Pacific Century CyberWorks (PCW, PCWKF) Message Board

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Technology Stocks : Pacific Century CyberWorks (PCW, PCWKF)

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To: John McDonald who started this subject	9/24/2000 8:14:50 AM
From: ms.smartest.person	Read Replies (1) of 4541

CyberWorks Sheds Quarter of Its Value on Week, Losing $7.9 Bln quote.bloomberg.com By Yeong Choy Leng Hong Kong, Sept. 22 (Bloomberg) -- Pacific Century CyberWorks Ltd. shed a quarter of its market value this week, or HK$61.6 billion ($7.9 billion), as Cable & Wireless Plc sold a 4.9 percent stake in Asia's second-largest Internet investment firm. The stock today fell 3.3 percent to HK$8.75, its lowest since Dec. 17 on concern Cable & Wireless had lost confidence in the company. This brought its losses this week to 25 percent, its biggest weekly losses since Aug. 6 last year. The sale on Wednesday came as investors worldwide question the earnings prospects of online businesses after GigaMedia Ltd. and CMGI Inc.'s exit from their joint ventures with CyberWorks. Many investors are now only taking into account those parts of CyberWorks that already make money when valuing the company. ``We are not willing to pay a premium for its Internet business,'' said John Lai, chief investment officer at Nikko Global Asset Management (H.K.) Ltd., which invests about a third of its $1.3 billion regional fund in Hong Kong. Cable & Wireless received cash and about a fifth of CyberWorks on Aug. 17 in return for its holdings in Hong Kong's No. 1 phone company, Cable & Wireless HKT Ltd. Cable & Wireless can sell another third of its remaining 15 percent stake by February and the rest by August. ``We took the recent Cable & Wireless placement of CyberWorks,'' said Lai. At the placement price of HK$9.88, ``we are paying for HKT telecom business.''

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