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1999 Annual Report Judgment Teamwork Innovation Reach
     
client accomplishments

Judgment

Goldman Sachs Special
   Opportunities (Asia) Fund
Telstra Corporation Limited
Repsol YPF
Central States Southeast and
    Southwest Areas Pension Fund
Duke-Weeks Realty Corporation
Kookmin Bank

Teamwork

Lincoln Financial Group UK
EOG Resources, Inc.
Juniper Networks, Inc.
China Telecom (Hong Kong) Ltd.
Vivendi S.A.
Sumitomo Bank, Limited
The Allstate Corporation

Innovation

Global Crossing Ltd.
Swiss Reinsurance Company
Goldman Sachs Funds
AstraZeneca PLC
Lucent Technologies Inc.
Extendible Commercial Notes
    (ECNs)
Red Hat, Inc.



Nippon Telegraph & Telephone
    Corporation (NTT)
The Republic of Argentina
United Pan-Europe
   Communications N.V. (UPC)
Vodafone AirTouch PLC
Charter Communications, Inc.
Exchange Fund Investment, Ltd
Internet Initiative Japan Inc. (IIJ)

China Telecom (Hong Kong) Ltd.


Wang Xiaochu, Chairman, Chief Executive Officer and President:

"In recent years, Goldman Sachs has provided important support to China Telecom (Hong Kong) Ltd. as we pursued our growth strategies. One of our objectives is to further strengthen our financial position by diversifying our source of financing through both equity and debt capital markets. In 1999, we followed through with an integral part of our growth strategy by acquiring three more provincial mobile assets. Goldman Sachs acted as our financial advisor. It was important to us that the necessary restructuring work prior to tapping the global capital markets be done in the most thorough and professional manner, with a clear and sound knowledge not only of our business but also of the Chinese regulatory environment. I feel that the team at Goldman Sachs did an excellent job. We also have a high regard for the strength and expertise of their capital markets and research professionals. There is no doubt that Goldman Sachs has an outstanding track record, especially in the telecommunications area, and its advisory capabilities, backed up by the firm’s attention to clients’ needs, made our selection of Goldman Sachs an easy one. We were very pleased with the firm's work and its continued long-term commitment to us."

  • Goldman Sachs was advisor, joint global coordinator and joint lead manager for China Telecom (Hong Kong) Ltd. on its $4.2 billion IPO in 1997. At that time it was the largest public offering by a Chinese entity and the largest-ever public offering in the global cellular telephone industry.
  • The firm was financial advisor to China Telecom (Hong Kong) Ltd. in its $2.9 billion acquisition of Jiangsu Mobile Communications Co. Ltd. in 1998.
  • In 1999, Goldman Sachs was financial advisor to China Telecom (Hong Kong) Ltd. in its $6.4 billion acquisition of the cellular assets of Fujian Mobile Limited, Henan Mobile Limited and Hainan Mobile Limited.
  • The firm was the financial advisor, joint global coordinator, lead manager and bookrunner for a $2 billion equity offering in 1999.
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