HGC Global Communications Limited, formerly known as Hutchison Global Communications Limited (abb. HGC), is an internet service provider of Hong Kong. In the past it was part of Hutchison Telecommunications (Hong Kong), itself part of a mega-conglomerate CK Hutchison Holdings. 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 network Fiber-optic communication is a method of transmitting information from one place to another by sending pulses of infrared light through an optical fiber. The light is a form of carrier wave that is modulated to carry information. Fiber is pref ...

s 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, 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 of

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 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–

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 was formed by the spin-off of some assets of Hutchison Telecommunications International, floating Hutchison Global Communications and Macau sister companies as a separate listed company. After the ultimate listed parent companies of the group, Cheung Kong and Hutchison merged to form CK Hutchison Holdings and CK Asset Holdings 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 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