One concern is whether new investors think Tham's company is already too pricey. Again, Tham isn't worried. Still, the froth has subsided. The AsiaOne IPO is going ahead to mixed reviews. Many analysts like AsiaOne's wealthy parent, Singapore's government-linked newspaper publisher, but otherwise don't have much good to say.
Many aspirants seem to be adapting to the new climate.
Lai is confident that it will be able to proceed before the year-end, but he draws comfort from a cash pile that can last for two years. It is going to be harder for some of the dreamers to get the ridiculous valuations they were aiming for. But there is a bright side. Here's to serious dreamers. Hong Kong's IT companies are clustering all over the city.