Consumer portal hongkong.com, among the mostly profitless technology-related GEM companies to report quarterly results next month, has been forced to make big cuts in its spending habits to appease investors now wary of small cap Internet stocks.

"Investors have reduced their patience in terms of waiting for you to build something up," Rudy Chan, hongkong.com's chief executive officer, said in a recent interview.

Indeed, the investors' message is loud and clear. Hongkong.com's stock has dived more than 95 per cent since a HK$ 9.10 high on its March 20 debut and ended some 80 per cent below its IPO price at HK$ 0.39 on Friday. Meanwhile, the GEM index , has skidded 67 per cent since March. Hong Kong's second board was launched amid high hopes and stratospheric valuations on November 25.