Snail Game to List in China
17173.com, 8/26/09
Shi Hai, founder and chairman of Suzhou-based online game developer Snail Game, has said that the company will submit an application for a public listing to the China Securities Regulatory Commission (CSRC) by year end, or next year's Lunar New Year Festival (in February) at the very latest. Snail Game, known officially as Suzhou Snail Electronic, hopes to raise more than RMB 1 bln in funding. Shi divulged that he currently owns approximately 70% of the company's shares, while 10% is held by private funds, and the rest of the company's equity is mainly distributed among the company's mid- and senior level management. "If we don't make it onto a growth enterprise board, a small and medium enterprise board is another option," said Shi. "We have already signed contracts with more than 10 clients who are very interested in Snail's '1st Virtual Business.' We hope to sign up to 1,000 clients by year-end." However, Shi was unwilling to provide details on 1st Virtual Business's operating model.
Shi also revealed that since its inception, Snail Game has been supported by funding from his karaoke entertainment business in Suzhou, which he founded prior to establishing Snail Game.
Editor's Note: 1st Virtual Business is an online 3D virtual reality commerce platform developed by Snail. Its English language website can be found here.
Keywords: 1st Virtual Business Snail Game game developer Shi Hai Internet funding online gaming IPO CSRC GEB
Sending
