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U.S. internet company Yahoo! Inc. is looking for acquisitions in Asia and is particularly seeking original content providers or Web publishers, Asian managing director, Savio Chow said.

Chow told delegates at the Internet World Asia Hong Kong conference on Thursday, the company was also seeking new applications that would successfully fit into Yahoo!'s existing business.

New applications Chow cited included personal news agents that filter news and payment gateways or on-line transaction engines.

Delegates for the internet conference also heard from venture capitalists and so-called "venture catalysts" that the competition among corporate investors for internet companies had upturned the rules for investing.

"There are no rules," said Ilyas Khan, founder of techpacific.com which provides some of the early seed capital for for new ventures. "If there's a decent idea you've got a lot of people chasing that idea."

Khan also said in the absence of valuation models and, in many cases revenue, investors looked at commitment, "sweat equity," personal chemistry and even proximity.