SHANGHAI, China, Feb. 8 /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 to Citigroup, as market maker utilizing Rule 144 of the Securities Act of 1933, as amended, by Shanda of an aggregate of 4,000,000 ordinary shares of SINA Corporation (Nasdaq: SINA) representing an aggregate net proceeds of approximately US$ 129,600,000. The sale of the SINA shares is expected to be completed on or about February 13, 2007. Following the sale, Shanda will continue to hold 2,118,278 SINA shares, representing approximately 3.9% of the issued and outstanding share capital of SINA Corporation, calculated based on information furnished by SINA Corporation in its public filings with the United States Securities and Exchange Commission (the "SEC").
In accordance with the United States securities laws and regulations, Shanda will promptly file with 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 .
Contact
Frank Liang
Director of Corporate Financing & Investor Relations
Shanda Interactive Entertainment Limited
Phone: +86-21-5050-4740 (Shanghai)
Email: IR@shanda.com.cn
Crocker Coulson (investors): crocker.coulson@ccgir.com
Elaine Burns (media): elaine.burns@ccgir.com
CCG Elite
Phone: +1-310-231-8600 (USA)
