Rumor: Giant Buys Stake in 51.com

Tech.QQ.com, 5/13/08

A source close to chairman and CEO Shi Yuzhu of online game operator Giant Interactive (NYSE: GA) has revealed that Giant will become 51.com's largest shareholder, taking a 40% stake in the blog and SNS site, and receiving priority should it desire to increase its share beyond 50%. In addition, the source said, Shi is currently in talks with people from ipart.cn about purchasing shares of or fully acquiring the site. A spokesperson for Giant Interactive declined to comment, saying that the revelations "might simply be market rumors."

Another informed source said that Shi and other major business players would act as strategic investors for 51.com's third round of funding, which is expected to total around USD 40 mln.

Keywords: blogging 51.com funding GA Giant Interactive Internet Shi Yuzhu SNS online gaming Web 2.0

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