HGC Global Communications Limited, formerly known as Hutchison Global Communications Limited (abb. HGC), is an

internet service provider An Internet service provider (ISP) is an organization that provides services for accessing, using, or participating in the Internet. ISPs can be organized in various forms, such as commercial, community-owned, non-profit, or otherwise private ...

Hong Kong Hong Kong ( (US) or (UK); , ), officially the Hong Kong Special Administrative Region of the People's Republic of China ( abbr. Hong Kong SAR or HKSAR), is a city and special administrative region of China on the eastern Pearl River Delt ...

. In the past it was part of Hutchison Telecommunications (Hong Kong), itself part of a mega-conglomerate

CK Hutchison Holdings CK Hutchison Holdings Limited is a Hong Kong-based and Cayman Islands-registered multinational conglomerate corporation. The company was formed in March 2015 through the merger of Cheung Kong Holdings and its main associate company Hutchison Wh ...

. Hutchison Global Communications was a listed company, via its parent company Hutchison Global Communications Holdings from 2004 to 2005. In July 2017, Hutchison sold HGC to a private equity fund Asia Cube Global.

History

Hutchison Global Communications (HGC) was a major investor in the fibre-optic networks of Hong Kong. In 2003, the year of deregulation of the market of telecommunication of Hong Kong, HGC was one of the competitor of

PCCW PCCW Limited (formerly known as Pacific Century CyberWorks Limited) is a Hong Kong-based information and communications technology (ICT) company. The company is the majority owner of telecommunications company HKT Limited, and also holds a maj ...

, the dominant operator at that time, which PCCW was majority owned by

Richard Li Richard Li Tzar-kai is a Hong Kong businessman and philanthropist. The founder and chairman of the private investment group Pacific Century Group (PCG), Li started his career in the 1990s with the founding of STAR TV, a pan-Asian television ...

, the younger son of the chairman of Hutchison Whampoa,

Li Ka-shing Sir Ka-shing Li (; born 13 June 1928) is a Hong Kong billionaire business magnate, investor, and philanthropist. As of June 2019, Li is the 31st richest person in the world, with an estimated net wealth of US$33.4 billion. He is the senior ad ...

. HGC became a

joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...

Hutchison Whampoa Hutchison Whampoa Limited (HWL) was an investment holding company based in Hong Kong. It was a Fortune Global 500 company and one of the largest companies listed on the Hong Kong Stock Exchange. HWL was an international corporation with a dive ...

and

Global Crossing Global Crossing was a telecommunications company that provided computer networking services and operated a tier 1 carrier. It maintained a large backbone network and offered peering, virtual private networks, leased lines, audio and video confer ...

from 2000 to 2002. In 2004, a Bermuda incorporated, Hong Kong listed company, acquired HGC as part of a

backdoor listing A reverse takeover (RTO), reverse merger, or reverse IPO is the acquisition of a public company by a private company so that the private company can bypass the lengthy and complex process of going public. Sometimes, conversely, the public compa ...

. The Bermuda company was renamed into Hutchison Global Communications Holdings (former ticker symbol SEHK:757). However, it was privatized by

Hutchison Telecommunications International Hutchison Asia Telecom Group or HAT, is a division of Hong Kong-based Multinational corporation, multinational conglomerate CK Hutchison Holdings. The division provides telecommunications services to several Asian countries. The division was ...

(a listed company of Cheung Kong–Hutchison group) in 2005. A scandal was also exposed in the same year, which Vanda Systems & Communications Holdings, already an associate company of the mega-conglomerate

Cheung Kong Holdings Cheung Kong (Holdings) Limited, is a multinational conglomerate, based in Hong Kong. It was one of Hong Kong's leading multi-national conglomerates. The company merged with its subsidiary Hutchison Whampoa on 3 June 2015, as part of a major ...

–

in 2000, was involved in

insider trading Insider trading is the trading of a public company's stock or other securities (such as bonds or stock options) based on material, nonpublic information about the company. In various countries, some kinds of trading based on insider information ...

. In 2009 another listed company

Hutchison Telecommunications Hong Kong Holdings Hutchison Telecommunications Hong Kong Holdings Limited () is a telecommunications operator in Hong Kong. It operates GSM dual-band, 3G, 4G LTE mobile services in Hong Kong and Macau under the licensed global Three brand. It launched a 5G servi ...

was formed by the spin-off of some assets of Hutchison Telecommunications International, floating Hutchison Global Communications and

Macau Macau or Macao (; ; ; ), officially the Macao Special Administrative Region of the People's Republic of China (MSAR), is a city and special administrative region of China in the western Pearl River Delta by the South China Sea. With a pop ...

sister companies as a separate listed company. After the ultimate listed parent companies of the group, Cheung Kong and Hutchison merged to form

and

CK Asset Holdings CK Asset Holdings Limited, previously known as Cheung Kong Property Holdings Limited, is a property developer registered in the Cayman Islands, with its headquarters and principal place of business in Hong Kong. History The company was establis ...

in 2015, HGC was sold to independent third parties Asia Cube Global in July 2017. The parent company of Asia Cube Global was a private equity fund. In turn the fund was managed by I Squared Capital. ''Financial Times'' described the disinvestment was "come after several similar divestments by tycoon families in Hong Kong." It was previously rumoured to sell to the same buyer of

WTT HK WTT HK Limited (), was the second largest fixed line telecommunication operator in Hong Kong. In 2018, it was acquired by competitor HKBN and renamed to HKBN Enterprise Solutions HK Limited. A member of the business groups TPG Capital and MBK Par ...

in June 2017.

References

External links

* {{official website Internet service providers of Hong Kong Former CK Hutchison Holdings subsidiaries Companies formerly listed on the Hong Kong Stock Exchange Privately held companies of Hong Kong