WHILE much attention has focused on the dizzy heights of Internet stocks in the United States, Hong Kong has had a brief flurry of interest in technology markers with the visit of Microsoft chief Bill Gates last week.
As Mr Gates received VIP treatment, meeting Chief Executive Tung Chee-hwa and other senior government officials, the markets were also welcoming his visit - but perhaps a little too enthusiastically.
News of partnerships with mainland companies, including leading PC manufacturer Legend group, sent the locally listed vehicles of those stocks soaring.
Some alarmed analysts felt the markets took the good news a little too far, with many buyers in the market failing to differentiate between the individual companies.
Technology stocks that were not even connected to the Microsoft alliance were rising strongly. Some of the gains simply could not be justified. A good example was Founder (Hong Kong), which posted strong gains early in the week despite not being connected with the Microsoft alliances and putting out a profit warning in January.
The stock gained 5.88 per cent on Tuesday despite the fact that Founder was not in the running for an alliance with Microsoft.
Another source of confusion came with Great Wall Electronic International, which was assumed by many to be part of the mainland-based China Great Wall group rumoured to be signing a deal with Microsoft.
