PR Newswire Asia, 4/19/11
Chinese online media provider and game operator Shanda Interactive (Nasdaq: SNDA) announced today that its wholly owned online literature subsidiary, Cloudary Corporation (formerly known as Shanda Literature Corporation), has submitted a draft registration statement on a confidential basis to the U.S. Securities and Exchange Commission (SEC) for a possible initial public offering.
The proposed IPO, if completed, is intended to further Shanda's development as an interactive entertainment media company and to provide Cloudary with greater flexibility to pursue strategic opportunities that can improve its position in the online literature industry. Shanda expects to remain Cloudary's majority shareholder upon completion of the proposed IPO.
The proposed listing is expected to commence as capital market conditions permit and is subject to Cloudary's filing with the SEC a registration statement on Form F-1 in compliance with the U.S. Securities Act of 1933, as amended (the Securities Act), and the SEC declaring such registration statement effective. The number of shares proposed to be offered and sold and the USD amount proposed to be raised in the IPO have not yet been determined.