HK Equity Fund: Embattled smartphone maker, BlackBerry, has moved to reassure its enterprise customers that despite ongoing speculation that declining smartphone sales and mounting losses will result in the company being broken up, it remains committed to them.
The device management side of BlackBerry’s business helps corporate customers manages mobile devices including those of its rivals in the smartphone market.
“The company has shelved any plans it may have had to return the private sector by tearing up a tentative acceptance of an offer from its largest shareholder, Fairfax Financial Holdings,” said an HK Equity Fund technology analyst. “The stock’s down by 45% in 2013 and we think things are like to get worse before they get better.”
What support remains for BlackBerry and its products among wireless carriers and other partners in the smartphone market is waning. T-Mobile, the 4th biggest US carrier announced in September that it would start purging BlackBerry devices from its stores and require those wanting the devices to have them delivered instead.
Banks like Morgan Stanley, UBS and Credit Suisse, corporate clients who rely on the security afforded by BlackBerry’s systems, have decided to postpone planned switches to BlackBerry 10.
“Banks don’t like to meddle with systems. Security is of the highest importance so if they abandon plans, it’s because of a fundamental loss of confidence in BlackBerry going forward,” said the HK Equity Fund tech analyst.
About HK Equity Fund
HK Equity Fund established a presence in Hong Kong in 1995. Today their Hong Kong office is their main hub in the Asia-Pacific region. All of HK Equity Fund’s business groups have operations in the city, making this their largest office in the region outside Australia. From Hong Kong they offer corporate finance and advisory, institutional cash equities and research, equity derivatives and structured products, debt financing and funds management, and environmental financial products, futures, metals OTC hedging and fixed income trading services.
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