Word: timelessly
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...Cheng set out on his own, co-founding Timeless. He and CEO K.K. Cheng developed the firm with $10 million gleaned from an anonymous investor and the company's 15-member management team, many of whom Cheng had known from nearly two decades in the technology industry. By 1997, Timeless had acquired two local systems-integration companies, and by 1998 it had opened its first China branch in Guangzhou and set up a joint venture in the special economic zone of Zhuhai...
...took 2 1/2 months to prepare the financial and legal requirements for the Growth Enterprise Market listing. Cheng and his team had envisioned a grander debut. They wanted to be on NASDAQ from the outset. But a plea from GEM's chairman, they say, persuaded them to list locally. Timeless had secured $13 million in capital from Taipei-based angel/investor Crimson Asia Capita; the GEM listing raised an additional $58 million...
Then things got stormy. In a swift year-end deal, Cheung Kong Holdings, billionaire Li's flagship, paid an estimated $5 million for a 2% stake in Timeless. In turn, Timeless agreed to invest $23 million in new offices in the Center, a top-drawer Cheung Kong development. In the old economy, a deal with one of Asia's richest men would have marked one's arrival among the local business elite. But to many investors, Timeless suddenly looked less like a go-go technology firm than an old-fashioned real estate play...
...software-systems integrator or a property investor?" asks Internet analyst David Webb, publisher of Webb-site.com He says the office-space purchase deal represents 40% of the IPO proceeds and violates Timeless' prospectus, which pledges to allocate funds raised to working capital. Cheng defends the deal. Still, the market needs convincing. On the first day of listing, Timeless stock peaked at 99[cents]. But by the end of last month, it was down to 71[cents...
Cheng is projecting a $2.6 million profit for the fiscal year ending March 31, after cumulative losses of $7.7 million racked up during Timeless' first three years. Listing on NASDAQ has not been ruled out. To do that, however, Cheng will have to turn the heads of U.S. investors with flashier results--not just a prestigious office address...