I'm a little embarassed that the hottest IPOs and the most dynamic companies in the country's fledgling technology economy are based around games. For example read these paragraphs from MSN money:
"NetEase.com Inc., a Beijing-based online gaming and e-commerce company posted better-than-expected fourth-quarter results Thursday, prompting two analyst upgrades and a 14 percent gain in its shares on Friday."
"Another large online gaming company, Shanghai-based The9 Ltd., also posted better-than-expected fourth-quarter earnings on Wednesday, but the results failed to impress investors. Following an after-hours spike in the company's American depositary shares that evening, the stock has more or less leveled off and was recently up just 11 cents at $21.21 on the Nasdaq."
"Going with the pack, Baidu.com Inc., a large Chinese-language search engine, also posted fourth-quarter results above consensus targets. The Beijing-based company said Tuesday it earned 9 cents per share, 2 cents above average analyst estimates."
"Sina Corp., a Shanghai-based operator of Chinese-language Web portals, bucked the upward trend and posted a 21 percent drop in its fourth-quarter profit Wednesday, as revenue fell 9 percent. The results were a penny below consensus estimates, and the company's first-quarter outlook also fell short of expectations."
So two of the top companies are in gaming and are trading on the Nasdaq. The other cool tech companies are e-commerce and in search, respectively. On top of the stories of kids in Korea and China living generally unhealthy lives cooped up in internet cafes or in their bedrooms spending at least 16 hours a day playing these things, it leads me to believe Asians are succeptible to these things. What is it, the gambling gene? Is there a certain percentage of Asians that have a gene that makes World of Warcraft like crack to them? How about that kid that killed himself because his game character died or something like that?
I think in terms of character building, Asian cultures fail in many ways. Music, sports, and being social on real terms are just as essential as being successful or having stable careers in medicine, business, law, computers, etc. There definitely needs to be some changes in philosophy.
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