Hong Kong Telecom

Not to be confused with Communications in Hong Kong.
Hong Kong Telecommunications Limited
Cable & Wireless HKT Limited
Public
Industry Telecommunications
Fate acquired by PCCW
Founded 1988
Defunct 2000
Headquarters Hong Kong
Key people
Richard Li
Products Cable, Internet, Telephony, Mobile Telephony, IDD
Website http://www.hkt.com/

Hong Kong Telecommunications Limited, Hong Kong Telecom (HKT) (Traditional Chinese: 香港電訊有限公司) (Former stock code: SEHK: 8), or Cable & Wireless HKT Limited was the largest telecommunications company in the former British Colony of Hong Kong and is a wholly owned subsidiary of Cable & Wireless.

HKT had a dominant position in fixed-line, mobile, IDD and broadband services in Hong Kong. It was merged to Pacific Century Cyberworks (PCCW) in 2000.[1] The name 'Hong Kong Telecommunications (HKT) Limited' is retained by a subsidiary of PCCW.

History

[4]

HKT Acquisition in 2000

Initially, HKT owner Cable & Wireless entertained a bid from Singapore Telecom, chaired by Lee Hsien Yang, son of Singapore's former premier Lee Kuan Yew. But Central Government of the People's Republic of China was worried about Hong Kong's telecom system would fall into foreigner's hand. With the support of the loan from Hong Kong and Shanghai Banking Corporation and Bank of China (Hong Kong), PCCW, chaired by Richard Li, the younger son of tycoon Li Ka-shing, entered the scene and managed to outbid the Singaporean rival.[5] But this brought PCCW to take high debt and sell assets to return the debt. Finally, PCCW's stock price dropped more than 98% after the Internet bubble burst.[6]

See others

References

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