The action by the Securities and Futures Commission came just after minority shareholders had approved a buy-out offer from Pacific Century Regional Developments, Mr Li's Singapore-listed holding company, and China Unicom, PCCW's second largest shareholder.
Mr Li and China Unicom have offered to pay investors HK$4.50 per share in a HK$16bn (US$2bn) deal. On December 30 the two partners pulled a HK$4.20-a-share offer at the last minute, for fear that it would be rejected.
“The SFC confirms that our staff were present [at the meeting] to monitor the process,” a spokesperson for the commission said. “We have taken away the voting records for further inquiries.”
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