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

To: ms.smartest.person who wrote (1396)	6/12/2001 11:19:24 PM
From: ms.smartest.person	Read Replies (2) \| Respond to of 2248

Regional Wireless Ng: HK Govt May Change 3G Auction Plan June 12, 2001 Dow Jones Newswires HONG KONG -- The Hong Kong government may backtrack on a proposal that the price of a third generation license be set at the level at which the fourth last bidder drops out of the 3G auction, an executive at Regional Wireless said Tuesday. Hubert Ng, chief executive officer of CSL Ltd. - the Hong Kong division of the mobile joint venture between Pacific Century CyberWorks (PCW) and Telstra Corp. (TLS) - said the company has received some signals that the telecom regulator is prepared to accommodate industry views that the price be determined by the fifth last bidder to drop out. "In Hong Kong, the government says it's transparent and not trying to raise a lot of revenue from the licenses," he said, adding that the legislators also support the industry view. In the end, he said, the government may change its proposal since "the whole industry sees the fifth lever rule as more appropriate," he said. The Hong Kong government is planning to allocate four 3G licenses in September through a secret auction in which the bidders won't know how much other participants are bidding. It's proposing that the price will be set at the level at which the fourth last bidder decides to drop out, even though that fourth bidder will still be allocated a license. Participants in the Hong Kong auction will bid a percentage of their future 3G revenue for the licenses as opposed to a lump sum to be paid up front. The Hong Kong legislative council is scheduled to vote on the proposed 3G auction regulations before its summer recess in July. -By Anette Jonsson, Dow Jones Newswires; (+852) 2802 7002; anette.jonsson@dowjones.com -0- 12/06/01 04-49G -------------------------------------------------------------------------------- URL for this Article: interactive.wsj.com -------------------------------------------------------------------------------- Copyright © 2001 Dow Jones & Company, Inc. All Rights Reserved. Printing, distribution, and use of this material is governed by your Subscription Agreement and copyright laws. For information about subscribing, go to wsj.com Used with permission of wsj.com