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Technology Stocks : PCW - Pacific Century CyberWorks Limited -- Ignore unavailable to you. Want to Upgrade?

To: ms.smartest.person who wrote (620)	3/22/2001 4:49:50 PM
From: ms.smartest.person	Read Replies (1) \| Respond to of 2248

CyberWorks Says Li Didn't Graduate From Stanford (Update1) By Cathy Chan Hong Kong, March 22 (Bloomberg) -- Pacific Century CyberWorks Ltd. said its founder, Richard Li, didn't graduate from Stanford University, contradicting the company's earlier publicity material. ``Li attended Stanford for more than three years from 1984 to 1987, but left before completing his degree for personal reasons,'' CyberWorks said in a statement. CyberWorks' statement came after the International Herald Tribune and Hong Kong Economic Journal reported that Li didn't graduate from the Palo Alto, California-based university. As recently as Tuesday morning, CyberWorks said on its Web site that Li, 34, the son of Hong Kong tycoon Li Ka-shing, graduated from Stanford with a degree in computer engineering, the Herald Tribune said. The reference was removed later that day. The disclosure was an embarrassment that CyberWorks doesn't need after its shares lost 81 percent of their value in the past 12 months, dogged by cooling investor enthusiasm for its Internet and telecommunications services. CyberWorks, which controls Hong Kong's biggest phone company, fell 4 percent today to HK$3.60. Neither newspaper said Li himself contended he had a Stanford degree. On page 114 of the Dec. 5 prospectus for CyberWorks' sale of $1.1 billion of convertible bonds, Li is described as having been ``educated'' at Stanford. CyberWorks said in its statement today, emailed to major news organizations on its letterhead, that it was seeking to end speculation about Li's background. ``In some isolated instances, company public relations materials have been produced that inaccurately reported Mr. Li had graduated from the university,'' the statement said. ``The company emphasizes that this inaccuracy did not appear in public disclosures filed by the company in accordance with applicable legal requirements.'' Li's father responded to questions from reporters about his son today, as Cheung Kong (Holdings) Ltd., the property developer he controls, reported earnings. ``He's not a liar,'' Li said. ``I was with him when he started at Stanford.'' CyberWorks' $1 billion investments in 49 venture capital investments around Asia are now worth $648 million, according to CLSA Global Emerging Markets. It also has a joint venture with Australia's Telstra Corp. to build a fiber-optic Internet ``backbone.'' quote.bloomberg.com