Stock Watch: Asiacontent.com Sinks on First Trading Day

Asiacontent.com (Nasdaq: IASIA) fell 3 to 11 in its first day of trading, caught in another day of tech-stock carnage. The company, which operates online businesses in Asia, raised $70 million in an initial public offering led by Goldman, Sachs & Company.

Asiacontent.com is involved in content, advertising and e-commerce, and has partnerships with CNET.com, MTV Networks and SportsLine.com, among others.

The company, established last May, has launched 15 Web sites in Japan, South Korea, China, Taiwan, Hong Kong, Singapore, Malaysia and India. Investors include AsiaTech Ventures, CNET Networks, GE Capital Equity Investments Ltd. and units of Hambrecht & Quist. The company is headquartered in Hong Kong.

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