Stareastnet.com, an entertainment portal formed by Hong Kong celebrities, rode a local market rally on its flotation yesterday to raise $24m (HK$200.6m).
The company was listed for the first time on the Growth Enterprise Market (GEM), a tech-oriented listing. Chief executive officer Philip Wong said the cash raised could support operations until March next year.
Wong said that having access to local artists would keep promotional costs low, and that the company would try to increase entertainment-related revenue.
"Our business sense is good, as we are familiar with the industry," said Alan Tam Wing-lun, pop star and chairman of Stareastnet.com.
Hong Kong film director Wong Jing and TV show host Eric Tsang were some of the celebrities who were on hand for the debut of the portal on the GEM. The firm's retail offer of 17 million shares - 10% of the total float - was 1.7 times over-subscribed.