Cable & Wireless Plc now confirms that it has agreed to sell 10m of its shares in Hong Kong Telephone to the Guandong Posts & Telecommunications Bureau by the end of this month: this is the first time that a provincial telecommunications authority in the People’s Republic of China has acquired an equity stake in a telecommunications operating company outside its territory and is seen by Cable & Wireless, which holds almost 80% of the shares in Hong Kong Telephone as boding well for future business in the Chinese province, which houses one of the country’s special economic zones and is tipped by London brokers Cazenove & Co to evolve into a world economic force on a par with Taiwan and South Korea.
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