Pacific Century CyberWorks, the developer of Hong Kong’s Cyberport project, has forged an alliance with US internet investment company CMGI in a $350m share exchange. The two are also in discussions for possible co-investments such as setting up a joint venture to make use of CMGI’s internet technology and experience to develop the Asian market including Japan, according to PCC chairman Richard Li. They are also considering joint investments in internet opportunities in both the US and Asia, he said.
CMGI, whose other shareholders include Microsoft, Intel, Compaq and Softbank, could help CyberWorks acquire material for the internet portal it plans to deploy by the first half of next year, and its ambitious satellite-to-cable broadband subscriber business targeted at 110 million Asian households.
