Emerging from the shadows of its bankrupt former parent in the United States, corporate Internet service provider PSINet Hong Kong has been renamed CPCNet Hong Kong. The company announced the new name yesterday, saying it would seek partnerships and joint ventures in the mainland as a wholly owned subsidiary of Citic Pacific. Originally launched in 1995 as Linkage Online, PSINet was once a leading light in the first wave of Hong Kong Internet service providers (ISPs). The company was bought by US global Internet carrier PSINet in 1998 for a reported US$20 million. Following the takeover, the firm embarked on an aggressive series of mergers and acquisitions with other local ISPs that mirrored its parent's global expansion strategy. After the US giant filed for chapter 11 bankruptcy protection last May, Citic Pacific bought the Hong Kong company for HK$148 million in October. According to Citic Pacific deputy managing director Norman Yuen Kee-tong, the ISP had operated at a profit since December. 'PSINet had been performing well as one of the leading ISPs in Hong Kong, especially in terms of market share in the IP [Internet protocol] business,' Mr Yuen said. The company received one of the five licences granted for local wireless fixed-network services in 2000. It provides narrowband and broadband Internet access, Web hosting and information technology (IT) services to corporate customers in China and the region. The company also provides outsourced and IT consultancy services to clients including CLP Holdings and Television Broadcasts. Through partnerships with other Citic Group companies, the company has also offered value-added connectivity solutions branded as 'AccessPlus' in Hong Kong, Guangzhou, Shenzhen, Beijing, Shanghai and Wuhan. Mr Yuen said the services soon would be launched in Taiwan and other mainland cities, including Fuzhou, Tianjin and Dongguan, reaching a total of 12 cities within two years. CPCNet's new president Stephen Ho Wai-chung said the company expected to find new customers among foreign-owned or joint-venture manufacturing enterprises in southern China and coastal cities. Mr Ho, formerly the executive vice-president of operations at Citic Pacific, said a new flagship advanced network solution would be launched next month and the company was planning to provide Internet roaming services for mainland users. Mr Yuen said the ISP revenue from PSINet made up less than 10 per cent of Citic Pacific's entire business. However, he believed that CPCNet would be able to contribute a significant amount of revenue to its parent within three years through organic growth and acquisition of other companies that could supply it with customers and technical support. Earlier this month, minority shareholders at Citic Pacific approved the sale of the company's 80 per cent interest in the China Express Number One fibre-optic network for HK$1.62 billion to its parent, ending the company's investment in the mainland's telecommunications infrastructure. The company said it now focused its telecoms investment on value-added services.