PCCW shares rise on reorganization talk

HONG KONG - Billionaire Richard Li may seek to spin off PCCW Ltd's telecommunication assets, at least his sixth attempt to reorganize Hong Kong's biggest phone company.

PCCW rose 4.6 percent as of the noon trading break in Hong Kong, headed for the stock's biggest two-day gain since January 2010, after the company said it's in talks with regulators in Hong Kong to list the assets separately as a business trust.

Li's plan follows a failed attempt to take PCCW private in 2009, when a Hong Kong court ruled that a shareholder vote was manipulated. PCCW, with businesses including property development and television, fell 4.7 percent in Hong Kong trading this year to last week's close.