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Technology Stocks : PCW - Pacific Century CyberWorks Limited
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To: ms.smartest.person who wrote (866)3/31/2001 1:20:08 PM
From: ms.smartest.person  Read Replies (1) of 2248
 
Forbes Faces: March 29, 2001
Debra Lau, Forbes.com, 03.29.01, 11:57 AM ET

NEW YORK - Wealthy, powerful people in the news:


Richard Li

Hong Kong superboy Richard Li is certainly not living up to his name these days. First, the billionaire confirmed that he never graduated from Stanford University, as his company had said on its Web site and in legal filings. Now his Pacific Century CyberWorks has reported a huge $886 million loss in its first full year earnings since acquiring former Hong Kong phone monopoly Cable and Wireless HKT last August for $28.5 billion in cash and stock. PCCW had taken a charge of $22 billion in goodwill--the difference between the purchase price and book value--from the HKT acquisition, the largest corporate takeover in Asia outside of Japan. That leaves the company with negative shareholder equity. Shares of PCCW have fallen 85% since their peak a year ago. "For 2001, our financial objective is very simply debt reduction," Li told analysts yesterday. It's a complete about face for the 34-year-old entrepreneur, who was once considered king of the new economy in Asia. His tycoon father, Li Ka-shing, is dubbed Superman by the local press. More...

forbes.com
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