Almost all of their equipment is new - which a large factor.
New means that it more capacity than existing cables because of technology.
It also means that they haven't had much chance to win new customers yet. Their market would be signed up to multi-year contracts and it's a major project to change providers.
However they are also facing stiff competition from well entrenched players who are much larger than them. I believe that's largely why the HK utilisation is so low.
Ann: H1FY21 Results Presentation, page-18
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