2024年6月26日，招商资本旗下主体与香港电讯有限公司（6823-HK，简称“香港电讯”）的间接全资子公司Apex Link Communications Holdings Limited签署协议，拟以8.7亿美元投资持有香港电讯无源光纤及铜缆接入网络资产的Regional Link Telecom Services Holdings Limited (简称“Target”) 40%的股权。此交易涉及香港电讯将其无源光纤及铜缆接入网络资产（包括全部香港本地光纤、楼宇布线等）转移至一家新成立的Target全资拥有的附属公司(简称“FibreCo”)，并与其签订长期独家服务协议。本项目为香港市场近年来最大的无源网络基础设施交易。

香港电讯是香港首屈一指的科技、媒体及电讯领导者，提供包括本地电话、本地数据及宽带、国际电讯、流动通讯、媒体娱乐及企业方案等其他电讯服务。香港电讯为香港交易所挂牌的上市公司，也是全港首家引入50G PON（无源光纤网络）技术的电讯服务供应商。FibreCo拥有先进且优质的资产，其无源网络基础设施在香港覆盖率最广，并且其相对应的服务在香港拥有领先的市场占有率。

于本次交易中，招商资本与香港电讯共同设计了创新型交易结构，香港、欧洲等多家投资机构共同参与该项目，充分展现了招商资本在跨境资产管理方面的综合优势。汇丰银行在本项目中担任招商资本的独家财务顾问。荷兰ING银行香港分行、民生银行香港分行、汇丰银行在本项目中联合牵头提供融资支持。民生银行境外全资子公司民银国际亦参与该交易。

本次交易是招商资本旗下基金参与沙特阿美天然气管道网络等大型基础设施项目后，招商资本主导投资的又一重大跨境基础设施投资项目，有利于进一步巩固和强化招商资本作为全球领先基础设施投资者的行业地位。

未来，招商资本将与香港电讯等相关机构深化长期合作关系，并将在粤港澳大湾区及其他区域进行更深度的合作及业务拓展。

关于香港电讯

香港电讯（6823-HK）是香港首屈一指的电讯服务供应商及领先的创新者，透过固网、宽频、流动通讯及媒体娱乐服务，提供独特的「四网合一」体验。香港电讯提供广泛的服务，满足全港市民、本地及国际商界的需要，提供包括本地电话、本地数据及宽频、国际电讯、流动通讯、媒体娱乐、企业方案，以及客户器材销售、外包服务、顾问服务及客户联络中心等其他电讯服务。香港电讯提供的端对端整合方案，结合5G、云端运算、物联网及人工智能等新技术，为企业加快数码转型，推动香港迈向数码城市。

香港电讯发挥旗下庞大的长期客户基础所带来的优势，建立了一个数码生态圈，将集团的会员计划、电子商务、旅游、保险、金融科技及健康科技等服务结合。这个数码生态圈深化了香港电讯与客户的关系，有效留住客户并加强双方互动。香港电讯以香港为总部，共聘用超过13,600名员工，业务据点遍及内地以及世界其他国家及地区。

关于招商资本

招商资本成立于2012年，为招商局集团与普洛斯合营的另类投资与资产管理平台。截至2023年底，招商资本管理着近70只人民币基金和外币基金，资产管理规模近3，000亿元人民币。招商资本持续锻造投资能力，投资项目退出收益持续提升，企业品牌影响力不断扩大，受到了业界广泛认可和高度赞誉：招商资本连续高数量、高占比被投企业登榜“胡润全球独角兽榜”“清科Venture 50系列榜单”等国际、国内知名权威榜单。同时，招商资本先后荣获了“Asian Investor亚太最佳私募股权基金管理人”“清科2023年度中国私募股权投资机构TOP 10”“第九届‘上证·金融资’PE卓越投资机构奖”“投中2023年度中国最受LP关注的私募股权投资机构TOP 5 ”等行业重磅奖项，且连续四年以中资排名前三的成绩登榜“PEI 300”，国内外排名稳居行业前列。

China Merchants Capital to Invest 40% Stake in HKT’s Passive Network Infrastructure Asset Company

(26 June 2024) China Merchants Capital, through its controlled and managed operating entity, has entered into an agreement with Apex Link Communications Holdings Limited, an indirect wholly-owned subsidiary of HKT Limited (“HKT”, 6823.HK) to invest a 40% stake in Regional Link Telecom Services Holdings Limited ("Target"), a company holding HKT’s passive fibre and copper access network assets, for USD 870 million (the “Transaction”). As part of the Transaction, HKT will transfer the passive fibre and copper access network assets, including all local fibre cables and blockwiring, among others, to a newly established company wholly-owned by Target(“FibreCo”), with a long-term exclusive master services agreement between FibreCo and HKT. The Transaction marks the largest M&A transaction involving passive network infrastructure in the Hong Kong market in recent years.

HKT is a technology, media and telecommunication leader in Hong Kong, offering services including local fixed line, local data and broadband, international telecommunications, mobile, media  entertainment, enterprise solutions and other telecommunications businesses. Listed on the Hong Kong Stock Exchange, HKT is the first telecommunication service provider to adopt 50G PON (Passive Optical Network) technology in Hong Kong. FibreCo possesses premium passive access network with the most extensive coverage and has the leading market share in Hong Kong.

China Merchants Capital and HKT structured this Transaction in a win-win arrangement that creates synergistic value for China Merchants Capital and other Hong Kong and European investors. This Transaction is a testament to China Merchants Capital's robust capabilities in cross-border asset management. The Hongkong and Shanghai Banking Corporation Limited ("HSBC") acted as the Sole Financial Advisor to China Merchants Capital for the Transaction. ING Bank N.V., Hong Kong Branch, China Minsheng Bank, Hong Kong Branch and HSBC acted as Joint Mandated Lead Arrangers to provide financing facilities for the Transaction.CMBC International, a wholly-owned subsidiary of China Minsheng Bank, also participated in the Transaction.

This Transaction represents another major cross-border infrastructure investment led by China Merchants Capital following a fund under its management’s participation in Saudi Aramco’s natural gas pipeline network and other large-scale infrastructure projects. The Transaction will help further enhance China Merchants Capital’s position as a global leading infrastructure investor. 

Leveraging on this investment, China Merchants Capital aims to strengthen its long-term relationship with HKT and relevant bodies, and expects to further collaborate with HKT to support new service offerings in the Greater Bay Area and other geographies. 

About HKT

HKT (6823.HK) is Hong Kong's premier telecommunications service provider and a leading innovator. Its fixed-line, broadband, mobile communication and media entertainment services offer a unique quadruple-play experience. HKT meets the needs of the Hong Kong public and local and international businesses with a wide range of services including local telephony, local data and broadband, international telecommunications, mobile, media entertainment, enterprise solutions and other telecommunications businesses such as customer premises equipment sales, outsourcing, consulting and contact centres. HKT delivers end-to-end integrated solutions employing emerging technologies such as 5G, cloud computing, Internet of Things ("IoT") and artificial intelligence ("AI") to accelerate the digital transformation of enterprises and contribute to Hong Kong's development into a smart city.

Riding on its massive loyal customer base, HKT has also built a digital ecosystem integrating its loyalty programme, e-commerce, travel, insurance, FinTech and HealthTech services. The ecosystem deepens HKT’s relationship with its customers thereby enhancing customer retention and engagement. Employing  over 13,600 staff, HKT is headquartered in Hong Kong and maintains a presence in mainland China as well as other parts of the world.

About CMC

Founded in 2012, China Merchants Capital is an alternative investment and asset management platform jointly owned by China Merchants Group and GLP. As of the end of 2023, China Merchants Capital manages nearly 70 RMB funds and foreign currency funds, with total assets under management of approximately RMB 300 billion. In recent years, performance of China Merchants Capital rose continuously with the rise in returns from investment exits, increase in influence of brand name. China Merchants Capital has been widely recognized and highly praised in the private equity industry, with a great number of its portfolio companies being enlisted in "Hurun Global Unicorns Index", " Zero2IPO Venture 50 Lists" and other well-known authoritative honor rolls. At the same time, China Merchants Capital was named "Asian Investor Best Private Equity Manager in Asia Pacific” ", Zero2IPO Group “China's Top 10 Private Equity Investors in 2023”, "Outstanding Private Equity Investment Institution Award” at the 9th ‘Shanghai Securities Journal Gold Financing Award’ and "China Most Notable Private Equity Firms by LP in 2023 (Top 5)” by China Venture, and other major awards in the industry. China Merchants Capital has been ranked among the Top 3 Chinese investors in the "PEI 300" for 4 consecutive years. It stands firmly forefront domestic and abroad.