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Technology Stocks : PCW - Pacific Century CyberWorks Limited

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To: ms.smartest.person who wrote (852)	3/30/2001 3:28:33 PM
From: ms.smartest.person	Read Replies (1) of 2248

CyberWorks' Li on Plan for Internet Consumer Business: Comment By Cathy Chan Hong Kong, March 30 (Bloomberg) -- Pacific Century CyberWorks Ltd. Chairman Richard Li comments on the company's business at an analyst meeting held on Thursday. On its Internet business aimed at consumers: ``If we cannot build a business that is worth $2 billion to $3 billion valuation -- in terms of how we internally value it which might be a different methodology than you -- then we should get out of it and not do it.'' ``As far as the local (market) is concerned, we're very confident to have a model which is bundled with connectivity on a charging monthly basis and not depending on the advertising market at all. ``Whereas regionally, we would have to rely on an advertising model, but on traditional TV revenue rather than Internet revenue. And we'll pull the strategy of PCCW Japan to leverage that for the supply of programming for that. ``The break-even of the whole b2c (business-to-consumer business) would not be targeted to be more than four years. ``The dependency on an Internet advertising model would be almost negligible. We would assume that Internet adverting revenue would be scarce or nil. ``Wherever it is possible, it would be subscription-based and encrypted-based. I can tell you that we do not have that model outside of Hong Kong today. ``High quality content (in the region) could not be supported by advertising alone. Without high quality of content, there is no unique points of sales to attract users. By doing that, traditional advertising revenue model must be sought. ``A total subscription model which we control the connectivity in a very secure manner will be the most solid model we can see,'' On data centers and other businesses: ``Our revenue is targeted to grow at the data centers by 3 times.'' Infrastructure and real estate revenue will be 20 percent up and cash flow positive. CyberWorks Chief Financial Officer David Prince comments on the impact of the company's negative asset value. ``We've been to the stock exchange some four and five months ago on this, we fully anticipated this is part of the merger. And we have exclusions agreed with the stock exchange so there is a limit set for those. ``We don't need restrictions unless we have seen a certain threshold value -- it's about HK$2 billion. Because we have to go to the stock exchange for that, they might waive the right, or they might say we need to put out an announcement or they might say we need to do a shareholder circular for it.'' quote.bloomberg.com

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