Not every C&W HKT investor is solidly behind the company's merger with Pacific Century CyberWorks. Mr Chan, an 80-year-old shareholder, said he preferred Hong Kong's main telecommunications operator as it was. He said he voted for the merger with CyberWorks, Asia's No 2 Internet-investing company, 'because it was impossible to change fate'. '[Cheung Kong Holdings chairman] Li Ka-shing is No 1 in almost everything and now I have to pin my hopes on his son [CyberWorks chairman Richard Li],' said Mr Chan, who worked 37 years at Bank of Communications. Mr Chan, who has owned HKT shares since 1972, is worried PCCW-HKT may run up a debt load that would shrink dividends. He said he relied heavily on the HK$200,000 to HK$300,000 received in recent years from his HKT shares. HKT has paid out an annual share dividend of more than HK$4 in the past five years. 'What should I do?' Mr Chan asked at yesterday's shareholder meeting. HKT chairman Sir Brian Smith said investors unhappy with the merger had the option to cash in their shares and switch to high-yield utilities. Mr Chan, who wants to keep his shares, said he found solace in comments by HKT chief executive Linus Cheung Wing-lam. Mr Cheung said PCCW-HKT would not likely pay out dividends to match HKT's but said the merged company's prospects for growth may be reflected in its share-price performance. Mr Chan is counting on it. He said investment consultants assured him PCCW-HKT's share price would reach HK$100 in three years.