What the broker said
About a year ago, global investment bank Lehman Brothers issued a report on Growth Enterprise Market-listed Internet play Hongkong.com, saying it had become one of the SAR's leading portals.
The company's goal, the report stated, was to make its branded portal Hong Kong's standard bearer worldwide. Lehman issued a 'buy' rating for Hongkong.com stock, indicating a HK$2.68 price target based on the company's advantages at the time; a powerful brand-name and its incorporation in the URL; its link to chinadotcom and the benefits of the parent's integrated portal business model, and growing portfolio of investee companies; the company's early establishment in the burgeoning Internet arena and US$170 million from a recent initial public offering to help exploit that market; and its talented and experienced management.
In February, Hongkong.com posted a net profit of HK$4.41 million for the year to December, compared with a HK$21.77 million, loss for 1999.