SHANGHAI, China, Nov. 7 /Xinhua-PRNewswire/ -- Shanda Interactive
Entertainment Limited (Nasdaq: SNDA), or Shanda, a leading interactive
entertainment media company in China, announced today that it has entered
into an agreement with Citigroup Global Markets Inc.(the "Citigroup") for the
sale by Shanda of an aggregate of 3,703,487 ordinary shares of SINA
Corporation (Nasdaq: SINA) representing an aggregate net proceeds of
approximately US$ 99,105,312. The sale of the SINA shares is expected to be
completed on or about November 9, 2006. Following the sale, Shanda will
continue to hold 6,118,278 SINA shares, representing approximately 11.4% of
the issued and outstanding share capital of SINA based on information
furnished by SINA in their public filings.
In accordance with U.S. securities laws, Shanda will promptly file with
the U.S. Securities and Exchange Commission (the "SEC") an amendment to its
statement of beneficial ownership on Schedule 13D reporting the transaction
and disclosing certain other matters required to be reported on the Schedule
13D.
The full text of the amendment to Schedule 13D will be available on the
SEC's website at http://www.sec.gov. Shanda noted that it does not have any
further public comment on this matter at this time. This press release does
not constitute an offer of any securities for sale.
About Shanda Interactive Entertainment Limited
Shanda Interactive Entertainment Limited (Nasdaq: SNDA) is a leading
interactive entertainment media company in China. Shanda offers a portfolio
of diversified entertainment content including some of the most popular
massively multi-player and casual online games in China, along with online
chess and board games, network PC games and a variety of cartoons, literature
works and music. Shanda's interactive entertainment platform attracts a large
and loyal user base, of which more and more is coming from homes. Each user
can interact with thousands of others and enjoy the interactive entertainment
content that Shanda provides. Interaction enriches your life. For more
information about Shanda, please visit http://www.snda.com.
