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The Fall of Asia's Internet King

Asia: Celebrated Hong Kong exec Richard Li's company has posted a $886-million loss for 2000, and his personal reputation has been tarnished.

March 29, 2001|TYLER MARSHALL | TIMES STAFF WRITER

Pacific Century CyberWorks Chairman Richard Li appeared by closed-circuit television to discuss the Hong Kong-based firm loss of $886 million in 2000. In 1999, PCCW turned a profit of $44.5 million thanks to major investment gains. The 34-year-old Li had become Asia's most-celebrated Internet executive outside Japan.

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Falling Stock Price

Pacific Century Cyberworks' American depositary receipts have lost about 80% since August, when they traded at $20. The ADRs represent 10 ordinary shares of PCCW traded on the Hong Kong stock market.

Wednesday: $4.18, down 19 cents

Monthly closes and latest

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A Look at Pacific Century CyberWorks

* Parent: Pacific Century Group, established in October 1993 with proceeds after the sale of Star TV, the first Pan-Asian satellite television network, to News Corp.

Business operations

* Telecommunications: Communications and Internet service provider with 2.2 million residential and 1.5 million commercial customers in Hong Kong

* Internet enterprises: Business-to-business and business-to-consumer services, data centers, Web hosting, investments in related companies

* Global communications: Broadband and wireless connectivity in the Asia-Pacific region

Sources: Bloomber News, Times research, company documents

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