Not all of Hong Kong's Internet start-ups are sacking staff.
Internet enabler iReality yesterday announced new key recruitments, including Oracle Asia Pacific's Denis Tossan as managing director for e-solutions. Mr Tossan was Oracle's head of information solutions.
'The Internet is still a revolution,' said president Ravi Sarathy, who, as an analyst at Lehman Brothers, was known for his bullish price targets on Asian Internet stocks.
The firm, started by a group of Hong Kong investment bankers, nevertheless has pushed back plans for a stock market listing to the first half of next year. Earlier, executives said they were considering listing this summer on Tokyo's Nasdaq exchange.
Mr Sarathy said the crash in regional Internet stocks had not unsettled him.
'The distress means more people have been knocking at our door. Earlier all you needed was a concept . . . now you need a business plan,' he said.
However the company, which also invests in start-ups or offers its services in return for equity, is less bullish on the future of its Hong Kong-based peers.