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Cable & Wireless in Hong Kong, through their subsidiary Hong Kong Telecommunications Ltd, currently have an exclusive licence to run Hong Kong local and international telecom-
munications.
The internal licence is due to expire in 1995
As well as
and the external licence in 2006. Hong Kong Telecom imports significant amounts of British equipment, including satellite earth station equipment, broadcasting towers, fibre-optic cables and pay telephones. It is the private sector's largest employer with approximately 17,000 staff and is the largest company listed on the Hong Kong Stock Exchange. Cable and Wireless'58% stake, major shareholders include CITIC (an external agency of the Chinese Government, with a 20% stake) and the Guangdong Posts and Telecommunications Bureau (1%). It represents one of Britain's biggest investments in Hong Kong; the territory accounts for half of the world widę profits of Cable & Wireless group, though it is the group's policy to reduce this proportion over time.
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