Shanda Sells Nut Shell to Mobile Internet Company
China Business News, 11/26/12
Chinese online media and game operator Shanda Interactive's e-book and handset subsidiary, Nut Shell Electronics, has announced that the company has been sold to newly formed mobile internet company Zhangmen Technology. Zhangmen Vice President Gu Xiaobin will take over as acting CEO of Nut Shell, and the company will become a wholly owned subsidiary of Zhangmen.
Nut Shell previously operated Shanda Interactive's Bambook e-reading and Bambook Phone subsidiaries. After the completion of the sale, the Bambook e-reading subsidiary will become a part of Shanda's literature branch under Liu Qiang, VP of cloud reading. Bambook Phone will also become a wholly owned subsidiary of Zhangmen.
Zhangmen was formed on November 18 by brothers Chen Tianqiao and Chen Danian, the CEO and COO of Shanda, respectively. The independent company will be primarily engaged in mobile app development. The company is currently led by Chen Danian.
According to a well informed source, a portion of Shanda Innovation Institute's mobile internet incubation plans will be transferred to Zhangmen.
Editor's Note: For more background on this topic, please see "Rumor: Nut Shell Electronics CEO Resigns" MD 10/23/12 issue.
Keywords: Zhangmen M&A Shanda Chen Danian Chen Tianqiao Gu Xiaobin handset Internet mobile literature wireless e-book mobile Internet Bambook Liu Qiang Nut Shell Electronics HR
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