Hong Kong's Local Preference; Home-Grown Contender Wins in Phone Deal
Cable and Wireless HKT, which is passing out of British hands with Pacific Century Cyberworks's acquisition of company, will still be firmly part of local establishment; company is being bought by nine-month-old company founded by Richard Li, heir to most powerful family dynasty in Hong Kong; there is no hard evidence that Li's political connections were decisive factor in his victory over Singapore Telecommunications; but chairman of Cable and Wireless, Graham Wallace, acknowledges that Li's family ties were attractive; Li's father, Li Ka-shing, is perhaps Hong Kong's most successful tycoon; chart; photo (M)