Beijing Times, 7/12/11
Ge Binbin, founder of Chinese online game developer and operator Goldcool, a subsidiary of Shanda Games (Nasdaq: GAME), revealed today that his new C2C e-commerce site, Pinju.com, would launch in October. Ge said that Shanda Games parent company Shanda Interactive (Nasdaq: SNDA) has committed to joining with two other major investors to move into e-commerce by investing RMB 200 mln in Pinju. Shanda's investment is currently about 40% of the total, Ge said, declining to reveal the proportions of the other two companies' investments.
Technical preparations for Pinju are complete and currently undergoing internal testing, Ge said, adding that the new company was currently in the process of hiring e-commerce talent and would begin trying to attract businesses to the platform in September before the scheduled October launch. Pinju will use Shanda's online payment system Shengfutong, and may consider using Alipay or other payment platforms as well.
Editor's Note: For more information on this topic, please see "Goldcool CEO's E-Commerce Start-Up to Launch within 1 Year," MD 3/22/11 issue.