Free 6 Months Broadband Service for New Switch-Over Customers
July 13 2010 - 4:36AM
Hong Kong Broadband Network, a wholly owned subsidiary of City
Telecom (HK) Limited (HKSE:1137) (Nasdaq:CTEL), recently launched a
free 6 months service promotion for new customers switching over
from incumbent PCCW's Netvigator broadband service. The offer is
specially targeting new customers to HKBN, and offers the first 6
months free for a 30 months x HK$99/month contract. Please see
the Appendix for details.
Given a matured Hong Kong broadband marketplace with household
broadband penetration of 82%*, the majority of HKBN's growth is
coming from existing users from other operators. We found that once
a new user has experienced our symmetric 100Mbps service, the churn
rate is extremely low at below 1.0% per month. Whilst our broadband
service subscriptions have been growing at a record pace, with
73,000 net additions for the 6 months to 28 Feb 2010, compared with
75,000 net additions for 12 months to 31 Aug 2009, we want to
continue to fuel our growth toward our 10-year Big Hairy Audacious
Goal (BHAG) of becoming the largest IP service provider by
2016.
"Our 6 months free promotion is designed to attract existing
legacy copper-based xDSL users to experience the 'WoW' factor of
our Fibre based symmetric 100Mbps service. 6 months free will allow
existing xDSL contracted users to concurrently use
our service side-by-side without additional cost, after
which, we are very confident these consumers can tell
the difference and finally choose HKBN's fibre internet
access," said Ms. June Lam, Associate Director, Marketing,
HKBN.
*Office of the Telecommunications Authority Key
Telecommunications Statistics, March 2010,
http://www.ofta.gov.hk/en/datastat/key_stat.html
About City Telecom/Hong Kong Broadband Network
Limited
Established in 1992, City Telecom (H.K.) Limited (HKSE:1137)
(Nasdaq:CTEL) provides integrated telecommunications services in
Hong Kong via its own self-built fibre network. City Telecom's
wholly-owned subsidiary, Hong Kong Broadband Network Limited
(HKBN), is the fastest growing broadband service provider in Hong
Kong. HKBN offers a diversified portfolio of innovative products
that service over 1,027,000 subscriptions for broadband, local
telephony and IP-TV. The Company has built a solid market position
with top-of-the-line applications and practices enabling it
substantial growth. The company takes great pride in
developing its 3,000 Talent force into a competitive
advantage. Additional information is available at
www.ctigroup.com.hk.
CONTACT: City Telecom (H.K.) Limited
Corporate Communications
Ms. Jessie Cheng
+852 3145 4118
Fax: +852 2199 8372
chengcm@ctihk.com
Investor Engagement
Ms. Peggy Chan
+852 3145 6068
Fax: +852 2199 8655
investor_engagement@ctihk.com
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