- Four Oscar Best International Feature Film contenders coming soon to Now TV -- Sentimental Value, The Secret Agent, It Was Just an Accident and Sirāt
Mar 13, 2026
Now TV x MOViE MOViE present "Countdown to the Awards" with special offers
HONG KONG, March 13, 2026 /PRNewswire/ -- Four films nominated for the Best International Feature Film category at the Academy Awards — Sentimental Value, The Secret Agent, It Was Just an Accident, and Sirāt — will soon be available on Now TV.Four Oscar International Feature Film contenders on Now TV
Among them, Norwegian favourite Sentimental Value not only competes for Best International Feature Film but has also received nominations for Best Picture and Best Actor, making it one of the frontrunners of the year. Meanwhile, The Secret Agent from Brazil, which recently won Best Foreign Language Film at the Golden Globes, continues to draw strong awards buzz. Rounding out the category are French breakout It Was Just an Accident and Spain's drama Sirāt, ensuring an exceptionally competitive Oscar race.
"Countdown to the Awards" by MOViE MOViE
As anticipation builds for the 98th Academy Awards, Now TV invites movie lovers to share in the excitement of this global cinematic celebration. MOViE MOViE will present the special "Countdown to the Awards" campaign in collaboration with Broadway Circuit, giving audiences a chance to catch some of this year's most talked about titles before their official Hong Kong release. Now TV and MOViE MOViE will roll out promotional offers to bring audiences the best of world cinema, both in theatres and at home.
Offer 1 Offer 2 For purchase of "Countdown to the Awards" movie tickets**, (i) Now TV customers can enjoy 15% off**;
(ii) Now TV customers with
MOViE MOViE channel subscription can enjoy 20% off**. Every purchase of a "Countdown to the Awards" movie ticket includes a complimentary one‑month trial of
Now TV's "Western Signature Pack with HBO Max (Standard)" (without Set-Top Box)^ (valued at HK$118 per month).
________
**Discount applies to in-theatre ticket purchases only. Offers are subject to the relevant terms and conditions.
^This offer is provided on a first-come-first-served basis. Limited quantity while stocks last. Offers and Now TV services are subject to the relevant terms and conditions.
About HKT HKT is a technology, media, and telecommunications leader with more than 150 years of history in Hong Kong. As the city's true 5G provider, HKT connects businesses and people locally and globally. Our end-to-end enterprise solutions make us a market-leading digital transformation partner of choice for businesses, whereas our comprehensive connectivity and smart living offerings enrich people's lives and cater for their diverse needs for work, entertainment, education, well-being, and even a sustainable low-carbon lifestyle. Together with our digital ventures which support digital economy development and help connect Hong Kong to the world as an international financial centre, HKT endeavours to contribute to smart city development and help our community tech forward.
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For more information, please visit www.hkt.com.
LinkedIn: linkedin.com/company/hkt
Appendix
Release schedule for the 98th Academy Awards nominated titles
Film title Platform Nominations Release date Sentimental Value Now Video Express and MOViE MOViE On Demand Best Picture, Best Director, Best Actress, Best Supporting Actor, Best Supporting Actress (2 nominations), Best Original Screenplay, Best International Feature, Best Editing
(9 nominations in total) 19 March 2026 on Now Video Express;
26 April 2026 on MOViE MOViE On Demand The Secret Agent MOViE MOViE On Demand Best Picture, Best Actor, Best International Feature, Achievement in Casting (4 nominations in total) Coming soon It Was Just an Accident Now True Best Original Screenplay, Best International Feature (2 nominations in total) 30 March 2026 Sirāt MOViE MOViE On Demand Best International Feature, Best Sound (2 nominations in total) Coming soon Sinners HBO Max Best Picture, Best Director, Best Actor, Best Supporting Actress, Best Supporting Actor, Best Original Screenplay, Best Original Score, Best Original Song, Achievement in Casting, Best Sound, Best Production Design, Best Cinematography, Best Makeup and Hairstyling, Best Costume Design, Best Editing, Best Visual Effects (16 nominations in total) Available Now One Battle after Another HBO Max app Best Picture, Best Director, Best Actor, Best Supporting Actress, Best Supporting Actor (2 nominations), Best Adapted Screenplay, Best Original Score, Achievement in Casting, Best Sound, Best Production Design, Best Cinematography, Best Editing (13 nominations in total) Available Now Frankenstein Netflix Best Picture, Best Supporting Actor, Best Adapted Screenplay, Best Original Score, Best Sound, Best Production Design, Best Cinematography, Best Makeup and Hairstyling, Best Costume Design (9 nominations in total) Available Now Bugonia Now Video Express Best Picture, Best Actress, Best Adapted Screenplay, Best Original Score (4 nominations in total) Available Now Blue Moon Now Video Express Best Actor, Best Original Screenplay (2 nominations in total) Available Now KPop Demon Hunters Netflix Best Animated Feature, Best Original Song (2 nominations in total) Available Now If I Had Legs I'd Kick You Now True Best Actress (1 nomination) Available Now Song Sung Blue Now Video Express Best Actress (1 nomination) 17 March 2026 Weapons HBO Max Best Supporting Actress
(1 nomination) Available Now Mr. Nobody Against Putin Now True Best Documentary Feature
(1 nomination) Available Now The Alabama Solutions HBO Max Best Documentary Feature
(1 nomination) Available Now Armed Only with a Camera: The Life and Death of Brent Renaud HBO Max Best Documentary Short
(1 nomination) Available Now Elio Disney+ Best Animated Feature (1 nomination) Available Now Jurassic World Rebirth HBO Max app Best Visual Effects (1 nomination) Available Now The Smashing Machine Now True Best Makeup and Hairstyling
(1 nomination) Available Now Cutting Through Rocks Now True Best Documentary Feature
(1 nomination) Coming soon Little Amélie or the Character of Rain MOViE MOViE On Demand Best Animated Feature (1 nomination) Coming soon Zootopia 2 Disney+ Best Animated Feature (1 nomination) Available Now (PRNewsfoto/Now TV)Cision
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- UCLOUDLINK's Groundbreaking PetPhone Launches on HKT's CSL Network in Hong Kong
Sep 26, 2025
HONG KONG, Sept. 26, 2025 /PRNewswire/ -- UCLOUDLINK GROUP INC. ("UCLOUDLINK" or the "Company") (NASDAQ: UCL), the world's first and leading mobile data traffic sharing marketplace, today announced that its groundbreaking product, PetPhone – the world's first smartphone for pets – has been formally procured by CSL, a leading mobile services brand under Hong Kong Telecommunications Limited ("HKT") (HKEX: 6823), through its authorized distributor Qool International Limited. This partnership marks the official commercial launch of PetPhone and attest to the strong market recognition of the product. The Company is also in advanced discussions with multiple other potential strategic partners. PetPhone is a cutting-edge smart device designed to redefine pet care by integrating real-time communication, advanced tracking, health monitoring, and a built-in community for pet lovers.
HKT will distribute PetPhone, featuring with CSL eSIM data, through its consumer-facing mobile brand, CSL. This partnership marks a significant milestone in UCLOUDLINK's global expansion strategy, underscoring the growing demand for its innovative solutions and its market leadership in smart connectivity solutions. This also demonstrates UCLOUDLINK's unique value proposition to mobile network operators globally, offering them additional channels for subscriber acquisition and revenue growth through its innovative portfolio of solutions. HKT's robust network and expansive retail presence in Hong Kong will offer reliable connectivity and convenience to pet owners in the city.
Mr. Chaohui Chen, Director and CEO of UCLOUDLINK, said, "We are excited to partner with HKT to expand the global reach of PetPhone and offer it to more pet-loving households. This partnership highlights the versatility of our GlocalMe ecosystem and our commitment to delivering innovative solutions for diverse consumer needs. PetPhone is not just a device—it's a transformative tool that strengthens the bond between pets and their owners by offering unparalleled safety, health insights, and connectivity. Partnerships with network operators like this form the backbone of our global strategy and will lay the groundwork for future regional expansion globally. This will help accelerate the scaling up of our user base and diversify our revenue streams to a mix of value-added services and mobile data traffic solutions as part of our broader goal of building a comprehensive global mobile data traffic sharing marketplace."
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About UCLOUDLINK GROUP INC.
UCLOUDLINK is the world's first and leading mobile data traffic sharing marketplace, pioneering the sharing economy business model for the telecommunications industry. The Company's products and services deliver unique value propositions to mobile data users, handset and smart-hardware companies, mobile virtual network operators (MVNOs) and mobile network operators (MNOs). Leveraging its innovative cloud SIM technology and architecture, the Company has redefined the mobile data connectivity experience by allowing users to gain access to mobile data traffic allowance shared by network operators on its marketplace, while providing reliable connectivity, high speeds and competitive pricing.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Statements that are not historical facts, including but not limited to statements about market size and market opportunity and UCLOUDLINK's beliefs and expectations, are forward-looking statements. Forward looking statements involve inherent risks and uncertainties and are based on assumptions and estimates that may prove to be inaccurate. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the development of and competition in the markets and industries UCLOUDLINK operates in and any changes in the regulatory environment; UCLOUDLINK's strategies; UCLOUDLINK's future business development, financial condition and results of operations; UCLOUDLINK's ability to increase its user base and usage of its mobile data connectivity services, and improve operational efficiency; changes in UCLOUDLINK's revenues, costs or expenditures; governmental policies and regulations relating to the global mobile data connectivity service industry, general economic and business conditions globally and in China; the impact of the COVID-19 pandemic to UCLOUDLINK's business operations and the economy in China and elsewhere generally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company's filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and UCLOUDLINK undertakes no duty to update such information, except as required under applicable law.Cision
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- Is There Upside in HKT After Shares Rise 24% Amid Market Volatility?
Sep 9, 2025
If you find yourself debating whether to add, hold, or trim your stake in HKT Trust and HKT, you are not alone. With so much noise in the market, making the right move can feel like navigating a maze. Over the past year, HKT’s stock price has taken investors on quite the ride: up 24.5% in the past twelve months and 21.1% year to date. Step back a bit further, and you will see a five-year return of 56.9%. Even after a modest setback this month, with the stock down 9.9% over 30 days and slipping 1.2% in the last week, the longer trend still points upward. This raises fresh questions about the company’s underlying value proposition.
It is no secret that HKT has benefited from increased investor optimism around stability and recurring cash flows in the telecom space. The recent market backdrop, with shifting risk sentiment, has also played a role in how investors value companies with solid infrastructure and reliable dividends. Of course, impressive historical returns are only part of the story. What matters now is whether HKT is still undervalued after those gains, or if the easy money has already been made.
That is where valuation comes in. Running the numbers across different valuation frameworks, HKT scores a 3 out of 6. This shows the company appears undervalued on half of the key metrics. In the next section, we will break down each of these valuation approaches in detail. And if you are looking for a more nuanced lens on value, you will not want to miss the final segment, where we reveal a way to look at HKT’s worth that most investors overlook.
Why HKT Trust and HKT is lagging behind its peers
Approach 1: HKT Trust and HKT Discounted Cash Flow (DCF) Analysis
The Discounted Cash Flow (DCF) model estimates a company’s true worth by projecting its future cash flows and then discounting those forecasts back to today’s values. For HKT Trust and HKT, this approach considers both analyst estimates for the next few years as well as longer-term projections extrapolated by Simply Wall St.
Currently, HKT generates free cash flow of HK$6.74 billion annually. Over the next decade, these cash flows are expected to experience modest growth, reaching as high as HK$8.06 billion by 2035. The DCF analysis incorporates incremental annual increases, with 2030’s projected free cash flow at HK$7.15 billion and 2035’s at HK$8.06 billion. This pattern illustrates steady, reliable growth.
When all these future cash flows are discounted back, the model arrives at an intrinsic value of HK$20.67 per share. Compared to its current market price, this result indicates that HKT stock trades at a 43.9% discount, which strongly supports the view that the shares are significantly undervalued at present.
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Result: UNDERVALUED
Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for HKT Trust and HKT.6823 Discounted Cash Flow as at Sep 2025
Our Discounted Cash Flow (DCF) analysis suggests HKT Trust and HKT is undervalued by 43.9%. Track this in your watchlist or portfolio, or discover more undervalued stocks.
Approach 2: HKT Trust and HKT Price vs Earnings
The price-to-earnings (PE) ratio is a widely used tool for evaluating profitable companies like HKT Trust and HKT. It compares a company’s current share price to its per-share earnings, offering a fast way to assess whether a stock is cheap or expensive relative to its current level of profitability. Since HKT is consistently profitable, the PE ratio provides an intuitive snapshot of what investors are willing to pay for its earnings power today.
The “right” PE ratio for any business reflects a combination of growth prospects, stability and perceived risk. Generally, companies with higher expected earnings growth and lower risk profiles justify higher PE ratios, while slower-growth or riskier firms typically bear lower ones. As of now, HKT Trust and HKT trades at 17.1x earnings, which is just above the telecom industry average of 16.6x but well below its peer group average of 26.8x.
To get a more tailored view, Simply Wall St’s “Fair Ratio” offers a data-driven benchmark that incorporates HKT’s growth outlook, profit margins, sector, and size, among other factors. This proprietary ratio for HKT stands at 12.9x, lower than both its current PE and the industry average. Because the Fair Ratio accounts for company-specific characteristics rather than just broad industry trends, it helps investors decide if a stock’s valuation is justified. Comparing HKT’s actual PE of 17.1x to its Fair Ratio of 12.9x suggests the shares are priced higher than warranted by fundamentals.
Result: OVERVALUEDSEHK:6823 PE Ratio as at Sep 2025
PE ratios tell one story, but what if the real opportunity lies elsewhere? Discover companies where insiders are betting big on explosive growth.
Upgrade Your Decision Making: Choose your HKT Trust and HKT Narrative
Earlier we mentioned that there is an even better way to understand valuation, so let us introduce you to Narratives. A Narrative is simply your story about a company, combining your views on its future prospects with estimates for revenue, profit margins, and what you think is a fair value. Instead of relying solely on the numbers, Narratives connect your perspective of HKT’s business with a financial forecast and then tie it directly to a fair value. This approach makes the investment process truly personal.
On Simply Wall St’s Community page, Narratives are used by millions of investors to make smarter decisions. You just select the assumptions that fit your view, and the numbers update instantly. This tool helps you decide when to buy or sell by comparing your Fair Value against the current share price while automatically adapting whenever new news or earnings are released. For example, one investor might believe that strong digital transformation and growing enterprise demand will send HKT’s fair value as high as HK$13.13 per share, while another could focus on competitive challenges and arrive at a much lower number. With Narratives, you have an accessible, dynamic way to invest that reflects your own unique outlook.
Do you think there's more to the story for HKT Trust and HKT? Create your own Narrative to let the Community know!SEHK:6823 Community Fair Values as at Sep 2025
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include 6823.HK.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
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- Console Connect and Zenlayer Announce Strategic Collaboration to Extend Connected Global Ecosystem
Jan 21, 2025
HONOLULU, January 21, 2025--(BUSINESS WIRE)--PTC’25 –Console Connect, PCCW Global’s on-demand platform and automated network for intelligent data movement, and Zenlayer, the world’s first hyperconnected cloud, have today announced a strategic collaboration that extends the reach of their respective global ecosystems via bilateral APIs.
It combines Console Connect’s robust carrier-grade network with Zenlayer’s expertise in edge computing and low-latency networking, creating a one-stop connectivity solution for customers.
Console Connect will extend its reach into high-growth emerging markets such as Southeast Asia and South America, offering its users greater global connectivity. Zenlayer customers will access an expanded network of cloud and data center locations in key developed markets with enhanced flexibility and choice for hybrid and multi-cloud networking, while maintaining high performance, reliability and security for their critical workloads.
Their API integration will ensure that customers benefit from agile on-demand private connectivity that can be dynamically adjusted to meet the needs of their business, ensuring they only pay for the bandwidth they need to maximize agility and control.
"Zenlayer shares our vision of facilitating flexible and fast data movement for businesses worldwide. We are delighted to extend the reach of our automated network and connected ecosystem while helping Zenlayer customers reach further across the globe using a network they can trust," says Michael Glynn, SVP of Digital Automated Innovation at Console Connect.
Zenlayer is also one of the launch partners of the new Console Connect Marketplace, which enables its users to order and provision Zenlayer compute services such as Bare Metal and Virtual Machines (VM) via the Console Connect platform featuring complementary IT and connectivity solutions from over 50 leading providers.
As well as extending Zenlayer’s cloud ecosystem to more key locations across Africa, Europe and North America, the joint solution will allow Zenlayer’s customers to order and provision leading on-demand connectivity services by Console Connect, such as Layer 2 and Internet on-demand.
"The collaboration with Console Connect marks a significant milestone in our shared mission to provide high-performance connectivity on a global scale," says Joe Zhu, founder and CEO of Zenlayer. "By enhancing each other’s platforms and expanding our global ecosystems, we are empowering businesses to succeed in an increasingly interconnected world."
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About PCCW Global
PCCW Global is a leading international communications service provider, offering the latest mobility, voice and data solutions to multinational enterprises, telecommunications partners, cloud and application service providers. With a network footprint reaching over 3,000 cities in 160+ countries across five continents, our truly global coverage combined with local on-the-ground knowledge has helped us build best-in-class global connections linking Africa, the Americas, Asia Pacific, Europe and the Middle East. Our network supports a portfolio of integrated communications services including connectivity, applications, and tailored solutions integrated and orchestrated by the Console Connect on-demand digital Software Defined Interconnection® platform, one of the first global platforms to fully automate switching and routing of all communications for seamless interconnection.
To learn more about PCCW Global, please visit www.pccwglobal.com.
About Console Connect
Console Connect is PCCW Global’s on-demand platform, API community and automated network for intelligent data movement. The platform helps businesses easily, quickly and securely connect and move their data between clouds, data centers, office locations, apps, devices and more, whenever and to wherever they need it most to add value.
For more information, visit www.consoleconnect.com.
HKT Limited HKT (SEHK: 6823) is a company incorporated in the Cayman Islands with limited liability.
About Zenlayer
Zenlayer is the world’s first hyperconnected cloud, operating more than 300 Points of Presence across 50 countries. Businesses utilize Zenlayer’s on-demand compute and networking services to deploy and run applications at the edge. Zenlayer enables organizations to instantly improve real-time digital experiences worldwide. Visit us online at www.zenlayer.com and connect with us on LinkedIn and Twitter: Zenlayer.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250121665457/en/
Contacts
For media enquiries, please contact:
Console Connect
Alex Hawkes
Email: ahawkes@consoleconnect.com
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- HKT and LeapXpert collaborate on secure and regulatory compliant digital communications solutions
Dec 18, 2024
With first successful deployment at The Bank of East Asia
HONG KONG, Dec. 18, 2024 /PRNewswire/ -- HKT (SEHK: 6823) and LeapXpert today announced a collaboration to offer secure and regulatory compliant digital communication solutions for businesses, especially financial institutions, with first deployment by The Bank of East Asia, Limited ("BEA").LeapXpert Logo
Leveraging HKT's robust fixed and mobile network infrastructure as well as expertise in system integration, along with LeapXpert's experience in providing comprehensive communication compliance solutions, this collaboration enables businesses to communicate with their customers using the preferred channels of the latter, including social media platforms such as WhatsApp, WeChat and more, while upholding regulatory compliance requirements. It also eliminates the need for employees of businesses to switch between multiple messaging apps.
While regulatory requirements mandate recordkeeping for communications on various channels including messaging apps, LeapXpert's Digital Communications Governance and Archiving (DCGA) solutions ensure communications are governed and in compliance with strict regulatory requirements. It also facilitates archiving and surveillance of exchanged information to prevent the sharing of sensitive data and protect the platform from viruses or malware attacks through files transfer.
Steve Ng, Managing Director of Commercial Group, HKT, said, "Amid an increasingly stringent regulatory environment, it is more important than ever for businesses to safeguard the security of their interactions while ensuring customer convenience. We are pleased to collaborate with LeapXpert on bringing regulatory compliant digital communication solutions to businesses. As a trusted partner to enterprises, we are dedicated to providing them with solutions that offer high levels of security and data protection while enhancing customer experience."
BEA, a Hong-Kong-based financial services group, has deployed The LeapXpert Communications Platform, underpinned by HKT's connectivity infrastructure, as the dedicated enterprise messaging solution for employees to communicate with customers. It enables customers to continue enjoying their preferred native messaging apps, in this case WhatsApp and WeChat.
Stephen Leung, Group Chief Information Officer, General Manager and Head of Technology and Productivity Division at BEA, said, "We are excited to adopt LeapXpert's communication solution through HKT's infrastructure. The solution enables a secure and centralised platform to conduct real-time communication with customers, enhancing our interaction capabilities while keeping compliance requirements in check. This collaboration contributes to BEA's vision to be a preferred and trusted banking partner for our customers."
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Avi Pardo, Co-founder and CBO of LeapXpert, said, "HKT's collaboration with LeapXpert exemplifies how businesses can enhance their offerings by integrating our advanced communication solutions. By integrating our platform with HKT's services, we create a unique market differentiator that delivers significant value to enterprise customers. Together with HKT, we offer cutting-edge communication solutions that cater to the precise needs of modern, single-identity responsible business communication."
About HKT
HKT is a technology, media, and telecommunication leader with more than 150 years of history in Hong Kong. As the city's true 5G provider, HKT connects businesses and people locally and globally. Our end-to-end enterprise solutions make us a market-leading digital transformation partner of choice for businesses, whereas our comprehensive connectivity and smart living offerings enrich people's lives and cater for their diverse needs for work, entertainment, education, well-being, and even a sustainable low-carbon lifestyle. Together with our digital ventures which support digital economy development and help connect Hong Kong to the world as an international financial centre, HKT endeavours to contribute to smart city development and help our community tech forward.
For more information, please visit www.hkt.com.
LinkedIn: linkedin.com/company/hkt
About LeapXpert
LeapXpert, the responsible business communication pioneer, provides enterprises peace of mind through governed communication solutions. The LeapXpert Communications Platform enables governed, compliant, and secure communication between enterprise employees and their clients across consumer messaging channels, while leveraging Communication Intelligence to enhance front-office employee productivity and decision-making. LeapXpert, a Gartner Cool Vendor, is headquartered in New York, with offices in London, Tel Aviv, and Asia. Hundreds of enterprise customers, with hundreds of thousands of users in more than 45 countries, depend on LeapXpert daily for Digital Communications Governance. For more information, visit www.leapxpert.com.
Issued by HKT Limited.
HKT Limited is a company incorporated in the Cayman Islands with limited liability.
Logo - https://mma.prnewswire.com/media/1770411/LeapXpert_Logo.jpgCision
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SOURCE LeapXpert; HKT
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- Console Connect collaborates with Master Concept to deliver agile cloud networking solutions to businesses across Asia Pacific
Aug 22, 2022
Distribution agreement with Master Concept marks the launch of Console Connect's new PartnerConnect program
HONG KONG, Aug. 22, 2022 /PRNewswire/ -- HKT (SEHK: 6823) – Console Connect by PCCW Global has today entered into a distribution agreement with Master Concept, an award-winning cloud technology advisor, to deliver agile cloud networking solutions to businesses across the Asia Pacific region. Console Connect Logo
Master Concept provides cloud strategy, implementation and integration support, as well as training and platform enhancements to thousands of businesses across Asia Pacific. By integrating the Console Connect Software Defined Interconnection® platform within its cloud solutions portfolio, Master Concept can deliver further value to major cloud platforms and SaaS providers worldwide with higher levels of network security and performance for its enterprise customers.
Through a single management portal, Master Concept can provision a range of cloud connectivity services for its customers, including direct Layer 2 connections to hyper-scale cloud providers, such as AWS, Google Cloud and Microsoft Azure, and Layer 3 mesh connectivity between and among different cloud providers and cloud regions.
The platform, which can be integrated via API, is underpinned by PCCW Global's high-performance network, offering comprehensive end-to-end SLAs that make it suitable for accessing mission-critical and latency-sensitive applications and workloads.
Mr Michael Glynn, Senior Vice President, Digital Automated Innovation, PCCW Global, said, "Secure and flexible connectivity is fundamental to any cloud transformation project. We are excited to be working alongside Master Concept to enhance their cloud solutions portfolio and make it easier for enterprises to connect to the cloud across Asia Pacific and worldwide."
Mr Dennis Wong, Director and Co-founder, Master Concept, said, "Through Console Connect, we have been able to quickly bring new cloud connectivity solutions to market and help our enterprise customers get closer to the cloud. We look forward to growing our collaboration further through the new PartnerConnect program."
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Mr Derek Chan, Director and Co-founder, Master Concept, said, "We are delighted to be one of the launch partners for Console Connect's new global PartnerConnect program which enables Master Concept to deliver secure and agile cloud capabilities to our enterprise customers."
Console Connect's PartnerConnect program is designed to drive revenue growth and customer success through the Console Connect Network-as-a-Service (NaaS) platform. The program helps managed services providers, systems integrators, value added resellers, and application providers extend their service portfolio, and securely connect their customers, clouds, and applications worldwide.
Benefits of the PartnerConnect program include:
The ability to integrate Console Connect services and applications via API. Private connections over one of the world's largest high-performance networks with assured quality of service and the ability to scale and flex on-demand. Access to tools, technical and commercial support, training, and sales and marketing expertise.
About Console Connect Console Connect is a platform for the Software Defined Interconnection® of applications and infrastructures. It allows users to self-provision private, high-performance connections among a global ecosystem of enterprises, networks, clouds, SaaS providers, IoT providers and applications providers.
Console Connect is the only digital platform that is underpinned by one of the world's largest private networks and a Tier 1 global IP network that is ranked in the top 10 for IPv4 and IPv6 peering, delivering higher levels of network performance, speed and security to meet the digital needs of today's interconnected users and communities.
Accessible from 850+ data centres in 50+ countries worldwide, the platform is integrated with all major hyperscale cloud providers, including AWS, Google Cloud, IBM Cloud, Microsoft Azure, Alibaba Cloud and more. Through the Console Connect portal or via its API, users can access a broad range of native and third party solutions.
To learn more about Console Connect, please visit www.consoleconnect.com.
About Master Concept Founded in 2003, Master Concept provides technology services and cloud advisory to improve the customer experience for the world's leading brands. With more than 120 people serving enterprise clients and thousands of other businesses around the Asia Pacific, our team provides cloud strategy, implementation, and integration support, as well as training and platform enhancements for customers across all industries.
Learn more about Master Concept: https://hkmci.com/
SOURCE Console Connect
- CK Hutchison Group Telecom Holdings Limited -- Moody's announces completion of a periodic review for a group of Telecommunications issuers in Asia
Aug 10, 2022
Announcement of Periodic Review: Moody's announces completion of a periodic review for a group of Telecommunications issuers in AsiaGlobal Credit Research - 10 Aug 2022New York, August 10, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings -and other ratings that are associated with the same analytical units for the rated entity(entities) listed below.The review was conducted through a portfolio review discussion held on 3 August 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. A possible outcome from periodic reviews is a referral of a rating to a rating committee."IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. SUCH USE WOULD BE RECKLESS AND INAPPROPRIATE. SEE FULL DISCLAIMERS BELOW."This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement.Key Rating ConsiderationsThe principal methodology used for the rated entities listed below was Telecommunications Service Providers published in January 2017. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.Telecommunications Service ProvidersScale: Scale is considered as it influences many of the core attributes that drive resiliency to stress. These attributes may include, among other aspects, the breadth of a company's customer base, the depth of its business, economies of scale, operational and financial flexibility, and greater pricing power. Scale can influence ability to harness business trends, support a stable or growing market position and withstand competitive pressures. For service providers in the telecommunication industry, scale can influence a company's ability to bundle products, and its ability to absorb a temporary disruption, acquisition, or misjudgment in the execution of capital investments. Scale is measured by total reported revenue.Business Profile: Business profile can influence a company's ability to generate operating cash flows and the stability and sustainability of those flows. Core aspects of a business profile that drive success or failure typically include the depth and breadth of the company's product offering, its competitive environment, and the position it occupies in its operating markets. Some considerations include business model, competitive environment, technical positioning, regulatory environment, and market share.Profitability and Efficiency: Profits are considered because they are necessary to maintain a business' competitive position, including sufficient reinvestment in marketing, research, facilities, and human capital. We consider the level and trajectory of operating margins and revenue together with their sustainability.Leverage and Coverage: Leverage and coverage measures are considered as indicators for a company's financial flexibility and long-term viability. Financial flexibility is critical to respond to changing consumer preferences, regulatory changes, competitive challenges, and unexpected events. Key metrics include Debt/ EBITDA, Retained Cash Flow/ Debt and EBITDA minus Capital Expenditure/ Interest Expense.Financial Policy: Management and board tolerance for financial risk is a consideration because it directly affects debt levels, credit quality, and the risk of adverse changes in financing and capital structure. Considerations include a company's public policy commitments, its track record for adhering to commitments, and our views on the ability for the company to achieve its targets. Financial risk tolerance serves as a guidepost to investment and capital allocation.Other Considerations: Some other considerations include but are not limited to: our assessment of the quality of management, corporate governance, financial controls, liquidity, non-wholly owned subsidiaries, excess cash balances, event risk, and parental and institutional support. Axiata Group Berhad Bharti Airtel Ltd. CAS Holding No. 1 Limited China Mobile Limited CK Hutchison Group Telecom Holdings Limited Hong Kong Telecommunications (HKT) Limited Indosat Tbk. (P.T.) KT Corporation PLDT Inc. Singapore Telecommunications Limited Singtel Optus Pty Limited SK Telecom Co., Ltd. Telekom Malaysia Berhad Telekomunikasi Indonesia (P.T.) Telekomunikasi Selular (P.T.) Telstra Corporation Limited Voyage Digital (NZ) Limited XL Axiata Tbk (P.T.)The principal methodology used for the rated entities listed below was Telecommunications Service Providers (Japanese) published in April 2017. Please see the Rating Methodologies page on https://ratings.moodys.com/japan/ratings-news for a copy of this methodology.Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.Telecommunications Service Providers (Japanese)Scale: Scale is considered as it influences many of the core attributes that drive resiliency to stress. These attributes may include, among other aspects, the breadth of a company's customer base, the depth of its business, economies of scale, operational and financial flexibility, and greater pricing power. Scale can influence ability to harness business trends, support a stable or growing market position and withstand competitive pressures. For service providers in the telecommunication industry, scale can influence a company's ability to bundle products, and its ability to absorb a temporary disruption, acquisition, or misjudgment in the execution of capital investments. Scale is measured by total reported revenue.Business Profile: Business profile can influence a company's ability to generate operating cash flows and the stability and sustainability of those flows. Core aspects of a business profile that drive success or failure typically include the depth and breadth of the company's product offering, its competitive environment, and the position it occupies in its operating markets. Some considerations include business model, competitive environment, technical positioning, regulatory environment, and market share.Profitability and Efficiency: Profits are considered because they are necessary to maintain a business' competitive position, including sufficient reinvestment in marketing, research, facilities, and human capital. We consider the level and trajectory of operating margins and revenue together with their sustainability.Leverage and Coverage: Leverage and coverage measures are considered as indicators for a company's financial flexibility and long-term viability. Financial flexibility is critical to respond to changing consumer preferences, regulatory changes, competitive challenges, and unexpected events. Key metrics include Debt/ EBITDA, Retained Cash Flow/ Debt and EBITDA minus Capital Expenditure/ Interest Expense.Financial Policy: Management and board tolerance for financial risk is a consideration because it directly affects debt levels, credit quality, and the risk of adverse changes in financing and capital structure. Considerations include a company's public policy commitments, its track record for adhering to commitments, and our views on the ability for the company to achieve its targets. Financial risk tolerance serves as a guidepost to investment and capital allocation.Other Considerations: Some other considerations include but are not limited to: our assessment of the quality of management, corporate governance, financial controls, liquidity, non-wholly owned subsidiaries, excess cash balances, event risk, and parental and institutional support. Nippon Telegraph and Telephone CorporationThe principal methodology used for the rated entities listed below was Communications Infrastructure published in February 2022. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.Communications InfrastructureScale: Scale can indicate a company's ability to influence business trends and pricing within its segments and to support a stable or growing market position. Scale can influence resilience to changes in demand or exogenous events, such as natural disasters, macroeconomic shocks, regional disruptions, or technological change. Revenue is an indicator of scale.Business Profile: The business profile of a communications infrastructure company provides indications of the strength or weakness of its business model based on whether it owns or leases assets, its product and service offering, and the exclusivity of the location of its infrastructure. A communications infrastructure company's competitive environment and business conditions, including the stability and tenor of its contracts, also affects its ability to generate cash flow and raise external capital. Barriers to entry and long-term contracts with strong counterparties can foster stable cash flows. The degree of competition a company faces directly affects its pricing power and marketing expenses. Reliability, product differentiation, execution and competitive cost structures are also considerations.Profitability and Efficiency: Profits are necessary in order for a company to reinvest in its business and maintain a competitive position, and sustained high profitability generally indicates a substantial competitive advantage. Funds from Operation (FFO) Margin, which is the ratio of FFO to revenue, is an indicator of profitability.Leverage and Coverage: Leverage and coverage measures are indicators of a company's financial flexibility and long-term viability, including its ability to generate sufficient returns to maintain access to the capital markets. Given the capital intensity of the industry, companies that are able to finance projects with internally generated cash flow and external sources have an inherent advantage. Among others, ratios such as EBITDA minus Capital Expenditures/ Interest, Free Cash Flow/ Debt, and Debt/ EBITDA are indicators of leverage and coverage.Financial Policy: Management and board tolerance for financial risk is considered because it directly affects debt levels, credit quality, and the risk of adverse changes in financing and capital structure. The company's desired capital structure or targeted credit profile, its history of prior actions, including its track record of risk and liquidity management, use of cash flow through different phases of economic and industry cycles, and its adherence to its commitments can serve as indicators of financial policy.Other Considerations: Other consideration can include, but are not limited to, financial controls and the quality of financial reporting; corporate legal structure; the quality and experience of management; assessments of corporate governance as well as environmental and social considerations; exposure to uncertain licensing regimes; and possible government interference in some countries. Regulatory, litigation, liquidity, technology, and reputational risk as well as changes to consumer and business spending patterns, competitor strategies and macroeconomic trends are also considered. Chorus Limited NBN Co Limited Profesional Telekomunikasi Indonesia VNET Group, Inc. Voyage Australia Pty LimitedThe principal methodology used for the rated entities listed below was Government-Related Issuers Methodology published in February 2020. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.Government-Related Issuers MethodologyAssigning a Baseline Credit Assessment (BCA): The majority of Government-Related Issuers (GRIs) begin with an assessment of the GRI's standalone strength (i.e. BCA) its ability to service and repay outstanding debt without recourse to extraordinary support from the supporting government - using the published sector-specific methodology that is most suitable for the predominant activities of the GRI. Our assessment of standalone strength includes any day-to-day support received from the government that can be clearly distinguished from extraordinary support. Support mechanisms, such as an obligation of the government to ensure the GRI's solvency and liquidity, are reflected in the BCA when they are legally or contractually documented.Government uplift: The GRI's ratings include any uplift due to systemic support and typically focus on three structural factors and three factors explaining the level of the government's willingness to provide support. Structural factors address the legal and quasi-legal aspects of the government's relationship with the GRI and include: (1) guarantees, (2) ownership level and (3) barriers to support. The factors underlying willingness consider the softer connections between the two entities and include (4) the likelihood of government intervention, (5) political linkages and (6) economic importance. Support is determined using a joint default analysis framework which considers an estimate of the likelihood of extraordinary support, an assessment of the credit quality of the supporting government, and default correlation between the two entities.GRIs without a BCA: In limited instances, it is not possible or meaningful to assign a BCA. The GRI is so inextricably linked to the government that a meaningful standalone BCA cannot be derived. In such cases, a top-down analytical approach is used that chiefly considers the ability and willingness of the government to provide timely support, instead of the usual bottom-up approach of starting with the BCA and then considering uplift towards the government's rating. Axiata Group Berhad NBN Co Limited Singapore Telecommunications Limited Telekom Malaysia Berhad Telekomunikasi Indonesia (P.T.)The principal methodology used for the rated entities listed below was Government-Related Issuers Methodology (Japanese) published in February 2020. Please see the Rating Methodologies page on https://ratings.moodys.com/japan/ratings-news for a copy of this methodology.Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.Government-Related Issuers Methodology (Japanese)Assigning a Baseline Credit Assessment (BCA): The majority of Government-Related Issuers (GRIs) begin with an assessment of the GRI's standalone strength (i.e. BCA) its ability to service and repay outstanding debt without recourse to extraordinary support from the supporting government - using the published sector-specific methodology that is most suitable for the predominant activities of the GRI. Our assessment of standalone strength includes any day-to-day support received from the government that can be clearly distinguished from extraordinary support. Support mechanisms, such as an obligation of the government to ensure the GRI's solvency and liquidity, are reflected in the BCA when they are legally or contractually documented.Government uplift: The GRI's ratings include any uplift due to systemic support and typically focus on three structural factors and three factors explaining the level of the government's willingness to provide support. Structural factors address the legal and quasi-legal aspects of the government's relationship with the GRI and include: (1) guarantees, (2) ownership level and (3) barriers to support. The factors underlying willingness consider the softer connections between the two entities and include (4) the likelihood of government intervention, (5) political linkages and (6) economic importance. Support is determined using a joint default analysis framework which considers an estimate of the likelihood of extraordinary support, an assessment of the credit quality of the supporting government, and default correlation between the two entities.GRIs without a BCA: In limited instances, it is not possible or meaningful to assign a BCA. The GRI is so inextricably linked to the government that a meaningful standalone BCA cannot be derived. In such cases, a top-down analytical approach is used that chiefly considers the ability and willingness of the government to provide timely support, instead of the usual bottom-up approach of starting with the BCA and then considering uplift towards the government's rating. Nippon Telegraph and Telephone CorporationThis announcement applies only to Rated Entities with EU rated, UK rated, EU endorsed and UK endorsed ratings. 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Releasing Office: Moody's Investors Service, Inc. 250 Greenwich Street New York, NY 10007 U.S.A. JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. 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- Chinese Firms Are Dominating Key Parts of Hong Kong’s Economy
Jun 26, 2022
(Bloomberg) -- Half way to the point when Hong Kong will officially be enveloped by China, Beijing is not just calling the shots politically, but in vast swathes of the city’s $344 billion economy.
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From the stock exchange to brokerages, construction projects to the retail sector, Chinese state-controlled firms are increasingly dominating, taking market share away from the local tycoons and British trading houses that thrived under the final decades of UK rule.
Those behind the growing Chinese influence view Hong Kong’s economy as stagnant, slow to embrace the technology-driven, new economy industries that have been catalysts for growth on the mainland. Chinese enterprises have been handed more political power in the city, including a recent revamp of the electoral system that reduced the influence of local businesspeople and added greater representation for state-backed companies.
“Hong Kong has come to a crucial crossroads,” said Simon Lee, a Hong Kong lawmaker and Greater Bay Area chief strategist for China Resources Group, a state-owned conglomerate. “With all these challenges, we need to make sure different voices are included in our policy making and mainland Chinese enterprises need to take greater responsibility in our society, economy and politics.”
While the mainland economy now faces its own host of challenges, and substantial political resistance to Beijing’s overpowering influence remains -- especially among local youth who don’t identify as Chinese -- the mainland-ization of Hong Kong’s business life increasingly looks irreversible.
We take a look at how it’s playing out, sector by sector:
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Finance
Back in 1997, local brokers such as Peregrine and Somerley Capital, along with foreign banks including Morgan Stanley ruled the city’s finance industry. Fast forward to this year, and China International Capital Corp., China Merchants Bank Co. and Citic Securities Co. dominate listings. Almost 100 local brokers have closed over the past four years, battered by competition.
But more worrying for Hong Kong’s status as a gateway to China is that Chinese firms are choosing to raise capital at home, rather than in the city. Shanghai and Shenzhen have seen $37 billion in initial public offerings this year, compared with just $2.4 billion in Hong Kong.
In 1993, Tsingtao Brewery Co. became the first Chinese company to list in Hong Kong, and by 1999 that number had grown to 44, according to the Hong Kong Exchanges & Clearing Ltd. Now the city’s exchange hosts 1,370 mainland firms, accounting for almost 80% of the market’s value.
Chinese firms are catching up to foreign firms in terms of placing their regional headquarters in Hong Kong, more than doubling since 1997. Foreign businesses have also been clamoring for the city to relax its strict quarantine rules imposed over the past three years. In March, a survey by the European Chamber of Commerce showed a quarter of European companies in Hong Kong plan to fully relocate operations out of the city.
Telecommunications
China Mobile Ltd., the mainland’s largest mobile operator, has become a dominant force in Hong Kong since it entered the market in 2006 after acquiring the fourth-largest wireless carrier. Today, the company has the biggest share of commercial mobile airwaves, beating three other competitors controlled by CK Hutchison Holdings Ltd., billionaire Richard Li and Sun Hung Kai Properties Ltd.’s Kwok family. China Mobile is leading in the next generation 5G, holding the largest share of the spectrum along with Li’s HKT Trust & HKT Ltd.
Infrastructure
Hong Kong’s skyline is being increasingly defined by mainland companies, as those firms -– mainly state-owned construction behemoths -- grabbed more and bigger public infrastructure contracts. Last year, mainland firms won 48% of government infrastructure contracts worth more than HK$500 million ($64 million), up from just 8% in 2018, a Bloomberg News analysis of public tendering records found.
Their dominance was even more pronounced for the largest projects. For example, they took 68% of the HK$53 billion construction of the local part of the Hong Kong-Zhuhai-Macao Bridge, including a 12-kilometer (7.46 mile) highway and building an artificial island off the city’s airport. All of Hong Kong’s makeshift hospitals and most of its quarantine facilities for Covid-19 control were also built by state-owned construction companies.
Chinese developers also aggressively snapped land in the middle of the last decade, although the buying spree has lost some of its steam in recent years amid pressure from Beijing to deleverage. One of the biggest buyers was HNA Group Co., which acquired several residential sites in the Kai Tak area in record-breaking deals, only to dispose of them due to debt issues.
On the construction side, state-owned firms such as China State Construction International Holdings Ltd. and China Communications Construction Co. expanded their market share in Hong Kong thanks to their massive capital. This allowed them to offer attractively low prices to the government on builds, said Derrick Pang, chief executive officer of Asia Allied Infrastructure Holdings Ltd., a local construction firm. Homegrown developers often need to rely on bank loans, making them less competitive. And losing past projects also means local companies now lack a good track record, putting them at even more of a disadvantage, Pang said.
“If we don’t have more Hong Kong companies rising to the top, what happens is they will gradually disappear,” Pang said. “Whether this happens in five years, 10 years or 20 years -- it’s just a matter of time. And it will be a similar story in other Hong Kong sectors, not just the construction industry.”
Mainland firms have also been buying up prime office space. In 2017, they occupied almost half of the Central business district’s office space, according to Jones Lang LaSalle Inc. But there has been a slide in demand in recent years, leaving large chunks of empty office space as foreign firms also cut back amid sky-high rents and the chilling effect of the city’s strict pandemic measures.
Retail
For decades, Hong Kong’s retail scene had been ruled by homegrown tycoons. The two dominant supermarket chains are owned by CK Hutchison, the flagship of billionaire Li Ka-shing’s empire, as well as Jardine Matheson Holdings Ltd. Their growth has stagnated in recent years as groups backed by mainland Chinese capital are catching up.
Jardine’s Wellcome supermarket has grown just 2% since 2017 while CK Hutchison’s ParknShop has shrunk 17%. U Select, owned by China Resources, expanded 39%, according to data from Euromonitor International and Bloomberg News. Qiandama, a mainland grocery chain backed by JD.com Inc., entered Hong Kong in mid-2018 and has since opened 50 shops.
China Resources is also Hong Kong’s largest food distributor and sole importer of fresh pork, beef and poultry from the mainland. The city relies on the mainland for more than 90% of its fresh pork supply.
Beijing has been open about its desire to increase its influence in Hong Kong, especially after the unrest in 2019 strained its trust with the local tycoons. Mainland Chinese enterprises should provide for Hong Kong’s livelihood and promote its integration into the nation’s overall development, Yin Zonghua, deputy director of China’s liaison office in Hong Kong, said at an event in December 2021.
Still, there’s one crucial part of the city that is becoming less Chinese: the public.
A survey released last week showed only 29% of residents identified as broadly “Chinese,” down from above 40% just after the handover, according to a poll by the Hong Kong Public Opinion Research Institute. Some 70% identified as Hong Kongers, up from about 60% 25 years ago.
But the survey showed some good news for officials eager to tie Hong Kong closer to the mainland, the residents identifying as “Chinese” has rebounded from a low in 2020.
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- Console Connect Launches CloudRouter®
Apr 13, 2022
HONG KONG and BRISBANE, Australia, April 13, 2022 /PRNewswire/ -- HKT (SEHK: 6823) – Console Connect has today relaunched CloudRouter® to deliver global virtual routing across one of the world's largest high-performance networks.
Console Connect's CloudRouter® removes the complexity of network configuration and management by creating a secure, dedicated and on-demand network between different network endpoints, such as cloud and SaaS applications, enterprise locations, other networks, and more.
CloudRouter® creates a virtual full mesh among network endpoints, ensuring that network traffic benefits from enhanced routing between data centre locations and the cloud. The solution empowers enterprises to privately and securely connect any cloud to any cloud, or any cloud to any location, without dedicated hardware.
CloudRouter® leverages Console Connect's own global, high-performance network, which includes a redundant and resilient global subsea cable network, and allows users to select from different tiers of Class of Service in order to prioritise traffic for critical applications in their network architecture.
Paul Gampe, CTO of Console Connect and founder of CloudRouter®, said, "CloudRouter® is back. Through a series of enhancements, Console Connect has taken CloudRouter® beyond multi-cloud connectivity and given our users the ability to create a scalable virtual full-meshed network that ebbs and flows according to the needs of their business."
Console Connect was an early pioneer in the development of virtual routing solutions for multi-cloud environments, and first launched CloudRouter® in 2015 as a collaborative open-source project to create a powerful, easy-to-use router designed for the cloud.
The global pandemic has accelerated digital transformation and organisations today are more committed to the cloud than ever before. Gartner estimates that 75% of organisations that have already invested in cloud Infrastructure-as-a-Service will go on to adopt multi-cloud strategies by the end of 2022.
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Console Connect provides direct access to the world's largest cloud platforms, including AWS, Google Cloud, Microsoft Azure, Oracle Cloud, IBM Cloud, Alibaba Cloud and more, through a choice of over 150 cloud on-ramps worldwide.
Michael Glynn, Vice President of Digital Innovation of Console Connect, said, "CloudRouter® is a game changer for Console Connect that enables our users to connect their different cloud and SaaS applications at the click of a button without the need to install, manage or maintain any equipment. CloudRouter® also provides endless opportunities for users to extend their network environment without worrying about additional network configuration and management."
Businesses can instantly use CloudRouter® to connect between different cloud platforms and cloud regions, automate their data backup and recovery between clouds with optimised, reliable and redundant connectivity, and establish secure and fast connections to multiple SaaS providers.
With the addition of a Console Connect Access Port, businesses can also dynamically link their enterprise locations and network environments, including data centres, Wide Area Networks (WAN) and last mile access, with the ability to connect IoT devices across more than 100 countries coming soon. This opens up opportunities for enterprises to use CloudRouter® to connect their private WAN with the cloud to support hybrid environments.
A range of on-demand services are available to Console Connect users through a single Access Port, including Layer 2 interconnections between a global footprint of over 800 data centres, remote peering at some of the world's largest Internet Exchanges, enhanced Internet access and global IoT connectivity.
About Console Connect
Console Connect is a platform for the Software Defined Interconnection® of applications and infrastructures. It allows users to self-provision private, high-performance connections among a global ecosystem of enterprises, networks, clouds, SaaS providers, IoT providers and applications providers.
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- Hong Kong Telecommunications (HKT) Limited -- Moody's assigns Baa2 to proposed USD notes guaranteed by HKT
Jan 10, 2022
Rating Action: Moody's assigns Baa2 to proposed USD notes guaranteed by HKTGlobal Credit Research - 10 Jan 2022Hong Kong, January 10, 2022 -- Moody's Investors Service has assigned a Baa2 rating to the proposed USD senior unsecured notes to be issued by HKT Capital No. 6 Limited, a direct and wholly owned subsidiary of Hong Kong Telecommunications (HKT) Limited (HKT, Baa2 stable).The proposed notes will be irrevocably and unconditionally, jointly and severally guaranteed by HKT and its parent, HKT Group Holdings Limited.The rating outlook is stable.HKT will use the bond proceeds for general corporate purposes, including refinancing existing debt.RATINGS RATIONALEHKT is an indirect and wholly owned subsidiary of HKT Group, which is in turn wholly owned by HKT Limited. Because HKT is HKT Limited's principal operating entity, Moody's considers HKT Limited's operating and financial metrics when assessing HKT's credit profile."HKT's Baa2 rating reflects its strong business profile, steady market shares, stable earnings from its core operations, and excellent liquidity," says Gloria Tsuen, a Moody's Vice President and Senior Credit Officer.HKT is the best-in-class quad-play telecommunications services provider in Hong Kong SAR, China (Aa3 stable), with leading market positions in all major services it provides, including fixed line, broadband, mobile and pay television.These strengths mitigate the company's high financial leverage (including deferred spectrum obligations), high dividend payouts, and its ultimate parent PCCW Limited's weaker credit quality.The proposed bond issuance will not have a material impact on HKT's leverage as the proceeds will be used primarily for refinancing.Moody's forecasts HKT's adjusted debt/EBITDA will increase to about 4.4x in 2021 from 4.0x in 2020 pro forma for the acquisition of Now TV. The increase will be driven by the addition to adjusted debt of HKD3.3 billion in deferred spectrum obligations from the renewal of the company's 900 megahertz (MHz) and 1800MHz spectra in 2021.However, Moody's expects the ratio to gradually improve towards 4.0x over 2022-23, mainly underpinned by a moderate growth in earnings and the company's deleveraging measures. This ratio level is still high for the Baa2 rating level, but mitigated by HKT's highly stable business profile.Excluding the deferred obligations, HKT's adjusted debt/EBITDA would be 3.9x-4.0x over the next 12-18 months.HKT's liquidity is excellent. It had $276 million in cash and short-term deposits and $1,014 million in undrawn facilities as of the end of June 2021. As of the same date, its only debt maturity over the next 12-18 months comprises $103 million of bank loans, although there are more sizable maturities in 2023.In terms of environmental, social and governance (ESG) factors, the company has low exposure to environmental risks and moderately negative exposure to social risks, similar to that of its global peers. However, its exposure to governance risks is highly negative, reflecting the majority ownership and control by its ultimate parent PCCW, as well as a lack of board independence.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGThe stable outlook reflects Moody's expectation that HKT Limited's adjusted debt/EBITDA will gradually improve over 2022-23, driven by earnings growth and deleveraging measures.A rating upgrade would be possible if Hong Kong Telecommunications retains its solid market positions in all major segments and improves its financial profile significantly.Specific metrics that Moody's will consider for an upgrade include adjusted debt/EBITDA below 3.0x on a sustained basis, an adjusted EBITDA margin above 40%, and retained cash flow/debt improving to 20%.Downward rating pressure could materialize if HKT loses its leading position in the Hong Kong market, it pursues an aggressive distribution or investment strategy that results in high debt levels, and PCCW's credit quality weakens significantly.Specific metrics that Moody's will consider for a downgrade include adjusted debt/EBITDA above 4.0x, or an adjusted EBITDA margin below 32%.The principal methodology used in this rating was Telecommunications Service Providers published in January 2017 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1055812. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.Hong Kong Telecommunications (HKT) Limited (HKT), the ex-incumbent integrated telecommunications provider in Hong Kong, is wholly owned by HKT Group Holdings Limited. HKT Group is wholly owned by HKT Limited, which is 51.94%-owned by PCCW Limited.REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.The rating has been disclosed to the rated entity or its designated agent (s) and issued with no amendment resulting from that disclosure.This rating is solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website www.moodys.com.Moody's considers a rated entity or its agent(s) to be participating when it maintains an overall relationship with Moody's. Unless noted in the Regulatory Disclosures as a Non-Participating Entity, the rated entity is participating and the rated entity or its agent(s) generally provides Moody's with information for the purposes of its ratings process. Please refer to www.moodys.com for the Regulatory Disclosures for each credit rating action under the ratings tab on the issuer/entity page and for details of Moody's Policy for Designating Non-Participating Rated Entities.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1288235.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on www.moodys.com.Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.The first name below is the lead rating analyst for this Credit Rating and the last name below is the person primarily responsible for approving this Credit Rating. Gloria Tsuen, CFA VP - Senior Credit Officer Corporate Finance Group Moody's Investors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077 Chris Park Associate Managing Director Corporate Finance Group JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077 Releasing Office: Moody's Investors Service Hong Kong Ltd. 24/F One Pacific Place 88 Queensway Hong Kong China (Hong Kong S.A.R.) JOURNALISTS: 852 3758 1350 Client Service: 852 3551 3077 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. 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