盈科（00008）終於證實，澳洲銀行麥格理及美國基金新橋資本，均已正式提交收購盈科大部分資產的意向性建議。</ref>

PCCW chairman [[Richard Li]] 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 agreed to sell an 8% stake in PCCW to [[Telefónica]] for 323 million euros.{{Citation needed|date=February 2008}} Leung, former [[Peregrine Investments Holdings|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,<ref>{{cite web |url=http://main.hsi.com.hk/hsicom/constituent/hist_hsi.xls |title=Changes in HSI Constituent Stocks |publisher=Hang Seng Indexes |format=[[Microsoft Excel|Excel/XLS]] |access-date=9 May 2008 |archive-url=https://web.archive.org/web/20060415013047/http://main.hsi.com.hk/hsicom/constituent/hist_hsi.xls |archive-date=15 April 2006 |url-status = dead }}</ref> ceased to be a HSI constituent, effective 10 June 2008.<ref>{{cite press release |url=http://main.hsi.com.hk/hsicom/announce/20080509e.pdf |title=Hang Seng Indexes Announces Index Review Results |publisher=Hang Seng Indexes  |date=9 May 2008 |access-date=9 May 2008 |archive-url=https://web.archive.org/web/20081031181835/http://main.hsi.com.hk/hsicom/announce/20080509e.pdf |archive-date=31 October 2008 |url-status = dead }}</ref>

===Purported Cable & Wireless takeover bid===
News report from the [[The Sunday Times (UK)|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.<ref>{{cite news
 | url= http://news.bbc.co.uk/1/hi/business/2741919.stm
 | title= Hong Kong tech firm mulls C&W bid
 | work= BBC News
 | date= 10 February 2003
 | access-date= 18 March 2008
}}</ref>

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.<ref>{{cite news
 | url= http://findarticles.com/p/articles/mi_hb4692/is_200302/ai_n17657584
 | title= Cable & Wireless shuns PCCW
 | work= The Asian World Street Journal
 | date= 10 February 2003
 | access-date= 18 March 2008
}} {{Dead link|date=September 2010|bot=H3llBot}}</ref>

=== 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.<ref>Benjamin Scent, "[http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=81081&sid=23531732&con_type=1&d_str=20090421&sear_year=2009 It's outrageous] {{webarchive|url=https://web.archive.org/web/20160104231855/http://www.thestandard.com.hk/news_detail.asp?pp_cat=30&art_id=81081&sid=23531732&con_type=1&d_str=20090421&sear_year=2009 |date=4 January 2016 }}", ''The Standard'', 21 April 2009</ref> Privatisation would allow PCCW to be [[delisted]] from Hong Kong Stock Exchange,<ref>Mark Lee, "[https://www.bloomberg.com/apps/news?pid=20601089&sid=apYGAEz9.AzQ PCCW Investors Approve Li's $2.05 Billion Buyout Bid]", ''Bloomberg'', 4 February 2009</ref> while its parent would remain listed in Singapore.

Governance activist [[David Michael Webb|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.<ref>Frederick Yeung, "PCCW move to go private approved", Page A1, South China Morning Post, 5 February 2009</ref> 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;<ref>Jonathan Cheng, "[https://www.wsj.com/articles/SB123864006208581455 Regulators Detail PCCW Allegations]", ''[[Wall Street Journal]]'', 30 April 2009.</ref> 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.<ref>"[https://web.archive.org/web/20090425165500/http://uk.reuters.com/article/technology-media-telco-SP/idUKHKG26150020090417 HK court hears call for PCCW privatisation revote]", Reuters, 17 April 2009.</ref>

==See also==
* [[Jaleco]], former subsidiary

==References==
{{reflist}}

==External links==
* {{official website|http://www.pccw.com}}
*[http://biz.yahoo.com/ic/99/99888.html Yahoo! – PCCW Limited Company Profile]
*[https://www.relish.net/ Relish Broadband]

{{PCCW|state=expanded}}
{{IT consulting and outsourcing companies of China}}
{{Major telecommunications companies}}

{{DEFAULTSORT:Pccw}}
[[Category:Telecommunications companies established in 2000]]
[[Category:2000 establishments in Hong Kong]]
[[Category:Companies listed on the Hong Kong Stock Exchange]]
[[Category:Former companies in the Hang Seng Index]]
[[Category:Hong Kong brands]]
[[Category:Internet service providers of Hong Kong]]
[[Category:Multinational companies headquartered in Hong Kong]]
[[Category:Pacific Century Group]]
[[Category:Telecommunications companies of Hong Kong]]