PCCW shares soar 13.8%

Beijing time January 20 Evening news, according to foreign media reported that Hong Kong's largest fixed-line operator PCCW shares surged 13.8% in Wednesday, trading volume reached 3 months daily trading volume four times times. PCCW shares rose HK $0.28 in Wednesday and closed at HK $2.31.　　A spokesman for PCCW said the company was not aware of the reason for the rise in share prices, and the company plans to hold a press conference in Thursday to introduce a new handset feature. The unit's performance has been below Hong Kong's Hang Seng index since the failure of the 2.1 billion-dollar takeover plan led by PCCW management.　　A Hong Kong court vetoed a takeover offer from PCCW's management, and the judge said the shareholder vote, which had previously approved the deal, was manipulated and failed to reflect investors ' intentions.　　Last August, PCCW announced that earnings from $656 million trillion in the second half of the year fell to $654 million trillion ($ 84 million trillion), mainly because of the weakening of telecommunications demand as a result of a prolonged recession in Hong Kong.　　PCCW shares have risen 6.5% since May 7, while the Hang Seng index has risen 24% per cent.　　PCCW denied the report last August when it was rumored that PCCW would be forced to stop paying dividends to shareholders because of its debt. The Hong Kong Securities and Futures Commission said more than 800 people were registered as PCCW shareholders shortly before PCCW shareholders voted on February 4 last year to make a joint takeover offer by Richard Li and China Unicom.　　These include hundreds of employees of an insurer held by Richard Li, who obtained PCCW shares from the company's manager to register as PCCW shareholders. Both PCCW and Richard Li have denied any wrongdoing. (Yi Fei)