There is a new sheriff in Hong Kong. The Securities and Futures Commission, the territory's market regulator, yesterday sealed a landmark victory after Richard Li confirmed that he would let a $2bn buy-out offer for PCCW, his telecommunications company, lapse.
The surrender by Mr Li, one of Hong Kong's most prominent tycoons, and state-owned China Unicom, PCCW's second largest shareholder, followed an unprecedented intervention by the regulator, which successfully challenged the validity of a February shareholders' vote that approved the transaction.
In bowing out, Mr Li cited the “considerable debate” stirred up by the controversial transaction, saying it had proven “unnecessarily divisive to society”.
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