Hong Kong Telecom
|Fate||acquired by PCCW|
|Products||Cable, Internet, Telephony, Mobile Telephony|
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, IDD and broadband services in Hong Kong. It was merged to Pacific Century Cyberworks (PCCW) in 2000. The name 'Hong Kong Telecommunications (HKT) Limited' is retained by a subsidiary of PCCW.
- 1988: Hong Kong Telecommunications Limited was formed by merger of Hong Kong Telephone Company Limited (HKTC) and Cable and Wireless (Hong Kong) Limited. It replaced HKTC to be listed on the Hong Kong Stock Exchange and the member of Hang Seng Index Constituent Stocks (blue-chip).
- 1990: Hong Kong Telecommunications Limited was restructured to four wholly owned operating companies: Hong Kong Telephone Company Limited (HKTC), Hong Kong Telecom International Limited (formerly Cable and Wireless (Hong Kong) Limited), Hong Kong Telecom CSL Limited and Computasia Limited.
- 1995: Hong Kong Telecom's franchise expired. New companies were allowed to provide local fixed telecommunication services on a competitive basis.
- 1999: Hong Kong Telecom was renamed to Cable & Wireless HKT.
- 2000: Hong Kong Telecom was acquired by and merged to Pacific Century Cyberworks. It was renamed to PCCW-HKT Limited.
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. 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.
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