New World Telecommunications

New World Telecommunications was established in 1992 by transforming from Rowenty Power, a shelf company that was incorporated on 14 January of the same year in the British Hong Kong.Data in Hong Kong Companies Registry At that time it was known as New World Telephone. New World Telephone Holdings was the direct parent company, while itself a subsidiary of New World Development. New World Telecommunications acquired the licence of fixed-line telephone in 1995.{{cite news|url=https://www.mpfinance.com/fin/daily2.php?node=1463627698256&issue=20160219|script-title=zh:純官賣產停不了 20年固網生意脫手 新世界電訊6.5億售予香港寬頻|date=19 February 2016|access-date=27 February 2018|work=Ming Pao|publisher=Media Chinese International|location=Hong Kong|language=zh-hk}}

Immediately after the deregulation of the telecommunication industry of Hong Kong in 2003, New World Telecommunications, along with Hutchison Global Communications, Wharf T&T, were the major competitors to PCCW (formerly Hong Kong Telecom), the dominant operator at that time.{{cite news|url=http://www.scmp.com/article/404870/ofta-conclude-interconnection-plan|title=Ofta to conclude interconnection plan|date=28 January 2003|access-date=27 February 2018|newspaper=South China Morning Post|location=Hong Kong}} New World Telecommunications was aimed for business customers.

New World Telecommunications had a sister company New World PCS Holdings which was a mobile network operator in Hong Kong. They both under the same direct parent company New World Telephone Holdings. However, New World PCS Holdings was sold to Asia Logistics Technologies in 2004, as part of a backdoor listing.{{cite press release|url=https://www.nwd.com.hk/sites/default/files/pr040401e1.pdf|title=Proposed Acquisition of New World PCS Holdings Limited by Asia Logistics Technologies Limited|date=1 April 2004|access-date=27 February 2018|publisher=New World Development|location=Hong Kong}} Asia Logistics Technologies was subsequently known as New World Mobile Holdings from 2004 to 2010. However, the shares of the successor of New World Mobile Holdings, CSL New World Mobility, was sold by New World Development to Hong Kong Telecom, a subsidiary of PCCW in 2013.

In February 2016, New World Telephone Holdings sold New World Telecommunications and other businesses in Hong Kong, Macau and Shenzhen to its competitor Hong Kong Broadband Network (HKBN) for HK$650 million;{{cite press release|url=http://www.hkexnews.hk/listedco/listconews/sehk/2016/0218/LTN20160218007.pdf|title=Major Transaction {{!}} Acquisition of the telecommunications and online marketing solutions business owned by New World Telephone Holdings Limited through the acquisition of the entire issued share capital of Concord Ideas Ltd. and Simple Click Investments Limited|date=18 February 2016|access-date=27 February 2018|publisher=HKBN|via=Hong Kong Exchanges and Clearing website}} the latter was disinvested by local telecommunication tycoon Ricky Wong in 2012. It was reported that the takeover of New World Telecommunications was a leverage buyout, which was financed by a borrowing from JPMorgan Chase for 5 years by HKBN. In March 2016, the Communications Authority of Hong Kong, announced that they would not to commence an investigation on the takeover under the Competition Ordinance of Hong Kong.{{cite press release|url=https://www.coms-auth.hk/en/media_focus/press_releases/index_id_1195.html|title= Communications Authority Decided not to Commence an Investigation Concerning HKBN's Acquisition of New World Telecommunications|date=31 March 2016|access-date=27 February 2018|publisher= Communications Authority|location=Hong Kong}} It was reported that despite both HKBN and NWT were telecommunication companies, due to one company aimed at residential customers and another aimed at business customers, it would not strengthen the oligopoly of the telecommunications market of Hong Kong.{{cite news|url=http://std.stheadline.com/yesterday/fin/0219do01.html|script-title=zh:新世界固網資產6.5億售香港寬頻|date= 19 February 2016|access-date=28 February 2018|work=Sing Tao Daily|location=Hong Kong|language=zh-hk}}

Financial Times compared the disinvestment of Hutchison Global Communications by CK Hutchison Holdings in 2017 and New World Telecommunications by New World Development, were part of "the process of succession planning [of the largest tycoon families of Hong Kong] as the founders reach retirement age or pass away.";{{cite news|url=https://www.ft.com/content/70a26012-750d-11e7-90c0-90a9d1bc9691|title= Li Ka-shing agrees $2bn Hutchison fixed-line business sale |date=31 July 2017|access-date=20 November 2017|newspaper=Financial Times|location=London, Hong Kong|publication-place=London|first1=Arash |last1=Massoudi |first2=Don |last2=Weinland}} Cheng Yu-tung, the founder of New World Development, passed away in September 2016. The disinvestment was also rumoured as part of a total withdrew of Hong Kong market ({{zh|t=撤資}}), nevertheless the analyst concluded that the disinvestment by New World Development, was part of a project that strengthen the core business of the conglomerate.{{cite news|url=https://www.mpfinance.com/fin/daily2.php?node=1463627699909&issue=20160219|script-title=zh:剝離非核心資產 鄭氏兩年套近400億|date=19 February 2016|access-date=27 February 2018|work=Ming Pao|publisher=Media Chinese International|location=Hong Kong|language=zh-hk}}

{{reflist}}

• {{official site|http://www.newworldtel.com}} {{dead link|date=February 2018}}

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Category:Telecommunications companies of Hong Kong

Category:Telecommunications companies established in 1992

Category:Chinese companies disestablished in 2016

Category:Former New World Development subsidiaries

Category:1992 establishments in Hong Kong

Category:2016 disestablishments in Hong Kong

Category:Telecommunications companies disestablished in 2016