Hutchison Whampoa's troubled 3G mobile operation wants to teach the market a lesson.
According to managing director Canning Fok Kin-ning, the problems that led to the collapse of its 3 Italia initial public offering were not its own. The market, he argues, misunderstood the unit's potential.
All that investors need is to be educated in how Hutchison runs its business for it to realise its Euro9 billion ($83 billion) benchmark valuation and for its share price to soar.
If only it were that easy.
While analysts agree that more investor knowledge about Hutchison's mobile operation would have helped its 3 Italia float, its insistence on a Euro9 billion valuation ensured the IPO tanked - and there are still doubts it will make the valuation even with its plans for a private placement. Analysts say a more realistic figure would have been Euro6.5 billion to Euro8.5 billion.
But the market still believes that Hutchison's 3G foray has much to offer. Even though it did not make the benchmark, the shelving of the float has had no negative impact on Hutchison's net asset value.
