[3] New World Telecommunications was established in 1992 by transforming from Rowenty Power, a shelf company that was incorporated on 14 January of the same year in the British Hong Kong.

However, New World PCS Holdings was sold to Asia Logistics Technologies in 2004, as part of a backdoor listing.

[8] In February 2016, New World Telephone Holdings sold New World Telecommunications and other businesses in Hong Kong, Macau and Shenzhen to its competitor Hong Kong Broadband Network (HKBN) for HK$650 million;[5][9] the latter was disinvested by local telecommunication tycoon Ricky Wong in 2012.

It was reported that the takeover of New World Telecommunications was a leverage buyout, which was financed by a borrowing from JPMorgan Chase for 5 years by HKBN.

[11] Financial Times compared the disinvestment of Hutchison Global Communications by CK Hutchison Holdings in 2017 and New World Telecommunications by New World Development, were part of "the process of succession planning [of the largest tycoon families of Hong Kong] as the founders reach retirement age or pass away.