Hong Kong phooey.(Hongkong Telecom, Pacific Century Cyberworks merger)(Company Business and Marketing)

A tumultuous melodrama concerning the spoils of Asia's telecom sector is now playing. The cast includes a billionaire dad, his billionaire son, Britain's old colonial carrier and the governments of two countries.

The most significant realignment of telecom in Asia to date probably hangs on the performance of the NASDAQ and the New York Stock Exchange over the next few weeks. The result could have a significant effect on the multibillion-dollar Asian investments of US operators such as AT&T, MCI WorldCom and Global Crossing.

At stake is the audacious takeover of Cable & Wireless profit center Hongkong Telecom by the dot-com phenomenon Pacific Century Cyberworks -- as well as a related deal that would bundle most of …