When the HKT deal is completed next month, the figure will rise to 26%.
HKT, denied reports that it is in talks with Richard Li about entering a consortium.
What will an HKT merger with PCCW or SingTel, or both, mean for Asia?
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Other telco stocks in Asia are already surging in anticipation of the post-HKT fallout.
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Is it in HKT's interest to hold on to its exclusive franchise for IDD services until 2006?
Since neither SingTel nor HKT had figured out how to reinvent themselves, linking up was an easy option.
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If PCCW gets HKT itself, it will break up the company and sell the rest of the businesses.
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Citing conflict of interest, Richard Li has pledged to resign his Hutchison Whampoa directorship if the HKT takeover goes through.
But he could still sell HKT's phone business to Hutchison Telecom later.
News Corp. will pipe in content as well as help HKT use the network to expand into home shopping, banking and e-commerce.
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January 19, 2013 -- Updated 1800 GMT (0200 HKT) Justin Rose leads the Abu Dhabi Golf Championship by two strokes after 54 holes.
When Richard and his ten-month old company outmaneuvered SingTel to win HKT six weeks ago, all of Singapore fell into a sombre mood.
Yes, the sum of HKT's parts is greater than the whole.
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Because HKT is no longer being seen as a single business.
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Investors, PCCW as well as HKT's shareholders and all potential bidders waiting on the sidelines, are focused not on HKT as a whole but on its parts.
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Richard's game is broadband and if he does get hold of HKT he would probably sell off the the international call business and the cellular phone division.
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SingTel, which had been a monopoly a few years longer than HKT, had fared slightly better, but its future looked as bleak as HKT's if not bleaker.
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For telcos the message from the HKT episode is clear.
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SingTel is not amused, since it was evidently counting on the HKT deal to help it counter the sweeping deregulation it will face in its home market this year.
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But with a 95% penetration of the SAR's 1.4 million or so homes, HKT has fiber optic cables a stone's throw from just about every housing block in the territory.
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It's too early to say how the bidding war will go, but I'd bet that HKT will be broken up into at least two and possibly three or four parts.
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Of course, its too early to tell what Richard Li will make of HKT, and what impact the deal will have for the Internet in Asia he clearly wants to control.
Richard Li needs HKT for its half-a million ISP customers, for its fiber optic cables that circle every narrow Hong Kong alley and for some of its broadband ventures, like Star TV.
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So what does HKT have that others need?
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Even if Li the Younger needs a partner in order to get HKT, the long-term game plan will still be the same: keep the ISP and the broadband parts and let the other partner take the rest.
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The son of tycoon Li Ka-shing, Richard Li recently snatched HKT from the grasp of Singapore Telecom, a government-linked corporation, just as it was about to close a deal for a majority stake in Hong Kong's dominant telco.
In the cellular arena the future is less promising: HKT has been losing market share to SmarTone and Hutchison -- the two other major players -- and is being squeezed by smaller, nimbler wireless outfits like Sunday as well.
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