PAC CENT CYBER<1186> - Announcement

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the contents of this announcement, makes no representation as to 
its accuracy or completeness and expressly disclaims any liability 
whatsoever for any loss howsoever arising from or in reliance upon 
the whole or any part of the contents of this announcement.

PACIFIC CENTURY CYBERWORKS LIMITED
(Incorporated in Hong Kong with limited liability)

Announcement

Acquisition of shares in Pacific Century CyberWorks Limited 
by Mr. Yasumitsu Shigeta, President of Hikari Tsushin, Inc. and 
Acquisition of shares in Hikari Tsushin, Inc. by Pacific Century 
Group Holdings Limited

Pacific Century Group Holdings Limited (``PCGH'') has entered into 
an agreement with Mr. Yasumitsu Shigeta (``Mr. Shigeta'') to 
purchase certain shares in Hikari Tsushin, Inc. (``Hikari'') from 
Mr. Shigeta and to sell certain shares in Pacific Century CyberWorks 
Limited (``PCCW'' or the ``Company'') owned by PCGH to Mr. Shigeta.

The board of Pacific Century CyberWorks Limited (the ``Board'') is 
pleased to announce that the Company has been advised by PCGH, a 
company beneficially owned by Mr. Richard Li Tzar Kai, Chairman of 
PCCW, that on 11th February, 2000, PCGH has entered into an 
agreement with Mr. Shigeta, President and controlling shareholder 
of Hikari, a leading IT company in Japan and one of Asia's largest 
listed companies with market capitalization in excess of Yen 6,595 
billion (US$60.73 billion) as at 10th February, 2000.

Under the terms of the agreement between PCGH and Mr. Shigeta, PCGH 
has agreed to sell 332,526,000 shares in PCCW (``the PCCW Shares'') 
representing approximately 3.5% of the existing issued share 
capital of the Company and equivalent to approximately 
US$1,000,000,000 based on the closing price of PCCW on 10th February, 
2000 of HK$23.40 per share. Mr. Shigeta currently does not hold any 
shares in PCCW. PCGH has also agreed to purchase 510,200 shares in 
Hikari (``Hikari Shares'') from Mr. Shigeta, representing 
approximately 1.65% of the existing issued share capital of Hikari 
and equivalent to approximately US$1,000,000,000 based on the 
closing price of Hikari quoted by the Tokyo Stock Exchange on 10th 
February, 2000 of Yen 213,000 per share (the ``Share Transaction''). 
Mr. Shigeta and Mr. Li have expressed their intention to hold the 
shares hereby received as long term investments.

After the above share transaction, the number of PCCW Shares 
directly held by PCGH will decrease from 435,484,000 (representing 
about 4.6% of the issued share capital of PCCW) to 102,958,000 
(representing about 1.1% of the issued share capital of PCCW).

The companies and their chairmen share a belief and a common 
responsibility concerning the importance of expanding the 
beneficial use of the Internet throughout Asia. Moreover, the two 
companies share similarities and complementary strengths. Both 
companies place equal value on operations and investments to 
further their core activities, and both companies are represented 
by management and staff who are highly entrepreneurial, young and 
dynamic, and aggressive in seizing new opportunities. In Japan, 
Hikari's reputation places it solidly at the forefront of the 
nation's IT revolution, as one of the leading incubators of internet 
companies and as the largest telephony and wireless mobile 
communications corporation. In Asia beyond Japan, PCCW has equally 
established itself as the preeminent channel for prudent 
institutional investment in the emerging Internet economy, the 
preferred Internet partner for international IT brands and the 
early leader in the broadband revolution now underway globally and 
throughout Asia. It is the Board's view that this is a historic event 
in the evolution of PCCW.

The Board also believes that the Share Transaction will further 
strengthen the strategic relationship between PCCW and Hikari. PCCW 
is proposing to become a strategic shareholder holding 
approximately 20% of Hikari's intended flagship in Hong Kong, 
Golden Power International Limited, to be renamed Hikari Tsushin 
International Limited (``Golden Power'') as announced in a joint 
announcement by Hikari, Golden Power and PCCW dated 28th December, 
1999. The Board believes that the Share Transaction will 
substantially raise the profile of Hikari and PCCW as two of the 
leading internet businesses in Asia. Furthermore, the Board 
believes the Share Transaction will provide crucial impetus to PCCW, 
and its operating arm Pacific Convergence Corporation (``PCC''), 
in identification of business opportunities in Japan, one of the 
three strategic markets for the Company including China and India.

The management of PCCW and Hikari intend to explore further co-
operation opportunities between the two groups in Asia and Japan. 
The Board is of the view that the addition of Mr. Shigeta as a 
strategic shareholder of PCCW will further strengthen the 
international profile of PCCW and is complementary to the existing 
list of strategic shareholders and partners of PCCW and PCC which 
include CMGI, Inc., Intel Pacific, Inc., SoftNet Systems, Inc. and 
Trans World International Inc..

By order of the Board
Helen Chu
Company Secretary

Hong Kong, 12th February, 2000