Sources say that China Netcom and government authorities are unlikely to object the new bid for PCCW offered by local financier, Francis Leung Pak-to, on the ground that the ownership would not fall into foreign hands, reports The Standard. A consortium led by local financier Francis Leung Pak-to has offered to buy PCCW chairman Richard Li's entire 26% stake in the company at HK per share. Despite the substantially low bid, the new proposal is sound because it is unlikely to face any opposition from state-owned China Netcom Group, which holds a 20 percent stake in PCCW. China Netcom has opposed bids by Macquarie and Newbridge to buy into the company saying it is "not willing to see any change to the Hong Kong ownership of PCCW or its assets." If the new bid succeeds, China Netcom could still implement the on-going projects with PCCW in the mainland even though the controlling shareholder has changed.