Pacific Century CyberWorks is accelerating the planned spin-off of Internet investments iLink.net and PP.com in a bid to realise the value of its investment portfolio. CyberWorks, Asia's second-biggest Internet company, announced yesterday it had received approval from Hong Kong Exchanges and Clearing for a separate listing of its 63 per cent-controlled iLink.net, a data-centre operator, on the Growth Enterprise Market (GEM). The flotation is expected to take place by the end of the year, pending listing approval. CyberWorks property portal associate PP.com is seeking a flotation in the first half of next year to finance its regional expansion, the company said. PP.com is considering a listing on the GEM board, the United States' Nasdaq market or in Singapore, depending on market conditions, according to company officials. CyberWorks owns 25 per cent of the regional online property agent, while Nasdaq-listed home seekers.com holds 20 per cent. Although CyberWorks has only a minor stake in both portals, the listings will provide huge paper gains. It has not yet revealed listing details. However, iLink.net chief executive Billy Tam Wai-keung has said the company plans to invest about HK$700 million this year to establish seven data centres in Asia. Besides two data centres in Hong Kong and one in San Jose, California, the company plans to open centres in Shanghai, Beijing, Singapore and Taiwan before the end of the year, according to Mr Tam. Data centres provide a secure physical environment for the storage and maintenance of networking equipment used by online business operators. CyberWorks also gained Powerbase data centres through its purchase of Cable & Wireless HKT. Analysts believe it would make sense for CyberWorks to merge iLink.net with Powerbase and list the combined company as the units are in a similar business. However, Mr Tam said there were no such plans. He said the companies operate in different market segments and could compete with each other, just like the three mobile brands in the CyberWorks group. Merging the two units would delay iLink.net's listing, according to analysts. Mr Tam said the company was in the process of a pre-IPO placement with venture-capital firms which could result in a dilution of shareholders' interests. CyberWorks owns 40.84 per cent of iLink.net and 30.38 is owned by DotCom Pacific Ventures, a company owned by iLink.net's three founders. Meanwhile, CyberWorks announced its TV-Web service Network of the World was now available in the key market of New Delhi, India, and would roll out in Bombay, Bangalore and Madras this year.