Monday, October 11, 2010

PCCW's assets, hedge funds covet emergency shot Sing Tao Charles Ho

PCCW (0008.HK) telecom and media assets of the battle more fun, there are insider recently told this newspaper revealed that the CPPCC Standing Committee, the Sing Tao News Corporation (1105.HK) Chairman Charles Ho intended to join the fray, and led Contact number of Hong Kong tycoons to "rescue" the telecommunications and media assets of PCCW, to avoid their falling into foreign hands.

"PCCW chairman Richard Li Ka-shing the intention of falling out with his father." Reporter of the person to provide a rather interesting details: Three weeks ago, Li Ka-shing received news that PCCW's Richard Li sold the assets to foreign investment, immediately call to find Richard, bought the assets put forward by his shot, do not Gaode shareholders do not and; In addition, telecommunications and media assets sold to foreign investors, foreign investors may be large layoffs, this is not the central government, the Hong Kong Government and the Li Ka-shing would like to see situation.

"Richard did not listen to his father's phone." The person said, "Richard insists the aim is to get rid of the shadow of his father, name for oneself."

"Li Ka-shing's Hutchison Whampoa (0013.HK) telecom and radio services have been, had not re-acquire PCCW's telecommunications and media business, but if no local consortia shot, PCCW assets, foreign capital will fall on the hands, so Hong Kong Government measures of interest, you can give special approval, the problem is Mr Li refused. "the source said.

And Charles Ho PCCW assets, the latest buyer, who is also the Standing Committee of the CPPCC National Committee and Shandong Provincial People's Government Consultant, but also set up in February this year, the Hong Kong Bauhinia Foundation guardian, who is responsible for monitoring the performance of the Trust, Chile is considered by the Fund, the Government The think-tank.

Charles Ho family in the tobacco business, also known financial skills amazing, AW due to the acquisition of the Sing Tao Group (now renamed the Sing Tao News Corporation) fame, has also been actively expanding its media empire last year, started to Attacking free newspaper market in Hong Kong, founder of "Headline Daily" potential to become a new generation of media mogul.

"Charles Ho shot together with other local consortia, the success rate appears high, you can get the blessing of China Netcom, but may not be Richard approval, he is still inclined to sell to foreign investment." The source said.

Notably, several news sources revealed that two of the PCCW assets after foreign buyers - Australia's Macquarie Bank and Newbridge Capital - attach great importance to the mainland market, the CNC high-profile opposition, has buy worn.

It is in this context, our financial sector, a veteran told us, "there are a number of hedge funds in recent count, see whether the acquisition of PCCW assets, dismantling, or first buy, then high reselling. hedge funds are not afraid of offending China Netcom, would focus on whether it profitable. "

However, Netcom shares in February 2005 when PCCW, has been committed to the sale of telecommunications and media subsidiary, the first CNC agree that the sale of PCCW's claim that, if it is only an asset rather than equity, Netcom will be no veto. Richard Li, PCCW's assets will be sold if the hedge funds, Netcom must apply for judicial review to stop trading, hedge funds dismantling or re-sale plan for converting to.

Foreign firms because of PCCW study, is the news a lot. Lyon, research report, Netcom, after Richard lost confidence, or hope that the introduction of local investors, the Hong Kong tycoons Li Ka-shing and a minority are potential buyers, the highest among the You Yi Li Ka-shing shots; the line that the most simple and likely approach is Li Ka-shing bought by the private form.

Merrill Lynch report refers to, PCCW share price will change with the development of trade, and that Netcom's influence in the incident are increasing. The Bank believes that the best solution is to the Mainland and the Hong Kong company or consortium to become the largest shareholder of PCCW's assets, or acquire Richard Li's PCCW shares held. As the transaction remains uncertain, Merrill Lynch's investment rating on PCCW from "buy" from "neutral."

"Richard Li, the local consortium or not, it is difficult to obtain foreign consortium acquired Netcom recognition, while hedge funds are likely to face legal problems." A European securities companies, analysts believe that the incident could end the sale of PCCW assets to nothing.

But he argues that there is no consortium is willing to offer Hong Kong, Richard Li and Netcom in PCCW's cooperation has been very difficult to crash and burn, a few months later, Mr Li will eventually sell about 100 billion market value of the PCCW stake for This case marked the end of odd series.

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