[photopress:sina.jpg,full,alignright]China’s No. 2 online game firm will sell about 90 percent of the company Sina.com (3,703,487 ordinary shares) for something just under $100 to Citigroup Global Markets Inc. Shanda will continue to hold 6,118,278 Sina’s shares, about 11.4 percent of the capital.
Total net revenues decreased 24.8 percent from a year ago to RMB405.7 million ($50.7 million). Sina reported its third-quarter profits rose 18 percent on strong advertising growth in the booming Chinese market. Revenue rose 13 percent to $56.1 million. Advertising revenue rose 42 percent compared with the same period last year to $32.7 million.
Source: Shanghai Daily News