Chinese firm sells stake in US-Hong Kong undersea cable — Quartz

More than five years after an initiative to pioneer a US-Hong Kong submarine cable connection was initially announced , the Chinese firm that has majority ownership of the project has called it quits. In company filings on Feb. 22 (pdf, link in Chinese), Chinese telecom giant Dr. Peng Group announced that it was completely selling its stake in Hong Kong-based firm Pacific Light Data Communication (PLDC)-which controls four of the six fiber pairs in the trans-Pacific cable—in order to "dispose of loss-making assets." The US-Hong Kong undersea cable, officially named the Pacific Light Cable Network , is supposed to be…