Can The Internet Lift Hong Kong's Fallen "Angels"?

Once high-flying companies are betting on cyberservices

Wong Kwan is a legend in Hong Kong. An illegal immigrant from China, he worked his way up to owning his own hotel-and-property company. In the early 1990s, his Pearl Oriental Holdings was a darling of investors impressed by his guanxi, or connections. They dubbed Pearl an "angel stock" as its shares soared. But when Hong Kong's property bubble burst, Pearl's stock fell to earth, dropping 93% from its 1997 peak.

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