China’s largest online games firm, Shanda Networking, announced plans to seek a Nasdaq listing worth at least US$300 million in 2004. The Shanghai-based firm, which had an estimated value of more than US$1 billion, would sell between 20 and 25% of its share capital with the sale being arranged by investment bank Goldman Sachs.
Shanda has 170 million registered users and was founded in 1999 by Timothy Chan, 31, ranked by Forbes magazine as China’s sixthrichest person in 2003, with net worth of US$490 million. China’s online games industry was conservatively forecast to be worth about RMB 2 billion (US$242 million) in 2003 and is growing at more than 100% a year.
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