Sohu IT, 6/09/11
A source close to 51.com said that the Chinese social networking site has already begun to prepare for an overseas IPO later this year.
In April 2010, 51.com chairman and CEO Pang Shengdong said that the site had already broken even. According to reports on the company, monthly revenue from the company's self-developed casual game 51 Xin Xuan Wu ("51 Flashy Dance") (x5.51.com), has reached nearly RMB 10 mln; at the same time, 51.com is also preparing to launch its own game platform.
Sources say that both the number of 51.com users and the company's performance have recently begun to decline, and investors are quickly backing out. Given the current overall environment, an IPO might be the best option for the company at this time, something with which Neil Shen, partner of 51.com investor Sequoia Capital, is in a position to help given his experience raising capital.