Tom.com has come to epitomise Hong Kong's short spell with dotcom fever, which saw investors lining up in mobs to buy into a company that was no more than a concept with a strong backer.
That dotcom concept holds little water now but some analysts still keep an eye on Cheung Kong's new-economy offshoot.
The company, listed on the Growth Enterprise Market, reported last week that first-quarter revenues grew 10 per cent to HK$77 million. Directors promised full-year growth would be more impressive.
ABN Amro found the results 'encouraging' because of growth in online advertising.
Like other post-implosion dotcoms, Tom.com used its initial public offering proceeds to buy into other businesses while slashing investments in the actual online assets.
However, unlike, say, Sunevision Holdings, which now gets more than 90 per cent of its revenues from data-processing centres, Tom.com focused on businesses that could complement the online focus. Basically, it expanded into traditional media including outdoor advertising (Fench Star and Maya Cultural), publications (Yazhou Zhoukan), and sports management (YC Press).
The broader media asset base allows Tom.com to take a cross-media approach - selling online add-ons to advertisers buying space in Tom.com's traditional media.
