There have been few reasons to own Sunday Communications over the past four years. Since listing at the height of the telecoms boom, its shares have plunged more than 85 per cent.

The best investors can hope for is recurring speculation that Sunday will be bought by a larger rival in Hong Kong's overcrowded telecoms market - which always gives Sunday shares a short-term pop. Those speculative forces were back in play last week, but with a twist. Previous rumours have centred on a local player (such as PCCW) buying Sunday. Now, attention is focused on a possible mainland buyer. Sunday shares, which were at a six-month low earlier last month, zoomed to a six-month high on Friday. Cross-border takeovers could become an investment theme for investors looking for excuses to chase beleaguered telecoms shares. There is China Netcom's acquisition of 20 per cent of PCCW. In addition, China Mobile is rumoured to be considering buying CSL. Sunday believes it can play a part in the cross-border consolidation. Co-chairman Richard Siemens expected Hong Kong's lead in 3G would attract Chinese telecoms firms looking to extend their footprint in the city.

While the world's telecoms operators chase the coveted 'triple play' of voice, broadband and pay-television services, their Hong Kong counterparts plan to go one better by offering online games. After linking up with TVB's struggling pay-television unit last week, Hutchison Global Communications said it was not content to stop there and was considering a game offering. Other operators eying the market include New World Telecom and incumbent PCCW. But it will be tough going for the telecoms operators. They simply lack the hip cachet of console rivals such as Xbox and PlayStation. Singapore's Starthub offers just five titles - hardly enough to draw the hardcore gamer from his beloved console.