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High-tech fever cooled down by an iceberg: NEW EQUITIES by Ho Swee Lin: Technology stocks have plummeted and new issues have been postponed in the wake of the Nasdaq's decline. But in the long run it may put the markets on a more stable footing
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High-tech fever cooled down by an iceberg: NEW EQUITIES by Ho Swee Lin: Technology stocks have plummeted and new issues have been postponed in the wake of the Nasdaq's decline. But in the long run it may put the markets on a more stable footing
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High-tech fever cooled down by an iceberg: NEW EQUITIES by Ho Swee Lin: Technology stocks have plummeted and new issues have been postponed in the wake of the Nasdaq's decline. But in the long run it may put the markets on a more stable footing
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Newspaper Article
High-tech fever cooled down by an iceberg: NEW EQUITIES by Ho Swee Lin: Technology stocks have plummeted and new issues have been postponed in the wake of the Nasdaq's decline. But in the long run it may put the markets on a more stable footing
2000
Overview
Asian markets have more than felt the tremors from the Nasdaq's decline in the past few weeks. From Singapore to Hong Kong to South Korea, technology stocks in particular have taken a precipitous dive, pulling the share price of many newly-listed companies down to below their offer prices. Hong Kong's once popular Tom.com, the web portal in which the flagship companies of Hong Kong's property tycoon Li Ka-shing has a stake, saw its share price plunge from a peak of HK$14.30 to HK$7.80 on April 14. Pacific Century CyberWorks, the darling internet stock among investors, has fallen 39.1 per cent from its peak of HK$26.35 in February. The IPO ground was even more fragile for companies in the \"old economy\", especially for Chinese state-owned enterprises in which investor interest has already been waning. PetroChina, the main unit of China's biggest oil company China National Petroleum Corporation (CNPC), almost did not succeed in its HK$22.5bn IPO in March, and had to rely on the help of several strategic investors. A total of six companies - including BP Amoco which bought US$1bn worth of PetroChina's shares - were brought in at the last minute to keep the IPO afloat.
Publisher
The Financial Times Limited
