Stareastnet, an Internet subsidiary of Hang Seng stock Star East Holdings, plans a listing on the Growth Enterprise Market (GEM) later this month or in early June.
Philip Wong, chief executive officer, says that in current market conditions the size of the IPO has been reduced, but that it will go ahead anyway. 'Any Internet company cannot expect to raise the same amount of funds as it did two or three months ago' said Mr Wong.
Stareastnet.com intends to market part of the IPO to retail investors on its own web-site, and will use rock star Leon Lai to promote the issue on the site. The company is expecting a good response from the retail public.
Olivia Siu, chief strategy and investment officer, describes the company's focus as being the promotion of e-commerce products and services using the Internet and other media. Stareastnet's promotions will feature rock stars and other well-known faces under contract to its clients.
Recent promotions have included Philips shavers, Compaq and IBM computers; and the company is negotiating a contract with Hutchison Telecom to promote its WAP mobile phone services.
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