Local firms with even a small proportion of their business derived from Internet-related activities have seen share prices soar, with Wharf (Holdings) the clearest example.
Wharf has been the biggest blue-chip gainer and has risen more than 80 per cent in the past month, closing on Friday at HK$18.45.
Despite the firm still deriving most of its revenue from property, analysts attributed the stock's gains to plans for a broadband Internet service through the company's cable-television network.
This service will be able to transmit six times faster than Hongkong Telecom's Super Netvigator.
The company is still hampered in taking on Hongkong Telecom by its lack of coverage, which will be further reduced if the company has to hand its microwave frequency back to the Government.
At present one million of Cable TV's 1.6 million subscribers are reached by microwave transmission. Wharf is planning to build out its fibre-optic network to 1.8 million households in 2001.