China's largest online gaming 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 percent 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 sixth-richest person in 2003, with net worth of US$490 million.
China's online gaming industry was conservatively forecast to be worth about RMB 2 billion (US$242 million) in 2003 and growing more than 100 percent a year.
The country has around 40 million Internet game players and about 70 million Web surfers, second only to the US.