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Shanda got 19.5% of Sina as top shareholder
(Xinhua)
Updated: 2005-02-20 15:06

Shanda Interactive Entertainment Limited, China's largest online game operator, announced Saturday that the company acquired 19.5 percent of the outstanding ordinary shares of Sina Corporation.

The deal was done together with Shanda's subsidiary Skyline Media Limited through open market purchases as of February 10, 2005, Shanda announced through its website.

The acquisition made Shanda (NASDAQ: SNDA) the largest shareholder of Sina (NASDAQ: SINA), one of China's key portal websites.

Shanda did not reveal the amount of money involved. Shanda officials said it did not "have any further public comment on this matter at this time."

In accordance with U.S. securities laws, Shanda has filed the U.S. Securities and Exchange Commission a statement, reporting the transaction and disclosing other matters required to be reported, said Shanda in its press release.

Stock price of Shanda and Sina, both listed companies in US NASDAQ, rose sharply late last night when the news spread over internet.

Shanda has a market value of 2.1 billion US dollars, compared with Sina's 1.3 billion dollars.

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