Word: whampoa
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...cell-phone subscribers, however, remains to be seen. India's notoriously obstructionist regulatory policies are being reformed, allowing prices to slide and competition to increase. The market has drawn potent players in the form of cell-phone subsidiaries backed by foreign heavyweights such as Hong Kong's Hutchison Whampoa and AT&T Wireless. Other rivals are piling in: a government phone company, Bharat Sanchar Nigam, is expanding its mobile network. And in December, India's powerful Ambani family, which controls Reliance Industries, India's largest private sector company, is launching a discount national cellular service. Industry experts say the market...
...voracious Li?whose Hong Kong-based conglomerates Hutchison Whampoa and Cheung Kong Group are major players in real estate, retailing, telecommunications and shipping?is never accused of setting his sights too low. Tom.com now aspires to become one of the world's largest producers and broadcasters of Chinese-language television programming. The only question, says Tom.com chief executive Sing Wang, is "whether we will become the largest Chinese media group or the largest Chinese media group that is ultimately part of an even greater media group. We are serious. We are not some start-up experiment...
...Hong Kong company, Tom.com will have to race against globe-spanning titans if it is to realize its vision. The company has a war chest for acquisitions; Hutchison Whampoa granted Tom.com a loan of more than $100 million late last year. Previously dismissive bankers now believe that the company's target of achieving a half billion dollars in annual revenue by 2004 (a large sum by the standards of Asia's fractured media industry) can be met. "This is a very hot company," says an analyst at one investment house. "The European and American banks are telling their people...
...interest in the company is partly defensive. Hutchison Whampoa has already sunk $400 million in Global Crossing through a convertible-bond holding, which Li could lose in the bankruptcy. Hutchison Whampoa assumed the bond when it took a stake in Asia Global Crossing, a regional subsidiary of Global Crossing...
...Hutchison Whampoa and STT officials declined to comment on their strategy. Analysts say it's unlikely Global Crossing is a long-term play. "Hutchison has been getting out of fixed line," says Eddie Lau of ABN AMRO. "This would be a big departure from their strategy of focusing on 3G and mobile networks. Selling it down the road after demand comes back makes the most sense...