Little Richard makes it bigger

More deal making from Pacific Century puts a cool $487 million in Richard Li''s back pocket. Once again the money has come from the government of Hong Kong.

Richard Li - internet guru, property mogul and son of the father - has just become a whole lot richer. His privately held Pacific Century Group company has sold 1% of the shares in listed subsidiary Pacific Century CyberWorks for a cool HK$3.8 billion $487 million. What makes this placement so interesting is that the shares were probably to the Hong Kong government.

CyberWorks has completed its merger with Cable Wireless HKT, the Hong Kong phone company. As a result, Cable Wireless HKT was removed from the Hang Seng Index while PCCW has moved in to replace it.

A knock-on effect of the change in index...

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