Word: shing
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...Webb, editor of the financial-monitoring site Webb-site.com which had valued CyberWorks' shares at just 54[cents] in February. "The company can't resume its rocket-like trajectory." CyberWorks has declined to comment on its business strategy, but Li, the son of shipping and real estate billionaire Li Ka-Shing, says the fact that Cable & Wireless' shares were initially snapped up by buyers showed "confidence in and support for our business plans and our overall strategy...
There are a lot of Lis in Hong Kong, but only one Li Ka-shing. Li is a billionaire and a major player in the real estate market, and in retail, telecommunications and power generation. His port operation handles 30% of Hong Kong's trade. His nickname in the press is Superman. Now comes Superboy: Li's son Richard, 33. Last month, Richard took over Cable & Wireless HKT, the territory's telecom giant, using an Internet company he started only 11 months ago called Pacific Century CyberWorks. The deal, valued at $38 billion, was Asia's biggest takeover ever...
...house he bought for $13,000 in the 1960s. Richard likes junk food, can be blunt with subordinates, is building a lavish mansion and flew Whitney Houston to Hong Kong for his millennium party. (One trait the duo share is a penchant for being seen with beautiful women; Ka-shing is a widower, and Richard has never married.) When asked which businessman he admires most, Richard mentions not Dad but Sony's co-founder Akio Morita--and he makes clear that questions about his father and their relationship are unwelcome...
...Richard is deputy chairman of Li Ka-shing's Hutchison Whampoa conglomerate, owns 5% of Tom.com and has a long history of cross dealings with his old man. Is he a son with burning ambitions of his own? Or one standing on his father's shoulders? Perhaps a little of both...
...finds it hard to get 100% of the credit. Many analysts point out that all of Hong Kong's telecom licenses expire in 2006, and the decision on whose gets renewed will surely be made in Beijing. That's why HKT chose Richard, the analysts say--because Li Ka-shing's clout in China will smooth the way. To others, however, it looks like Superboy is perfectly capable of flying...