Shanda to Dispose of Partial Stake in SINA Corp.

Shanda Interactive Entertainment Limited
2006-11-07 10:13 2840

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


The full text of the amendment to Schedule 13D will be available on the

SEC's website at 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

Source: Shanda Interactive Entertainment Limited
Keywords: Entertainment