Stareastnet.com rises 5.9% in first day's trading on GEM

Bucking the trend of recent issues on Hong Kong''s Growth Enterprise Market, celebrity portal Stareastnet.com''s shares rose in their first day''s trading.

Shares of entertainment portal Stareastnet.com rose 5.9% in their first day of trading, bucking the recent trend for new issues on Hong Kong's Growth Enterprise Market. The company is betting its roster of 150 celebrities will keep gossip-hungry Chinese consumers flocking to its site. It seems investors agree.

Stareastnet's shares rose to HK$1.25 from their offer price of HK$1.18. The company sold 170 million shares to raise HK$200.6 million $25.7 million to help finance the development of new content and additional technology. The gain came even as the tech-heavy US Nasdaq fell 1.7%.

Stareastnet offers entertainment news, live chat with its contracted celebrities and movie clips as well as...

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