電訊管理局Office of the Telecommunications Authority
<P>二零零二至零三年營運基金報告書<BR>Trading Fund Report 2002/03</P><P>**** Hidden Message *****</P> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 18pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">Office of the Telecommunications Authority<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">香港特别行政区</SPAN><FONT face="Times New Roman"><SPAN style="FONT-SIZE: 8pt; COLOR: black; FONT-FAMILY: MHei-Medium-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Medium-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"> </SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light">Hong Kong Special Administrative Region<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="COLOR: #0033da; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">二零零二至零三年营运基金报告书</SPAN><SPAN lang=EN-US style="COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 12.5pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">Trading Fund Report 2002/03<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 20pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">茁壮成长</SPAN><FONT face="Times New Roman"><SPAN style="FONT-SIZE: 20pt; COLOR: #0033da; FONT-FAMILY: MHei-Medium-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Medium-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"> </SPAN><SPAN lang=EN-US style="FONT-SIZE: 22pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light">Flourishing Growth<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 18pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">电讯管理局</SPAN><SPAN lang=EN-US style="FONT-SIZE: 18pt; COLOR: #0033da; FONT-FAMILY: MHei-Medium-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Medium-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><B><SPAN style="FONT-SIZE: 17pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">茁壮成长</SPAN></B><B><SPAN style="FONT-SIZE: 17pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman"> </FONT></SPAN></B><B><SPAN style="FONT-SIZE: 17pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">共创未来</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Bold; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Bold"><FONT face="Times New Roman">Flourishing Growth for a Better Future<o:p></o:p></FONT></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">2003 has been a special year for OFTA. This is the year of OFTA’s<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">10th anniversary. This is also the year that we have achieved our<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">goal of fully liberalising <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:place w:st="on">Hong Kong</st1:place>’s telecommunications market,<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">enabling both consumers and the industry to reap the benefits of<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">an open market and a level-playing-field environment.<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">Supplied by competing telecommunications operators, a growing<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">selection of advanced and highly efficient telecommunications<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">services has blossomed, allowing consumers to enjoy exceptional<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">variety and value.<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">No matter how fast the market will change and how volatile it<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">becomes, we shall sustain our commitment to facilitate the growth<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">of the industry through the maintenance of a level playing field and<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">a transparent regulatory regime. We shall also continue to cultivate<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">a service environment that safeguards consumer interests.<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">Fostered by the fertile soil of fair competition, <st1:place w:st="on">Hong Kong</st1:place>’s<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">telecommunications market will surely continue to flourish despite<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">all the challenges lying ahead.<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">2003</FONT></SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年对电讯管理局来说是别具意义的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">一年</SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">既逢电讯管理局成立十周年志</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">庆,亦实现了全面开放电讯市场的目</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">标,使消费者及业界得享开放市场及公</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">平竞争的成果</SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">透过电讯营办商的互相竞争,先进及高效</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">率的电讯服务不断推陈出新,如百花盛</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">放,使消费者可以低廉价格享用更多元化</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">的服务</SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">不论市场的发展有多快,变化有多大,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">我们会致力确保市场的公平竞争,维持</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">具透明度的规管架构,以促进业界发</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">展</SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">我们亦会鼓励业界提升服务质素,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">保障消费者权益</SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">徧根于公平竞争的强</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">健基础上,香港电讯市场定会持续增</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">长,并迎接各项新挑战</SPAN><SPAN style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">按照营运基金条例(香港法例第</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><FONT face="Times New Roman">430 </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">章)第</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><FONT face="Times New Roman">8 </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">条提交</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Medium-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Medium-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><FONT face="Times New Roman">Submitted pursuant to Section 8 of the Trading Funds Ordinance (Cap. 430)<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><st1:chsdate w:st="on" IsROCDate="False" IsLunarDate="False" Day="1" Month="4" Year="2002"><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><FONT face="Times New Roman">2002 </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><FONT face="Times New Roman">4 </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">月</SPAN></st1:chsdate><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><FONT face="Times New Roman">1 </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">日至</SPAN><st1:chsdate w:st="on" IsROCDate="False" IsLunarDate="False" Day="31" Month="3" Year="2003"><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><FONT face="Times New Roman">2003 </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><FONT face="Times New Roman">3 </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><FONT face="Times New Roman">3</FONT></SPAN></st1:chsdate><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><FONT face="Times New Roman">1 </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">日</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: MHei-Medium-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Medium-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><FONT face="Times New Roman">For the period from 1 April 2002 to 31 March 2003<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 18pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">目录</SPAN><FONT face="Times New Roman"><SPAN style="FONT-SIZE: 18pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"> </SPAN><SPAN lang=EN-US style="FONT-SIZE: 20pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Contents </SPAN><SPAN lang=EN-US style="FONT-SIZE: 30pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">1<o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 30pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">2<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 30pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">3<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 30pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">4<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 30pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">5<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 30pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">6<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 30pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">7<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 30pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">8<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 30pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">9<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 30pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">10<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 30pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">11<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 30pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">12<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 30pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">13<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">抱负</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">、</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">使命及信念</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">Vision, <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:place w:st="on"><st1:City w:st="on">Mission</st1:City></st1:place> and Values 2<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">耕耘十载创新里程</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">The Groundbreaking Decade 4<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">总监报告</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">Message from the Director-General 6<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">二零零二至零三年度大事概览</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">Highlights of the Year 2002/03 12<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">撷取美好成果</SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman"> </FONT></SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Bold-Identity-H">—</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">实现全面开放电讯市场</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Medium; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Medium"><FONT face="Times New Roman">Bearing Fruit </FONT></SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Bold-Identity-H">—</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">Attaining the Full Liberalisation of the Telecommunications Market 14<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">一起茁壮成长</SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman"> </FONT></SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Bold-Identity-H">—</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">维持公平竞争</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H"> </SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">促进市场发展</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Medium; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Medium"><FONT face="Times New Roman">Growing Together </FONT></SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Bold-Identity-H">—</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">A Level Playing Field to Sustain Development 24<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">保障消费权益</SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman"> </FONT></SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Bold-Identity-H">—</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">保障消费权益</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H"> </SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">提供多元选择</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Medium; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Medium"><FONT face="Times New Roman">Safeguarding Consumer Interests </FONT></SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Bold-Identity-H">—</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">Safeguarding Consumer Interests and Broadening Choices 34<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">致力追求卓越</SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman"> </FONT></SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Bold-Identity-H">—</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">提升技术标准</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H"> </SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">重视优质服务</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Medium; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Medium"><FONT face="Times New Roman">Striving for Excellence </FONT></SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Bold-Identity-H">—</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">Quality Performance through Technical Excellence 48<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">积极传播信息</SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman"> </FONT></SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Bold-Identity-H">—</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">建立沟通渠道</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H"> </SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">加强小区接触</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Medium; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Medium"><FONT face="Times New Roman">Spreading the Word </FONT></SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Bold-Identity-H">—</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">Proactive Communication with the Community 60<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">保持国际优越地位</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">Maintaining a Premier Position in the International Arena 68<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">竭诚服务社群</SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman"> </FONT></SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Bold-Identity-H">—</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">发挥专业精神</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H"> </SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">高效服务社群</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Medium; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Medium"><FONT face="Times New Roman">Committed to Serving the Public </FONT></SPAN></B><B><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Bold-Identity-H">—</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">Serving the Community Professionally and Efficiently 76<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">财务状况</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">Financial Results 86<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">附录</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">Appendices 112<o:p></o:p></FONT></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 7.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">电讯管理局</SPAN><SPAN lang=EN-US style="FONT-SIZE: 7.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 7.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">二零零二至零三年营运基金报告书</SPAN><SPAN lang=EN-US style="FONT-SIZE: 7.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 12pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">2 </FONT></SPAN><SPAN style="FONT-SIZE: 28pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">抱负</SPAN><SPAN style="FONT-SIZE: 28pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">、</SPAN><SPAN style="FONT-SIZE: 28pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">使命及信念</SPAN><SPAN lang=EN-US style="FONT-SIZE: 28pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">电讯管理局的抱负清晰明确</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">-</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman"> </FONT></SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">要促使香港享有先进的电讯基</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">建及一流的电讯服务,以面对信息年代的挑战,并致力增强香</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">港作为亚太区电讯</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">、</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">广播及互联网枢纽的竞争力</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">电讯管理局的规管架构以开</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">放市场</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">、</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">鼓励竞争和保障消费者为基础,确保消费者能够以合理的价格享用最</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">多元化的优质电讯服务</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">电讯管理局拥有一支服务忠诚的队伍,肩负着共同的使命,致</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">力提高香港社会的生活质素</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">作为电讯业的规管机构,电讯管</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">理局强调要缔造有利的环境,借着采取有效措施确保公平竞争,既要保障消费</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">者权益,也要维持商界对投资电讯基础设施的意欲,从而保持香港作为电讯枢</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">纽的优势,推动商业发展</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">要达致上述目标,必须建立一支团结和灵活应变的队伍</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">员工</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">是我们最宝贵的资源</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">为实践使命,电讯管理局人员均坚守正</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">直忠诚</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">、</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">专业服务的信念,尊重客户</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">、</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">员工以至整体社会,以积极进取的态度,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">采取迅速而有效的措施,以应付瞬息万变的市场对规管架构所造成的冲击</SPAN><SPAN style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 40pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">抱负</SPAN><SPAN lang=EN-US style="FONT-SIZE: 40pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 40pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">使命</SPAN><SPAN lang=EN-US style="FONT-SIZE: 40pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 40pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">信念</SPAN><SPAN lang=EN-US style="FONT-SIZE: 40pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 6.5pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light">Office of the Telecommunications Authority</SPAN><SPAN lang=EN-US style="FONT-SIZE: 6.5pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Light; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 6.5pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light">Trading Fund Report 2002/03</SPAN><SPAN lang=EN-US style="FONT-SIZE: 6.5pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Light; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 12pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">3 </SPAN><SPAN lang=EN-US style="FONT-SIZE: 27pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Vision, <st1:City w:st="on"><st1:place w:st="on">Mission</st1:place></st1:City> and Values</SPAN><SPAN lang=EN-US style="FONT-SIZE: 27pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">OFTA’s VISION is clear and focused - to enable <st1:place w:st="on">Hong Kong</st1:place> to have an advanced</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">telecommunications infrastructure and the best telecommunications services to meet</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">the challenges of the Information Age. We work to enhance the competitiveness of <st1:place w:st="on">Hong Kong</st1:place> as the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">telecommunications, broadcasting and Internet hub in the Asia-Pacific region. Our regulatory regime is proliberalisation,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">pro-competition and pro-consumer, providing a regulatory framework which ensures that the widest</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">range of quality telecommunications services is available to consumers at reasonable prices.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">OFTA’s dedicated team is guided by a shared <st1:City w:st="on"><st1:place w:st="on">MISSION</st1:place></st1:City> to improve the quality of</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">life of our community. As the industry regulator, our focus is on cultivating a</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">favourable environment where consumer interests are protected, while commercial incentives to invest in the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">telecommunications infrastructure are preserved through measures to ensure fair competition, thereby maintaining</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: 宋体; mso-bidi-font-family: HelveticaNeue-Thin; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA"><FONT face=宋体>our competitive edge as a pre-eminent telecommunications centre conducive to business </FONT></SPAN> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">development.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">None of the above is possible without a cohesive and versatile team. Our staff is our</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">greatest asset. To achieve our mission, we uphold the VALUES of integrity,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">professionalism and respect for our clients, our staff and the community. We adopt a proactive attitude and react</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">promptly and effectively to the rapidly changing market and the new demands on the regulatory framework.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 45pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Vision</SPAN><SPAN lang=EN-US style="FONT-SIZE: 45pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:City w:st="on"><st1:place w:st="on"><SPAN lang=EN-US style="FONT-SIZE: 45pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Mission</SPAN></st1:place></st1:City><SPAN lang=EN-US style="FONT-SIZE: 45pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 45pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Values</SPAN><SPAN lang=EN-US style="FONT-SIZE: 45pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 12pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">4 </FONT></SPAN><SPAN style="FONT-SIZE: 28pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">耕耘十载</SPAN><SPAN lang=EN-US style="FONT-SIZE: 28pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 28pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">创新里程</SPAN><SPAN lang=EN-US style="FONT-SIZE: 28pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 7.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">电讯管理局</SPAN><SPAN lang=EN-US style="FONT-SIZE: 7.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 7.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">二零零二至零三年营运基金报告书</SPAN><SPAN lang=EN-US style="FONT-SIZE: 7.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy">1993</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy"><o:p></o:p></SPAN></B></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">电讯管理局成立,作为支持电讯管理</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">局局长</SPAN><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"> (Telecommunications</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">Authority) </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">的行政机关,以应付电讯</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">市场开放及发展的新挑战</SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Establishment of OFTA as the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">administrative agency to support the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Telecommunications Authority (“TA”)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">in tackling new challenges in the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">liberalisation and development of the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">telecommunications market.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">首家互联网服务供货商获发牌照,提</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">供商业互联网服务</SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">The first Internet Service Provider</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">(“ISP”) licensed to provide</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">commercial Internet services.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">• </SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light">GSM </SPAN></FONT><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">数码流动电话服务在香港推出</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Launch of GSM digital mobile phone</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">services in <st1:place w:st="on">Hong Kong</st1:place></SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy">1994</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy"><o:p></o:p></SPAN></B></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">继</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">1990 </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年发射亚洲卫星一号后,第</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">二枚由香港公司运作的通讯卫星</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">- </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">亚</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">太卫星一号</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">- </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">在这年发射</SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Launch of APSTAR I, the second</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">communication satellite launched by</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">a Hong Kong-based company, after</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">the launch of AsiaSat I in 1990.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy">1995</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy"><o:p></o:p></SPAN></B></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">随着香港电话有限公司的本地电话服</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">务专营权届满,本地固定电话市场逐</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">步开放</SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">三家新固定电讯网络服务营</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">办商开始提供服务,与固有营办商进</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">行竞争</SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">The local fixed-line telephone market</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">was deregulated, following the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">expiry of the franchise of the former</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Hong Kong Telephone Company</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Limited for local telephone service.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Three new fixed telecommunications</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">network service operators started to</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">provide services in competition with</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">the incumbent operator.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">电话号码由七位数字改为八位数字,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">以迎合不断增加的通讯需求</SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Telephone numbers were changed</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">from seven to eight digits in length</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">to cater for the growing demand in</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">telecommunications.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">亚洲卫星二号发射</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Launch of AsiaSat 2</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">全球首个</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">CDMA </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">公共流动电话服务</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">在香港推出</SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">The world's first CDMA public</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">mobile phone service was launched</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">in <st1:place w:st="on">Hong Kong</st1:place>.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy">1996</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy"><o:p></o:p></SPAN></B></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">发出六个提供流动电话网络服务的个</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">人通讯服务</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">PCS </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">牌照</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Six Personal Communications</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Services (“PCS”) licences for</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">provision of mobile phone network</FONT></SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">service issued</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">亚太卫星</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">IA </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">号发射</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Launch of APSTAR IA</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy">1997</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy"><o:p></o:p></SPAN></B></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">以数据库方法全面实现固定电话号码</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">可携服务,用户转换网络时毋须更改</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">号码</SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Full portability of fixed telephone</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">numbers achieved using the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">database approach. Users could</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">switch networks without having to</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">change their numbers.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">六家</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">PCS </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">牌照持牌商推出服务</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Services launched by all six PCS</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">licensees</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">亚太卫星</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">IIR </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">号发射</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Launch of APSTAR IIR</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy">1998</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy"><o:p></o:p></SPAN></B></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">宽带互联网接达服务在香港推出</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Launch of broadband Internet</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">access services in <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:place w:st="on">Hong Kong</st1:place></SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 6.5pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light">Office of the Telecommunications Authority</SPAN><SPAN lang=EN-US style="FONT-SIZE: 6.5pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Light; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 6.5pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light">Trading Fund Report 2002/03</SPAN><SPAN lang=EN-US style="FONT-SIZE: 6.5pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Light; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 12pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">5 </SPAN><SPAN lang=EN-US style="FONT-SIZE: 27pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">The Groundbreaking</SPAN><SPAN lang=EN-US style="FONT-SIZE: 27pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 27pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Decade</SPAN><SPAN lang=EN-US style="FONT-SIZE: 27pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">流动服务全面数码化</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">- </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">共有六家营办</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">商提供</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">11 </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">个网络,为香港建立竞争</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">激烈的流动电话服务市场</SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Full digitalisation of mobile services -</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">establishment of the highly</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">competitive mobile service market,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">with six operators and 11 networks</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">in <st1:place w:st="on">Hong Kong</st1:place>.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">政府与香港电讯就提早终止专营牌照</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">达成协议,为于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">1999 </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">及</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">2000 </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年分</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">别在对外电讯服务及设施市场引入竞</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">争作好准备</SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Agreement reached between the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Government and <st1:place w:st="on">Hong Kong</st1:place></SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Telecom on early termination of their</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">exclusive licence, paving the way for</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">the introduction of competition in the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">external telecommunications</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">services and facilities market in</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">1999 and 2000 respectively.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">香港首次推出视像自选服务</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Launch of the first Video-on-Demand</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">(“VOD”) service in <st1:place w:st="on">Hong Kong</st1:place></SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy">1999</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy"><o:p></o:p></SPAN></B></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">开放由对外电讯服务供货商经营的对</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">外电讯服务市场</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Market liberalisation of servicebased</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">external telecommunications</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">services provided by External</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Telecommunications Services</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">(“ETS”) providers</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">推出流动电话号码可携服务</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Implementation of mobile number</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">portability (“MNP”)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">亚洲卫星</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">3S </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">号发射</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Launch of AsiaSat 3S</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy">2000</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy"><o:p></o:p></SPAN></B></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">电讯市场进一步开放,政府向新的本</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">地无线固网服务营办商及对外固网设</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">施营办商发出牌照</SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">另有一家固网服</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">务营办商获发牌照,透过混合光纤同</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">轴电缆网络提供电讯服务</SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Further liberalisation of the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">telecommunications market with the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">award of licences to new wireless</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">local fixed telecommunications</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">network services (“FTNS”) operators,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">external facilities-based FTNS</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">operators and a hybrid fibre-coaxial</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">cable based FTNS operator.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">香港主办国际电联</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">2000 </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年亚洲电</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">信展</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><st1:place w:st="on"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Hong Kong</SPAN></st1:place><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"> hosted ITU TELECOM</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">ASIA 2000</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy">2001</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 11pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy"><o:p></o:p></SPAN></B></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">数条海底及陆上电缆系统于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">2001 </FONT></SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">着陆后,香港的对外通讯容量因而大</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">幅增加</SPAN><SPAN style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 8.5pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Following the landing of several</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">submarine and overland cable</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">systems in 2001, the external</FONT></SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">connectivity of <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:place w:st="on">Hong Kong</st1:place> was</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">significantly enhanced.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">跨网流动短讯服务推出</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Launch of inter-operator mobile</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">short messaging services (“SMS”)</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">四家营办商获发第三代流动服务牌照,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">使香港进入第三代流动服务新纪元</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><st1:place w:st="on"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Hong Kong</SPAN></st1:place><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"> entered the new era of</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">the third generation (<st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="3" UnitName="g">3G</st1:chmetcnv>) mobile</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">services with the award of <st1:chmetcnv w:st="on" TCSC="0" NumberType="1" Negative="False" HasSpace="False" SourceValue="3" UnitName="g">3G</st1:chmetcnv></SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">licences to four successful bidders.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy">2002</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy"><o:p></o:p></SPAN></B></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">亚洲首个商业流动多媒体讯息服务在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">香港推出</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><st1:place w:st="on"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Asia</SPAN></st1:place><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">'s first commercial mobile</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">multi-media messaging services</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">(“MMS”) launched in <st1:place w:st="on">Hong Kong</st1:place>.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #ff7300; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">香港主办国际电联</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">2002</FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年亚洲电信展</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><st1:place w:st="on"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Hong Kong</SPAN></st1:place><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"> hosted ITU TELECOM</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">ASIA 2002</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy">2003</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy"><o:p></o:p></SPAN></B></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><B><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">电讯市场全面开放</SPAN></B><B><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Bold-Identity-H">。</SPAN></B><B><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">更多固网电讯</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><B><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">营办商获发牌照,于</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">2003 </FONT></SPAN></B><B><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman">1 </FONT></SPAN></B><B><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">月</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><B><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">开始提供服务,进一步引入竞争</SPAN></B><B><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Bold-Identity-H">。</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman">Full liberalisation of the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman">telecommunications market.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman">Further competition was</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman">introduced with more fixed</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman">telecommunications operators</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman">licensed to provide services</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman">from January 2003.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">• </FONT></SPAN><B><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">亚洲卫星四号发射</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman">Launch of AsiaSat 4</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Roman; mso-fareast-font-family: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Roman"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">6 </FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">总监报告</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">电讯管理局</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">二零零二至零三年营运基金报告书</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><B><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">十年耕耘</SPAN></B><B><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-fareast-font-family: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><FONT face="Times New Roman"> </FONT></SPAN></B><B><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">共享成果</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">过去十年间,香港与全球其它电讯</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">市场一起经历急速的发展和变迁,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">时至今日,香港无论在电讯技术</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">、</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">各种电</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">讯服务的市场渗透率及价格竞争力方面,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">均已发展至环球先导的地位</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">随着政府逐步实施开放本地电讯服务市场</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">的政策,电讯业在过去十年的发展突飞猛</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">进,为整体社会带来庞大经济收益</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">自本</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">地固网服务市场于</SPAN><?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:chsdate w:st="on" Year="2003" Month="1" Day="1" IsLunarDate="False" IsROCDate="False"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">2003</FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">1</FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">日起</SPAN></st1:chsdate><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">全面</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">开放后,所有电讯服务市场现已引入竞</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">争</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">相比电讯管理局于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">1993 </FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年成立时的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">垄断时代,消费者现可以相宜的价格,选</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">择固网</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">、</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">流动及国际电讯等各方面的多元</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">化崭新服务</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">2003</FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年是别具意义的一年,它不单标志着</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">电讯服务市场的全面开放,亦适逢电讯管</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">理局成立十周年</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">我们正好藉此富有纪念</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">性的时刻,回顾一下本局过去十年的工</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">作,并前瞻发展,继续实践我们致力将香</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">港发展成为亚太区电讯枢纽的使命</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">在鼓励竞争的政策及市场力量的推动下,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">本地电讯服务市场发展惊人</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">自</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">1995 </FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">实施逐步开放政策以来,服务营办商及用</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">户数目皆急剧上升</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">开放政策为市场带来无穷活力,使电讯服</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">务在过去十年,得以推陈出新,不仅为人</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">与人之间的通讯带来更多方便,并有效促</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">进信息交流,使港人得以享用信息高速公</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">路上的宝贵资源,体现</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">「</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">智能生活</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">」。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">今天,我们有</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">33 </FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">家提供各类固网服务的</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">固网营办商</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">、</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">200</FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">多家提供国际直拨电话</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">服务的对外电讯服务营办商,以及</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">200</FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">多</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">家提供拨号上网及宽带服务的互联网服务</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">供货商</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">此外,我们在推动香港流动服务</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">市场发展方面亦取得骄人成果:流动服务</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">普及率超过九成,而部份流动服务营办商</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">所提供的服务收费更低至每分钟一毫</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">与</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">此同时,互联网服务急速发展,尤其是宽</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">频服务,在短短三年间,宽带用户数目已</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">激增</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">18</FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">倍至突破</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">100</FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">万</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">我们并预期市场</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">会继续增长</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">流动及国际直拨电话服务市场的竞争所带</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">来的累积节省亦非常可观</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">1996 </FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">至</SPAN><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">2002</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年间,市民在流动服务上的累积节省估计</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">达</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">472</FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">亿港元,而</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">1999</FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">至</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">2002</FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年间,在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">国际直拨电话服务上的节省则估计达</SPAN><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">255</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">亿港元</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">全面固网及流动电话号码可携服务的实</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">施,进一步加剧营办商之间的竞争,使消</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">费者能以更低廉的价格享用电讯服务</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">鉴</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">于话音市场的发展已趋成熟,业界现积极</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">开发数据服务</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">分别于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">2001</FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年及</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">2002</FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">推出的跨网短讯服务及多媒体讯息服务,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">正好见证这股电讯服务新潮流</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">在</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light">Office of the Telecommunications Authority</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light">Trading Fund Report 2002/03</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">7 </SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Message from</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">the Director-General</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">T</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">market. It is also OFTA's 10th anniversary, providing us</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">with an appropriate opportunity to review our work during</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">the past decade and to reaffirm our mission to continue</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">developing <?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:place w:st="on">Hong Kong</st1:place> into a telecommunications hub in</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">the Asia-Pacific region.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Driven by the pro-competition policy and market forces, the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">development of the local telecommunications service market</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">has been profound with the number of service providers and</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">users increasing dramatically since the implementation of the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">progressive liberalisation policy in 1995.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Thanks to the vitality of a liberalised market, the past 10</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">years have seen the development and emergence of an</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">array of innovative telecommunications services. These</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">services have not only made communications far more</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">convenient for the public, but have also brought amazing</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">enhancements in the efficiencies of the exchange of</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">information, enabling <st1:place w:st="on">Hong Kong</st1:place> people to experience</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">“intelligent living” through access to the valuable resources</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">along the information superhighway.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">We now have 33 fixed carriers providing various fixed-line</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">services, more than 200 external telecommunications</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><st1:PersonName w:st="on" ProductID="王锡基"><B><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">王锡基</SPAN></B></st1:PersonName><B><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">先生</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Bold; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Bold">Mr Anthony S K Wong</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Bold; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Bold; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></B></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">总监</SPAN><FONT face="Times New Roman"><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-fareast-font-family: 宋体; mso-hansi-font-family: HelveticaNeue-Light"> </SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light">Director-General</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy">Consolidating a Decade of Achievement</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Heavy; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Heavy; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></B></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">he global telecommunications landscape has</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">seen radical advancement and change over the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">past decade with <st1:place w:st="on">Hong Kong</st1:place> emerging as an</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">acknowledged leader in terms of technology, market</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">penetration and competitive pricing.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">With the Government’s established policy of progressively</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">liberalising the local telecommunications service market,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">the industry has undergone rapid changes and</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">developments in the past 10 years, bringing substantial</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">economic benefits to the society as a whole. With the</FONT></SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">completion of full liberalisation of the local fixed-line service</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">market on 1 January 2003, all sectors of the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">telecommunications market are now open to competition.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Today, consumers enjoy a great variety of innovative</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">service choices, including fixed-line, mobile and</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">international telecommunications services, at prices that are</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">far more competitive than those of the monopolistic era of</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">1993 when OFTA was first established.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">2003 is a special year because it marks the achievement</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">of the full liberalisation of the telecommunications service</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">总监报告</SPAN><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">8</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">电讯管理局</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">二零零二至零三年营运基金报告书</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">根据电讯管理局于六月发表的独立研究结</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">果,进一步反映电讯市场开放政策所取得</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">的丰硕成果</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">这个由电讯管理局委托进行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">的首个国际基准研究,确定香港的电讯市</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">场在竞争成效方面,领先其它七个作比较</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">的先进经济体系</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">香港不仅是价格最便宜</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">的电讯服务市场之一,电讯投资亦处于高</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">水平</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><B><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">与时并进</SPAN></B><B><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Bold-Identity-H"> </SPAN></B><B><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">努力不懈</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: MHei-Bold-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Bold-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></B></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">过去十年,本地电讯业发展一日千里</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">然</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">而,市场竞争高度白热化,经济环境锐</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">变,加上业界及消费者需求持续增加,我</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">们将继续面对严峻挑战</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">为了确保营办商之间的公平竞争,以及促</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">进一个公平的投资市场,我们引入</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">《</SPAN><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">2002</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年电讯(修订)条例草案</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">》</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">,就电讯服务</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">营办商的合并收购事宜建立具透明度</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">、</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">高</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">效率的规管架构</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">立法程序已于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">2003 </FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">7 </FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">月完成,预计经进行业界咨询制订有关</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">指引后,法例将于今年第四季生效</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">我们</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">相信,立法将有助业界清楚规管的关注</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">点,能就收购合并事宜作出明智的决定</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">因应电讯市场的急速发展,我们现正全面</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">检讨自</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">1995 </FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年以来推行的第二类互连政</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">策</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">由于该政策实施至今已超过七年,加</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">上市场已全面开放,我们认为现在是进行</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">彻底检讨的适当时候</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">实施第二类互连政</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">策的目的是促进市场有效竞争,使没有网</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">络的营办商仍可透过在客户接达网络层面</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">的互连向顾客提供服务</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">为期三个月的首</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">轮公众咨询将于八月完成,预期于今年底</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P> <P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">前进行第二轮咨询</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">我们在决定未来路向</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">之前,定会充份考虑公众及业界的意见</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">电讯技术发展日新月异,为了响应社会需</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">求,公共无线区域网络服务类别牌照及</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">《</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">电讯(电讯器具)(豁免领牌)令</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">》</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">已于</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" /><st1:chsdate w:st="on" Year="2003" Month="2" Day="21" IsLunarDate="False" IsROCDate="False"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">2003 </FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">年</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">2 </FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">月</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">2</FONT></SPAN></st1:chsdate><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">1 </FONT></SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">日开始生效</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">根据新类别</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">牌照规管制度,任何有意向市民提供无线</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">区域网络服务的人士,毋须通过个别的牌</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">照申请及批核,便可经营这类服务</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">新发</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">牌制度将有助促进无线区域网络服务的业</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">务经营,豁免令则可让消费者毋须领牌便</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">可使用一系列的新产品,例如短程手提无</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">线电对讲机及新型室内无线电话</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">在现今</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">的经济环境下,我们期望精简发牌程序会</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">令消费者及营办商同时受惠</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">开放政策为市场带来无穷活力,使电讯</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: 宋体">服务在过去十年,得以推陈出新</SPAN><SPAN style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: 宋体; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light; mso-ascii-font-family: MHei-Light-Identity-H">。</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: MHei-Light-Identity-H; mso-font-kerning: 0pt; mso-bidi-font-family: MHei-Light-Identity-H; mso-hansi-font-family: HelveticaNeue-Light"><o:p></o:p></SPAN></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Thanks to the vitality of a liberalised market,</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">the past 10 years have seen the</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">development and emergence of an array of</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">innovative telecommunications services.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #ffda80; FONT-FAMILY: HelveticaNeue-Medium; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Medium">“</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #ffda80; FONT-FAMILY: HelveticaNeue-Medium; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Medium; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></B></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #ffda80; FONT-FAMILY: HelveticaNeue-Medium; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Medium">”</SPAN></B><B><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #ffda80; FONT-FAMILY: HelveticaNeue-Medium; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Medium; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></B></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Message from the Director-General</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: #0033da; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light">Office of the Telecommunications Authority</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light">Trading Fund Report 2002/03</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Light; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Light; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">9</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">service providers providing International Direct Dialling</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">(“IDD”) services and over 200 Internet service providers</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">providing dial-up and broadband services. Moreover, we</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">have achieved remarkable success in developing mobile</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">services in <st1:place w:st="on">Hong Kong</st1:place>, with a more than 90% mobile</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">service penetration rate and some of the mobile service</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">operators providing services at prices as low as 10 cents</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">per minute. The development of Internet services has also</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">been tremendous, especially in terms of broadband</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">services. In only three years, the number of broadband</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">users has increased 18-fold to more than one million. We</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">anticipate the market will continue to flourish.</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">Cumulative savings resulting from competition in the mobile</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">and IDD service markets have also been substantial. The</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">cumulative savings to the public on mobile service charges</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><FONT face="Times New Roman"><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin">were estimated to be HK$47.2 billion between 1996 and</SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></FONT></P>
<P class=MsoNormal style="MARGIN: 0cm 0cm 0pt; TEXT-ALIGN: left; mso-layout-grid-align: none" align=left><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin"><FONT face="Times New Roman">2002, while savings from IDD service were estimated at</FONT></SPAN><SPAN lang=EN-US style="FONT-SIZE: 14pt; COLOR: black; FONT-FAMILY: HelveticaNeue-Thin; mso-font-kerning: 0pt; mso-bidi-font-family: HelveticaNeue-Thin; mso-fareast-font-family: MHei-Light-Identity-H"><o:p></o:p></SPAN></P>