PCCW May Invest in Former Alibaba.com CEO’s Private Equity Fund
PCCW Ltd. (8), which controls Hong Kong’s biggest telecommunications operator, said it may invest as much as $25 million in a private equity fund co-founded by Alibaba.com Ltd. former Chief Executive Officer David Wei.
Wei’s Vision Knight Capital (China) Fund I LP may seek as much as $300 million in capital from its partners to invest in securities, including debt and equity, PCCW said in a statement to the Hong Kong stock exchange yesterday. Wei is a non-executive director at PCCW.
Wei started his own private equity fund last year after leaving Alibaba.com, a unit of China’s biggest e-commerce company. The former investment banker quit Alibaba.com in February 2011 after the company said some international buyers were defrauded by bogus suppliers on its website. Wei wasn’t accused of wrongdoing.
PCCW, controlled by billionaire Chairman Richard Li, added Wei as a director in November 2011. The Hong Kong company raised HK$9.3 billion ($1.2 billion) last year in an initial public offering of its HKT Trust and HKT Ltd. telecommunications unit.
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