Stareastnet.com to begin trading on Hong Kong's GEM

Want to chat with the celebs? Find out the latest gossip from the Chinese entertainment world? Stareastnet.com could be for you. Shares in the company begin trading tomorrow.

Trading begins Thursday in the shares of Stareastnet.com, an entertainment portal that's betting it can compete with magazines, TV and other internet sites to provide gossip and information on Chinese celebrities.

The Hong Kong-based company sold 170 million shares at HK$1.18 each to raise HK$200.6 million $25.7 million. The shares will trade on Hong Kong's Growth Enterprise market for start-up and high-tech companies.

Stareastnet aims to become a global Chinese entertainment content provider using the internet as well as video and audio streaming technologies. The site's offerings include live celebrity chats, restaurant information and clips from movies. In future it plans to offer online ticketing, shopping, auctions and fan clubs....

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