LEHMAN BROTHERS
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
PCCW Limited
(Name of Issuer)
Ordinary Shares
(Title of Class of Securities)
70454G207
(CUSIP Number)
March 8, 2004
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
CUSIP No. .............................................................70454G207
1) Name of Reporting Person.......................Lehman Brothers Holdings Inc.
S.S. or I.R.S. Identification No. of Above Person................13-3216325
2) Check the Appropriate Box if a Member of a Group.................(a) [ ]
(b) [ ]
3) SEC Use Only
4) Citizenship or Place of Organization...............................Delaware
Number of Shares Beneficially Owned by Each Reporting Person With:
5) Sole Voting Power...............................................314,931,874
6) Shared Voting Power.....................................................-0-
7) Sole Dispositive Power..........................................314,931,874
8) Shared Dispositive Power................................................-0-
9) Aggregate Amount Beneficially Owned by Each Reporting Person....314,931,874
10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares......[ ]
11) Percent of Class Represented by Amount in Row 9........................5.8%
12) Type of Reporting Person.................................................HC
CUSIP No. .............................................................70454G207
1) Name of Reporting Person........................Lehman Brothers Finance S.A.
S.S. or I.R.S. Identification No. of Above Person................22-3515005
2) Check the Appropriate Box if a Member of a Group.................(a) [ ]
(b) [ ]
3) SEC Use Only
4) Citizenship or Place of Organization............................Switzerland
Number of Shares Beneficially Owned by Each Reporting Person With:
5) Sole Voting Power...............................................101,986,238
6) Shared Voting Power.....................................................-0-
7) Sole Dispositive Power..........................................101,986,238
8) Shared Dispositive Power................................................-0-
9) Aggregate Amount Beneficially Owned by Each Reporting Person....101,986,238
10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares.....[ ]
11) Percent of Class Represented by Amount in Row 9........................1.9%
12) Type of Reporting Person.................................................CO
CUSIP No. .............................................................70454G207
1) Name of Reporting Person...............................LBCCA Holdings I Inc.
S.S. or I.R.S. Identification No. of Above Person................13-3996593
2) Check the Appropriate Box if a Member of a Group.................(a) [ ]
(b) [ ]
3) SEC Use Only
4) Citizenship or Place of Organization...............................Delaware
Number of Shares Beneficially Owned by Each Reporting Person With:
5) Sole Voting Power...............................................106,472,818
6) Shared Voting Power.....................................................-0-
7) Sole Dispositive Power..........................................106,472,818
8) Shared Dispositive Power................................................-0-
9) Aggregate Amount Beneficially Owned by Each Reporting Person....106,472,818
10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares.....[ ]
11) Percent of Class Represented by Amount in Row 9........................2.0%
12) Type of Reporting Person.................................................CO
CUSIP No. ............................................................70454G207
1) Name of Reporting Person..............................LBCCA Holdings II Inc.
S.S. or I.R.S. Identification No. of Above Person.........13-3996596
2) Check the Appropriate Box if a Member of a Group............(a) [ ]
................... (b) [ ]
3) SEC Use Only
4) Citizenship or Place of Organization........................Delaware
Number of Shares Beneficially Owned by Each Reporting Person With:
5) Sole Voting Power........................................106,472,818
6) Shared Voting Power.......................................-0-
7) Sole Dispositive Power.......................................106,472,818
8) Shared Dispositive Power..........................................-0-
9) Aggregate Amount Beneficially Owned by Each Reporting Person....106,472,818
10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares....[ ]
11) Percent of Class Represented by Amount in Row 9.....................2.0%
12) Type of Reporting Person..........................................CO
CUSIP No. ...................................................70454G207
1) Name of Reporting
Person..............................................................Lehman
Brothers Commercial
Corporation Asia Limited
S.S. or I.R.S. Identification No. of Above Person.............22-3335453
2) Check the Appropriate Box if a Member of a Group.............(a) [ ]
.......... (b) [ ]
3) SEC Use Only
4) Citizenship or Place of Organization..........................Hong Kong
Number of Shares Beneficially Owned by Each Reporting Person With:
5) Sole Voting Power.............................................212,945,636
6) Shared Voting Power............................................-0-
7) Sole Dispositive Power.........................................212,945,636
8) Shared Dispositive Power..........................................-0-
9) Aggregate Amount Beneficially Owned by Each Reporting Person....212,945,636
10) Check if the Aggregate Amount in Row (9) Excludes Certain Shares..[ ]
11) Percent of Class Represented by Amount in Row 9....................3.9%
12) Type of Reporting Person........................................CO
Item 1(a). Name of Issuer:
PCCW Limited
Item 1(b). Address of Issuer's Principal Executive Offices:
39th Floor, PCCW Tower,
TaiKoo Place, 979 King's Road
Quarry Bay, Hong Kong
Item 2(a). Name of Person(s) Filing:
Lehman Brothers Holdings Inc.
Lehman Brothers Finance S.A.
LBCCA Holdings I Inc.
LBCCA Holdings II Inc.
Lehman Brothers Commercial Corporation Asia Limited
Item 2(b). Address of Principal Business Office:
Lehman Brothers Holdings Inc.
745 Seventh Avenue
New York, New York 10019
Lehman Brothers Finance S.A.
Talstrasse 82
Zurich, CH8021 CHE
LBCCA Holdings I Inc.
745 Seventh Avenue
New York, New York 10019
LBCCA Holdings II Inc.
745 Seventh Avenue
New York, New York 10019
Lehman Brothers Commercial Corporation Asia Limited
Level 38, One Pacific Place
88 Queensway Hong Kong
Item 2(c). Citizenship or Place of Organization:
Lehman Brothers Holdings Inc. ("Holdings") is a corporation organized
under the laws of the State of Delaware.
Lehman Brothers Finance S.A. ("LBF S.A.") is a corporation organized
under the laws of Switzerland.
LBCCA Holdings I Inc. ("LBCCA I") is a corporation organized under the
laws of the State of Delaware.
LBCCA Holdings II Inc. ("LBCCA II") is a corporation organized under
the laws of the State of Delaware.
Lehman Brothers Commercial Corporation Asia Limited ("LBCCA") is a
corporation organized under the laws of Hong Kong.
Item 2(d). Title of Class of Securities:
Ordinary Shares
Item 2(e). CUSIP Number:
70454G207
..........
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] A broker or dealer under Section 15 of the 1934 Act (b) [
] A bank as defined in Section 3(a)(6) of the 1934 Act (c) [ ] An
insurance company as defined in Section 3(a)(19) of the 1934 Act
(d) [ ] An investment company registered under Section 8 of the
Investment Company Act of 1940 (e) [ ] An investment advisor in
accordance with Rule 13d-1(b)(1)(ii)(E) (f) [ ] An employee
benefit plan or endowment fund in accordance with Rule
13d-1(b)(1)(ii)(F) (g) [ ] A parent holding company or control
person in accordance with Rule 13d-1(b)(1)(ii)(G) (h) [ ] A
savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act (i) [ ] A church plan that is excluded from
the definition of investment company under Section
3(c)(14)Of the Investment Company Act of 1940
(j) [ ] A group, in accordance with Rule 13d-1(b)(1)(ii)(J)
Item 4. Ownership
(a) Amount Beneficially Owned
See Item 9 of cover page.
(b) Percent of Class:
See Item 11 of cover page.
(c) Number of shares as to which the person has:
(i) sole power to vote or to direct the vote (ii) shared power
to vote or to direct the vote (iii) sole power to dispose or
to direct the disposition (iv) shared power to dispose or to
direct the disposition
See Items 5-8 of cover page.
The aggregate amount of Ordinary Shares reported includes (a)
102,828,335 Ordinary Shares that may be acquired by certain of the
Reporting Persons in exchange for or on conversion of exchangeable or
convertible bonds, (b) 103,999,999 Ordinary Shares that have been
loaned to certain of the Reporting Persons pursuant to a share lending
agreement and (c) 95,971,479 Ordinary Shares held by certain of the
Reporting Persons as security trustee under a share charge (pledge)
agreement. Each of the Reporting Persons that has included any of the
shares described in (b) and (c) above in its reported beneficial
ownership amounts disclaims beneficial ownership of such shares, except
to the extent of any pecuniary interest therein.
Item 5. Ownership of Five Percent or Less of a Class
If this statement is being filed to report the fact that as of
the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following [ ].
Item 6. Ownership of More than Five Percent on Behalf of Another Person
Not Applicable
Item 7. Identification and Classification of the Subsidiary which Acquired
the Security being Reported on by the Parent Holding
Company or Control Person
LBCCA is the actual owner of 212,945,636 Ordinary Shares.
LBCCA is 50% owned by LBCCA I and 50% owned by LBCCA II. Both
LBCCA I and LBCCA II are wholly-owned subsidiaries of
Holdings.
Under the rules and regulations of the Securities and Exchange
Commission, Holdings, LBCCA I and LBCCA II may be deemed to be
the beneficial owners of the Ordinary Shares owned by LBCCA.
LBF S.A. is the actual owner of 101,986,238 Ordinary Shares.
LBF S.A. is a wholly-owned subsidiary of Holdings.
Under the rules and regulations of the Securities and Exchange
Commission, Holdings may be deemed to be the beneficial owner
of the Ordinary Shares owned by LBF S.A.
Item 8. Identification and Classification of Members of the Group
Not Applicable
Item 9. Notice of Dissolution of Group
Not Applicable
Item 10. Certification
[ ] By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were acquired and are held in the
ordinary course of business and were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose
or effect.
[X ] By signing below I hereby certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not
held for the purpose of or with the effect of changing or influencing the
control of the issuer of the securities and were not acquired and are not
held in connection with or as a participant in any transaction having that
purpose or effect.
After reasonable inquiry and to the best of the undersigned's knowledge and
belief, the undersigned hereby certifies that the information set forth in this
statement is true, complete and correct.
Dated: March 18, 2004
LEHMAN BROTHERS HOLDINGS INC.
By: /s/ Barrett S. DiPaolo
Name: Barrett S. DiPaolo
Title: Vice President
LEHMAN BROTHERS FINANCE S.A.
By: /s/ Barrett S. DiPaolo
Name: Barrett S. DiPaolo
Title: Authorized Signatory
LBCCA HOLDINGS I INC.
By: /s/ Barrett S. DiPaolo
----------------------------
Name: Barrett S. DiPaolo
Title: Authorized Signatory
LBCCA HOLDINGS II INC.
By: /s/ Barrett S. DiPaolo
----------------------------
Name: Barrett S. DiPaolo
Title: Authorized Signatory
LEHMAN BROTHERS COMMERCIAL CORPORATION ASIA LIMITED
By: /s/ Barrett S. DiPaolo
----------------------------
Name: Barrett S. DiPaolo
Title: Authorized Signatory
EXHIBIT A - JOINT FILING AGREEMENT
The undersigned hereby agree that the Statement on Schedule 13G filed
herewith (and any amendments thereto), is being filed jointly with the
Securities and Exchange Commission pursuant to Rule 13d-1(k) (1) under the
Securities Exchange Act of 1934, as amended, on behalf of each such person.
Dated: March 18, 2004
LEHMAN BROTHERS HOLDINGS INC.
By: /s/ Barrett S. DiPaolo
Name: Barrett S. DiPaolo
Title: Vice President
LEHMAN BROTHERS FINANCE S.A.
By: /s/ Barrett S. DiPaolo
Name: Barrett S. DiPaolo
Title: Authorized Signatory
LBCCA HOLDINGS I INC.
By: /s/ Barrett S. DiPaolo
----------------------------
Name: Barrett S. DiPaolo
Title: Authorized Signatory
LBCCA HOLDINGS II INC.
By: /s/ Barrett S. DiPaolo
----------------------------
Name: Barrett S. DiPaolo
Title: Authorized Signatory
LEHMAN BROTHERS COMMERCIAL CORPORATION ASIA LIMITED
By: /s/ Barrett S. DiPaolo
----------------------------
Name: Barrett S. DiPaolo
Title: Authorized Signatory