Battered Internet investor Yasumitsu Shigeta has quietly ended his once much-trumpeted tie-up with Richard Li Tzar-kai by disposing of his entire interest in Pacific Century CyberWorks. Mr Shigeta, president of Tokyo-listed Internet investment company Hikari Tsushin Inc, dumped the 332.52 million shares he held in CyberWorks early this week, according to sources. He had been gradually selling off his shares over the past couple months to avoid causing major disruptions to CyberWorks' share price, one source said. The shares were disposed at an average price of about HK$2.10 a piece, allowing Mr Shigeta to cash in about HK$698.29 million. However, the disposal price was 91 per cent below the price assigned to CyberWorks' shares when a US$1 billion share-swap deal was forged two years ago. In February 2000, Mr Li and Mr Shigeta painted a rosy future for the telecommunications company when they agreed to swap a portion of personal shares in CyberWorks and Hikari to strengthen their relationship through crossholdings. Under the arrangement, Mr Li exchanged 332.52 million CyberWorks shares, about 3.5 per cent of the company, for 510,200 Hikari shares held by Mr Shigeta. The transaction valued CyberWorks' shares at HK$23.40 each, while Hikari Tsushin's shares were valued at 213,000 yen per share. The two flamboyant investors promised closer business co-operation between their two companies and to jointly develop business opportunities in new media. A source said Mr Li disposed of his personal shares in Mr Shigeta's company last month. However, it was not clear how much Mr Li cashed in from selling the Hikari shares. Shares in Hikari were trading at about 1,000 yen last month, a 99 per cent decline from the price Mr Li took them at two years ago. In the past few months, Mr Li's information technology flagship CyberWorks has also dumped its interest in main-board-listed Internet company Hikari Tsushin International, a shell company that was taken over two years ago by a CyberWorks partnership with Tokyo-based Hikari Tsushin Inc. In a HK$839 million deal, the pair took over main-board-listed battery-maker Golden Power, hoping to establish an Internet investment foothold in Hong Kong. But the joint effort resulted in a HK$122.51 million loss for CyberWorks and a HK$383.4 million loss for the Toyko-listed parent, Hikari Tsushin, following from the offloading of the SAR-listed shell company to local investment company Noble Island International.