Richard Li Tzar-kai's Pacific Century Group is setting up an in-house research department to analyse investment opportunities for the company's $2.22 billion cash pile.
The department will be headed by John Colmey, currently Hong Kong bureau chief of Time magazine, the company last night confirmed.
It will examine Internet start-ups in which the group's subsidiary, CyberWorks Ventures, is considering buying a stake and also cover possible alliances to increase the group's global scope.
'We will also be looking at mergers with, say, people coming from the United States . . . because a lot of companies are coming out from Silicon Valley and elsewhere approaching Pacific Century,' said Mr Colmey, who will take up his position early next month.
Pacific Century has set aside $2.22 billion from last month's $3.99 billion share placement for strategic acquisitions and investments in businesses offering synergies to its operations.
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