May 25, 2009
Shanda Announces Plan for Confidential Submission of Draft Registration Statement
Shanghai, China – May 25, 2009 - Shanda Interactive Entertainment Limited (NasdaqGS: SNDA) ("Shanda" or the "Company"), a leading interactive entertainment media company in China, announced today that it plans to submit a draft registration statement on a confidential basis to the U.S. Securities and Exchange Commission (the “SEC”) for a possible initial public offering (the “Proposed IPO”) of Shanda Games Limited (“Shanda Games”), a Cayman Islands company which is currently wholly owned by the Company and operates the Company’s online games business.
The purposes of the Proposed IPO, if commenced and completed, are intended, among others, to further Shanda’s development as an interactive entertainment media company and to provide Shanda Games with a sharper focus and greater flexibility to pursue strategic opportunities in enhancing its leadership position in the online games sector. Shanda expects to remain Shanda Games’ majority shareholder after the completion of the Proposed IPO.
The Proposed IPO is expected to commence as capital markets conditions permit and is subject to Shanda Games’ 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 dollar amount proposed to be raised in the Proposed IPO have not yet been determined.
This announcement is being made pursuant to and in accordance with Rule 135 under the Securities Act. As required by Rule 135, this announcement is not intended to, and does not, constitute an offer of any securities for sale.
"It was the best of times, it was the worst of times; it was the age of wisdom, it was the age of foolishness;
-- Charles Dickens
