Shanda aims at US$150 million bond issue

Chinese online gaming giant Shanda Interactive Entertainment Ltd is looking to raise US$150 million from a sale of convertible bonds, designed to fund an ongoing campaign of aggressive acquisitions. The company, whose stock prices have tripled since its NASDAQ IPO in May, said the performance of its shares meant that the time was right to make such move. The company did not disclose details on when and at what prices the bonds could be converted into its stocks. Shanda's biggest stake holder is its founder, chairman and chief executive officer Chen Tianqiao, who was recently ranked by Forbes magazine as the second most influential business leader in China.