Shanda prepares NASDAQ listing

Shanda Interactive Entertainment released its preliminary prospectus to list on New York's NASDAQ Stock Market. Shanda, China's largest online game operator, hopes to raise US$200 million. The company plans to invest US$65 million from the listing in new title development or acquisition and intends to spend US$25 million and US$60 million on its operational platform and acquiring or investing in other companies, respectively. Shanda's earnings in 2003 increased 95.9% over the previous year, reaching RMB 272.9 million (US$32.9 million). Goldman Sachs will be the main underwriter for the offering.