updated 5/23/2011 4:15:51 AM ET 2011-05-23T08:15:51

HONG KONG, May 23, 2011 (GLOBE NEWSWIRE) -- Hong Kong Broadband Network Limited ("HKBN", a wholly-owned subsidiary of City Telecom (HK) Limited, (HKSE:1137) (Nasdaq:CTEL) is pleased to announce the surpassing of 10,000 symmetric 1Gbps broadband subscribers. It is our objective to commoditize bandwidth and make 1Gbps the mass market norm for Hong Kong. Accordingly, we have priced our 1Gbps service for the masses at HK$199/month (US$26), which is amongst the best value in Hong Kong and around the World.

S. L. Lo, Chief Technology Officer of HKBN said, "We are happy to see that our innovation is helping to lead Hong Kong into a new Fibre based ultra-high bandwidth era, with the evolution from dial-up to broadband to copper based broadband, and now from copper based broadband to Fibre based ultra-fast broadband. We are proud to have contribution to Hong Kong being recognized amongst the Global leaders for bandwidth affordability and availability."

In a report commissioned by The Office of the Telecommunications Authority of Hong Kong (OFTA), International Tariff Benchmarking 2010 by Strategy Analytics Teligen Tariff & Benchmarking Service, May 2010, "In terms of individual service basket comparison, Hong Kong also compares favourably with the other cities, being the least expensive city for three out of the five residential services and two out of the three business services examined. Such low prices are attributable to the fact that Hong Kong hosts one of the most competitive telecommunications markets in the world."  

Full report is available at: http://www.ofta.gov.hk/en/report-paper-guide/report/rp20110508.pdf

"The State of the Internet – 4th Quarter, 2010 Report", released by Akamai, ranks Hong Kong the 2nd for Global Average Connection Speed at 9.4Mbps, behind Korea at 13.7Mbps, and ranks Hong Kong 1st for Global Average Peak Connection Speeds at 37.9Mbps. Full report is available at: http://www.akamai.com/stateoftheinternet/

For full Press Release, please download at : http://reg.hkbn.net/ctigroup_admin/files_upload/PR_Surpass10K1GbpsSubscribers_E.pdf

About City Telecom/Hong Kong Broadband Network Limited

Established in 1992, City Telecom (H.K.) Limited (HKSE:1137) (Nasdaq:CTEL) provides integrated telecommunications services in Hong Kong via its own self-built fibre network. City Telecom's wholly-owned subsidiary, Hong Kong Broadband Network Limited (HKBN), is the fastest growing broadband service provider in Hong Kong. HKBN offers a diversified portfolio of innovative products that service over 1,110,000 subscriptions for broadband, local telephony and IP-TV. The Company has built a solid market position with top-of-the-line applications and practices enabling it substantial growth. The company takes great pride in developing its around 3,000 Talent force into a competitive advantage. Additional information on City Telecom can be found at www.ctigroup.com.hk

CONTACT: Corporate Communications
         Jessie Cheng
         Tel: +852 3145 4118
         Fax: +852 2199 8372
         Email: chengcm@ctihk.com
         
         Investor Engagement
         Peggy Chan
         Tel: +852 3145 6068
         Fax: +852 2199 8655
         Email: investor_engagement@ctihk.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

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