Category: Money Tips Date: 2007-02-01
The local capital market in recent days wind and water, originated from the June 19 release of PCCW put to him by a third party to acquire its assets in fixed-line and media notice. Two days later, Macquarie, Newbridge two intentions buyers surfaced, this was the second-largest shareholder of PCCW has a Chinese background, China Netcom adamantly opposed to.
Not reveal their last cards, no one known to capital goods, technical expert at what Richard Li will be staged good show. However, this has been enough, because he has a card.
A person may bring a wealth of timely implementation of the plan hidden 6 years, instead of revealing clues to do?
Since 2000, the British Cable and Wireless from the hands of 28.5 billion U.S. dollars to buy Hong Kong Telecom, the case of small super hero Richard Li, wearing a crown a year after the Asian high-tech upstart, as the Internet bubble burst, the rapid evaporation of the market value of PCCW nearly 9 into. Replaced by others, this result is no different from natural disaster, but Richard Li different. Because this need a rich imagination of the capital market, even if only as an onlooker, but also need to penetrate the surface of that layer of fog, seeing the invisible master of financial management techniques to capacity. Superman is a little master of financial engineering techniques.
Little Superman Dance financial management techniques to face government pressure?
Recently, Richard Li to sell PCCW's core assets of uncertain factors in the second-largest shareholder, China Netcom, adding to the number of attacks outside of the political flavor: the mainland government might be for national security considerations to interfere with its sale to foreign investors of local telecommunications infrastructure in Hong Kong assets of behavior.
Reporter June 23 by calling the State Ministry of Information Industry, its spokesman said the mainland government intervention had not received information, which should only be between PCCW and Netcom things, even if the Government should intervene, it should also be the Hong Kong SAR Government.
However, the past few days have been different versions of the rumor appeared in the media in Hong Kong, that the Central Government or the SASAC, Ministry of Information Industry and other relevant events in the investigation had come to Hong Kong. Because most of the country's telecommunications services are generally held by the Government because of the national information security. In this connection, the famous reporter telecommunications experts to the mainland, Beijing University of Posts and Telecommunications Institute for Information Industry Policy and Development, Professor Kan Kaili for confirmation, he said that the matter has gone beyond the scope of telecommunication services, refused to conduct any evaluation. However, he pointed out: 'This is the logic inside the earth to know. '
Richard Li seems to have ignored. On the one hand that, while the mainland have their own considerations, but the Government has failed to sell to foreign investment restrictions on telecommunications infrastructure assets regulations; the other hand, Richard Li, the release message, after the sale of assets will be declaring a special dividend or buy back outstanding shares at higher prices will be privatization in order to safeguard rights and interests of small shareholders gather in the name of public opinion.
However, Hong Kong media that a small Superman, but playing a financial management techniques. After all, Hong Kong is China's Hong Kong, the mainland government to safeguard national security considerations from the pressure, there is no counter to the international 'practice'. Should this happen, a small Superman's financial expertise I am afraid that dream difficult to come true.
And Netcom in the fog of boycotted
There is no doubt that a small Superman implementation of financial strategies and the most significant obstacle to or from Netcom attacks.
China Netcom in 2005 to 7.9 billion price for 20% stake in PCCW to enter the local telecommunications market, if the small Superman the core asset sales, Netcom, are getting a modest capital gains, but equal to be squeezed out of the local telecommunications market.
Recently, more media Douchu old material, the original acquisition of Netcom have no intention of merely 20% stake in PCCW, formerly the Richard Li lobbying by the Central Government contributed to this restricted the 'marriage' - Netcom has the Office of the Telecommunications PCCW sale of assets or rights related to the negative equity.
However, Mr Li does not seem to read this 'old friends', transfer of assets from the CNC to exercise the veto to be tough opposition counterattack, arguing that the original agreement Netcom veto conditions are: the sale of PCCW-HKT Telephone stake in more than 10 % or 25% of broadband services. And the sale of assets not related only to equity. However, the small Superman too highly suspicious. Related to the sale of assets over Qi Cheng, PCCW, what is left?
The story mentioned that the point could have had clear; however, a small Superman Richard Li's reputation for nothing, but dense fog up the whole story.
First, if the mainland government put pressure on the case, Richard Li naturally understand that 'Ying Han' possible costs. Although the sale of the underlying assets can be harvested more than 10 billion, but it worth it? Secondly, as the relationship with the government and China Netcom to pay a good local business elite, why did not the consortium acquisition of foreign assets, such a major event to communicate in advance with the Government or Netcom, but suddenly broke the news, resulting in a number of disputes? Third, the two foreign consortia negotiated to purchase the underlying assets at high prices motives suspicious. The industry believes that bid for the assets in the fixed-line business in both revenues and market share are on the decline, seems to be worth.
Is a superb financial skills, or a joke?
Market bold speculation, the fog there is a very simple capital Games: By boosting asset prices, forced Netcom PCCW bought at high prices.
Such a game, a small Superman 'play' than others, but also by others 'play' too.
