Hong Kong: The Internet Is So Yesterday

Hong Kong's fickle investors are shunning the dot-coms

Two months ago, Hong Kong's Acme Landis Holdings was an obscure toilet bowl maker. Then venture capitalists Hambrecht & Quist Asia Pacific Group and J.H. Whitney bought the company and announced plans to turn it into an Internet investment vehicle. That sent the stock soaring twentyfold, to $3.34, in two weeks. The company, renamed i100 Corp., used some of its $26 million in capital to forge a partnership with Germany's Windhorst Group to bring e-business to greater China. It also said it would buy a developer of Web solutions for publishers.

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