ChinaeCapital Inc.:

Macquarie Bank has settled in for a long wait to fulfill its ambitions to buy into Hong Kong's largest communications group, PCCW. Richard Li's sale of his controlling 23 per cent stake in the group to Francis Leung and a group of Hong Kong investors means the option of a quick deal is finished. But Macquarie is believed to have begun discussions with 20 per cent PCCW shareholder China Netcom on the possibility of an alliance. China Netcom has a subsidiary listed on the Hong Kong Stock Exchange but is ultimately owned by the Chinese Government. It has the formal and moral authority to call the shots over the future of PCCW. Under a shareholder agreement with PCCW, China Netcom has power of veto over sales of vital telco assets. Macquarie has resigned itself to a long wait for a resolution of the PCCW situation. The exit of Mr Li following the sale of his stake to Mr Leung and friends is likely to take some months and will require shareholder votes. Macquarie is doing no more than opening channels of discussion now so it can have a seat at the table once the new regime is in place. The future management of the company has analysts concerned. Mr Li will step down as chairman once his 23 per cent stake changes hands. A research note from Credit Suisse raised the prospect of Mr Leung being elected as chairman. "We believe this may be a negative development, as Mr Leung does not seem to have experience in telecoms and the media business," the note said. The arrival of the Leung interests will stabilise PCCW after a month of speculation about its future brought about by bids from Macquarie and TPG Newbridge for its telco and media operations. China Netcom made it clear it did not want these assets hived off or owned by foreigners. However, it appears China Netcom's concerns pre-date both bids and relate to Mr Li's role in PCCW. Credit Suisse observes that Mr Li's departure "is important as it should restore trust between PCCW and Netcom and ensure PCCW's status as the preferred partner of choice for investment opportunities in China". While China Netcom wants stability and a base for future investment, Mr Li wanted to profit from a sale of PCCW's telco assets. Oversea Investment for Startup Company, Foreign PRC IT Business, Oversea PRC IT Business
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ChinaeCapital has an excellent programs for enabling eBusiness owners, potential eBusiness buyers and sellers to come together and identify business opportunities for their on-line assets. We have an extensive network of industry connections and commercial relationships with eBusiness owner and eBusiness buyers throughout the world.

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ChinaeCapital Inc.:

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ChinaeCapital Inc.:

Foreign PRC IT Business, Foreign Investment, Oversea PRC IT Business, Oversea Investment

Oversea Investor, Foreign PRC IT Business, Foreign Investment for Startup Company, Oversea PRC IT Business
Oversea Investment for Startup Company, Foreign PRC IT Business, Oversea PRC IT Business
Investor Oversea, PRC IT Business Foreign, Investment for Startup Company Foreign, PRC IT Business Oversea
Investment for Startup Company Oversea, PRC IT Business Foreign, PRC IT Business Oversea

ChinaeCapital has an excellent programs for enabling eBusiness owners, potential eBusiness buyers and sellers to come together and identify business opportunities for their on-line assets.
We have an extensive network of industry connections and commercial relationships
with eBusiness owner and eBusiness buyers throughout the world.