Giant Interactive to list on NYSE

Giant Interactive Group, led by famous businessman Shi Yuzhu, will become the first Chinese IT company listed on the New York Stock Exchange, Xinhua reported (in Chinese). The company plans to issue 54.39 million shares, accounting for 20% of its total capital, according to a statement it released, although it did not disclose the IPO's expected price. Giant's total operating revenue in the first half of 2007 was over US$90 million, with net profit ratio at 74.5%, according to the statement. The reported figures would make Giant China's most profitable online game company, surpassing Shanda and NetEase.