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PC CyberWorks Acquires 8 Percent Of City Telecom

Richard Li's Pacific Century CyberWorks has pumped US$27 million into City Telecom (CTI) for 8 percent of the company, according to Hong Kong's Business Post.

CTI is runs the second largest ISP operation and second largest mobile phone service in Hong Kong.

With its surge in user base this year, CTI has been a darling of investment analysts lately.

The company report that it had finished a US$83 million share placement including a listing of ADRs on the NASDAQ.

Interestingly, Li's investment into CTI puts his vehicle in competition with HutchCity, the ISP subsidiary of his father Li Ka-Shing's Hutchison Whampoa Limited.