Li’s not a Stanford grad. But does it matter?
Rita Raagas De Ramos#
Hong Kong 22 march#
INVESTORS are generally not expected to care that Richard Li, who pulled off Asia’s biggest corporate takeover last year, didn’t graduate from Stanford University as erroneously claimed by his company in some documents.
“Did Bill Gates graduate (from a university)?,” was a typical reply from analysts covering Hong Kong and Li’s company, Pacific Century CyberWorks Ltd PCCW.
Herbert Lau, director of research at Celestial Asia Securities, said Li’s capability in running PCCW won’t be diminished by his lack of a university degree, citing Gates as the best example of a college dropout who did wonders for the information technology industry.
“Whether or not someone has a degree shouldn’t matter,” Lau said.
In a statement, and in reaction to media reports questioning Li’s education, PCCW said Li attended Stanford for more than three years from 1984 to 1987, but left before completing his degree. PCCW attributed the university degree foul-up to erroneous company materials.
“In some isolated instances, company public relations materials have been produced that inaccurately reported Mr Li had graduated from the university,” PCCW said.
PCCW stressed, however, that the error didn’t appear in public disclosures filed by the company to regulatory agencies.
Li pulled off Asia’s biggest corporate takeover in August when his company bought Hong Kong’s oldest and largest telecommunications company, Cable & Wireless HKT, from its British corporate parent in a deal paid mostly by stock that has since plunged. — Dow Jones
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