Tharitable profits
Thank goodness for altruistic existing shareholders. Asked why so many were selling shares in the upcoming IPO of Solomon Systech, president and managing director Humphrey Leung Kwong-wai claimed the chip designer did not want the burden of too much cash, saying: 'It would create a huge amount of pressure for the company to use it.' About 43.7 per cent of the offering involves insiders cashing out for a potential gain of $541 million. Such profits are apparently a heavy burden for reluctant sellers but everyone is being asked to do their bit. 'Everybody has to sell some,' he said. It's good to see that selfless devotion is alive and well.
Counting on uncertainty
Hutchison Telecom's campaign against losing its CDMA licence seems a little wobbly on the numbers. Managing director Agnes Nardi yesterday claimed to have invested $1 billion into the network despite its press release claiming a far higher number. Bolstering its argument, the firm claimed Hong Kong was unique in having so many 3G operators, pointing to China's mere three competing firms. Three you say? The last time Lai See checked there were two. It's more than we've got, right?
Spokesman spoken for
PetroChina president Chen Geng yesterday wrapped up his results talk presentation, before introducing the firm's chief bean counter for a numbers run-down. Realising he was stealing his spokesman's thunder as chief introducer, he apologetically noted: 'Oh, I should not take away our official spokesman's right of speech.' Unsurprisingly, a somewhat embarrassed PR rose and yielded the right to introduce.
