i-CABLE Communications Limited, incorporated on May 21, 1999, is a pay-television programming operator and service provider in Hong Kong. The Company is also a residential broadband Internet access service provider. As of December 31, 2004, it had 702,000 pay-television subscribers and 291,000 broadband subscribers. On the same date, the Company's in-building coaxial network passed over 2,070,000 homes. Within this total, 1,990,000 homes were connected to its fiber optic cable network, out of which 1,963,000 households were broadband-ready (these households were able to subscribe to its broadband service). In October 2004, i-CABLE Network Limited (iNL), a wholly owned subsidiary, entered into an agreement with Wharf T&T Limited (Wharf T&T), an affiliate of the Company that is wholly owned by The Wharf (Holdings) Limited (Wharf), in respect of its provision of Internet protocol network point-of-presence (IP Point) service to Wharf T&T for three years. Under the agreement, the Company charges Wharf T&T a service fee that is determined based on the number of IP Points it provide to Wharf T&T. With these IP Points, Wharf T&T provides local voice-over Internet protocol (VoIP) service to the residential market, utilizing the Company's hybrid fiber coaxial (HFC) cable network for core and last-mile signal transmission. The local VoIP service enables subscribers to make and receive calls using traditional telephone handsets connected to a voice-enabled cable modem. As of December 31, 2004, the Company provided 29,235 IP Points to Wharf T&T. Pay-TV Services The Company's basic package includes access to 47 channels for its digital subscribers. It also offers various other packages, typically consisting of a limited number of channels offered in its basic or premium package at a lower subscription fee to enhance the Company's pay-television penetration. i-CABLE Communications Limited offers pay-per-view channels in Asia. Pay-per-view channels offer viewing of adult entertainment and live sports events at additional fees. As of December 31, 2004, the Company's premium channels included Home Box Office (HBO) Asia, Cinemax, NBA TV, Animax and Channel A. HBO Asia and Cinemax offer Hollywood movies and other programs. Channel A features some of the more popular programs offered from among all the Company's local channels. In 2004, it also launched a two-channel premium package catering to the Pakistani community in Hong Kong. As of December 31, 2004, the Company also provided access and maintenance services to approximately 231,000 satellite television system households in Hong Kong. Satellite television systems allow customers to view free-to-air channels distributed via satellite. i-Cable Communications Limited produces four 24-hour Cantonese news channels. News 1 focuses on financial news during trading hours and offers public affairs and documentary programs in the evenings. News 2 broadcasts non-stop news with half-hourly updates. Top News broadcasts non-stop news with updates every eight to 10 minutes. The Company has also acquired broadcasting rights to international news channels, such as Cable News Network (CNN) International, British Broadcasting Corporation (BBC) World, Bloomberg Television and Consumer News and Business Channel (CNBC) Asia. Through its own three basic movie channels and three premium channels, the Company offers popular Hollywood titles, local blockbusters and special packages catering to its subscribers. In 2004, i-CABLE Communications Limited acquired the rights to broadcast the English Premier League football in Hong Kong for the three-year period ending May 2007. In addition, the Company carries the Spanish Primera Liga, the Italian Serie A and the German Bundesliga to cater to the different programming interests of soccer fans. It has also secured the rights to broadcast the 2006 FIFA World Cup. The Company also carries other major international sports events, such as major tennis tournaments, including the French Open and U.S. Open, volleyball, table t

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