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Shanda

December 18, 2023

Shanda Group is a privately-owned multinational investment firm. With offices in Shanghai, Singapore, Hong Kong, New York and Redwood City, the firm invests in public markets, real estate and venture capital, focusing on companies in the fields of healthcare, financial services, media, and technology.[1][2] The company was established in December 1999 as Shanda Interactive Entertainment Limited, an online gaming company[3][4] known for publishing and operating games such as The World of Legend[5] and Magical Land.[citation needed] By 2004 Shanda was the largest online game company in China,[6] and its listing on the NASDAQ that year under ticker SNDA[7] was the largest IPO for a Chinese internet company in the United States.[8] Shanda Interactive later diversified and its gaming unit spun off in 2009,[9] raising $1.04 billion in an IPO (GAME).[8][10] Shanda Group was taken private in 2012 by its founders,[11] and by 2017 it had $8 billion in net assets under management.[3]

Shanda Group
FormerlyShanda Interactive Entertainment Limited (Chinese: 盛大互动娱乐有限公司; pinyin: Shèngdà Hùdòng Yúlè Yǒuxiàn Gōngsī)
TypePrivate
GenreInvestment firm
Founded1999 in Shanghai, China
Founders
Headquarters
Menlo Park
,
California, United States
Number of locations
Areas served
Multinational
Key people
  • Chen Tianqiao
  • (CEO and chair)
  • Chrissy Luo
  • (vice chair)
Number of employees
50 (2018)
Websiteshanda.com

History edit

1999-2003: Start in online gaming edit

See also: Shanda Games

Shanda Interactive Entertainment Limited was founded in December 1999 by Chen Tianqiao, Chrissy Luo, and Chen Danian.[12][13] With headquarters in Shanghai,[14] and USD $60,000 in startup capital,[15] the company also raised $3 million to focus on online cartoons,[16] gaming and virtual communities.[6] Settling on online gaming,[12] in 2001 the company used the final $300,000 of its startup funds to buy the Chinese rights to Legend of Mir II,[6][16] licensing the game from the South Korean company WeMade Soft.[5] Published in China that September,[12] the game began to turn a profit after two months.[6]

Expanding out of Shanghai city by city, Shanda Interactive shared its revenue with regional telecommunications companies.[15] Because home internet access in China was limited at the time, Shanda Interactive began constructing a network of around 200,000 internet cafes.[8] The company also began selling pre-paid cards to purchase game time,[8][6][15] eventually establishing around 400,000 retail outlets.[8] Shanda continued to license international online games after Mir II,[15] and at the end of 2002 the company had $42 million in revenue and $17 million in net profits, with an average of 280,000 people playing its games simultaneously.[6] Shanda ceased partnering with WeMade in 2003 after a dispute over sharing profits on Legend of Mir 2, developing its own game The World of Legend in-house. WeMade considered the game to be a copy of Mir 2 and sued, reaching a settlement in 2009.[5]

2004-2005: IPO and acquisitions edit

Legend of Mir 2 and World of Legend accounted for 87.5 percent of Shanda Interactive's revenue in the first quarter of 2004. To reduce dependence on those two games, Shanda released the self-developed game The Sign in February 2004, and by April was also working on the in-house titles Age and Magical Land.[17] Shanda Interactive listed on the NASDAQ in May 2004, raising $152 million with the initial public offering (IPO)[10] under the ticker SNDA[7] and becoming the first Chinese online games company listed in the United States. At the time it was the largest IPO of a Chinese internet company in the United States, and shortly afterwards Shanda became the largest internet company by market capitalization in China.[8] In October 2004 Shanda issued US$275 million convertible notes to be redeemable in October 2007.[18] That month Shanda was operating eight games and hosting 1.2 million simultaneous players.[6] As of May 2005, 300,000 locations, among them 130,000 internet cafes, sold prepaid cards for Shanda's games and game usage was "up 70% from a year earlier."[15]

Shanda purchased about 20% of Sina.com for $230 million in 2005,[19] becoming Sina's largest shareholder. Operating as an online advertising firm, Sina.com was the most popular internet portal in China at the time.[14][19] Also that year Shanda purchased the mobile game provider Digital-Red and the literature website Qidian. In 2005, Shanda also began working with search engine Baidu[16] and partnered with Universal Music Group to support music streaming on PCs in China.[15] Shanda revealed two hardware products in October 2005. The EZ mini was a handheld wireless gaming device, while the EZ Center/EZ Pod software for was remote PC control. Shanda employed 2,000 game developers at its headquarters at the end of 2005, and had recently purchased motion-capture equipment to speed the animation process. With six game titles at the time, four of those had been developed in-house. On average, Shanda's revenues doubled each year between 2001 and 2005, and at the end of 2005 it had a market capitalization of $1.8 billion and was China's biggest gaming company.[16] Founder Chen Tianqiao was estimated to have a net worth of $1.45 billion,[20] with the press dubbing him the "Chinese Bill Gates."[6]

2005-2007: Free-to-play model edit

In the summer of 2005, Shanda Interactive's revenue dropped significantly as its old hit Legend of Mir II began to lose subscribers.[21][22] With the intent of extending the life of its older MMORPGs,[23] in December 2005, Shanda announced that its three major games[22] Magical Land, Woool,[citation needed] and Legend of Mir II would be forever be free to play.[21][22] Allowing gamers to pay for in-game items instead of subscriptions,[23][21] the "freemium" model was then uncommon in China.[citation needed] The change proved controversial in Wall Street[21] and Shanda's share price initially dropped 70%.[8] Shanda defended the change, arguing that free games accounted for most of the top titles in South Korea, a trend which could be replicated in China.[22] It was later revealed that once Shanda's games adopted this model, average customer spending increased from 30 Chinese yuan to 55 Chinese yuan per quarter.[24] Revenue rebounded after about nine months, and in 2006, Shanda Interactive's internet games sales increased 44 percent from the year prior.[citation needed] Shanda Interactive announced in February 2007 that the free-to-play model was proving lucrative, and shares increased 10 percent in value that day.[23] Following Shanda's example, other Chinese online game operators began declaring many of their titles free to play.[24] By 2007, most new games in China were using the freemium model.[citation needed]

In July 2006, Motorola announced it would launch wireless versions of Shanda's games in China, with World of Legend and Magical Land to be playable on certain Motorola E680g handsets.[25] By November 2006, Shanda was expanding from online games into an "entertainment empire on the Internet, mobile phones and TVs," according to China Daily.[18] Shanda sold 4 million shares of Sina Corp for $129 million in February 2007.[26] In June 2007, Shanda Interactive signed licensing and distribution agreements to expand World of Legend, Magical Land and Crazy Kart into Vietnam, Hong Kong and Macao.[27] In November 2007, Shanda Interactive purchased a 30 percent stake in NCsoft China, giving Shanda the rights to distribute the popular game Aion in China.[28]

2008-2009: Shanda Literature edit

Shanda Games Limited had become a business unit of Shanda Interactive by early 2008,[13] and Shanda Interactive continued to diversify.[29] In 2008, Shanda Interactive established Shanda Literature Limited as a business unit[30] with former Sina executive editor Xiaoqiang Hou as CEO.[29] Shanda Literature began offering literature and other publications through websites, offline publication and phones.[31] The unit purchased Qidian, Hongxiu, and jjwxc.com,[29] three of China's biggest literary portals,[31] as well as publishing companies such as tingbook.com, Huawentianxia, and Zhongzhibowen.[30] Qidian was the largest Chinese online literature platform in 2008, with 20 million registered accounts.[29] In 2009, Shanda Literature spurred controversy for promoting the popular writers Guo Jingming[32] and vivibear, both accused of plagiarism.[33][34] In 2010, Shanda Literature sued the search engine Baidu.com for providing links to pirated versions of Shanda Literature's copyrighted material.[35][36] Agreeing that Baidu did not remove the links immediately upon notice, a Shanghai court ruled in Shanda's favor in May 2011.[36]

2009-2013: Spinoffs and privatization edit

In 2008, Shanda Interactive paid $80 million to acquire Mochi Media, an online game distributor in the United States.[37] Shanda was the "largest online entertainment provider in China" by early 2009.[31] That April the company reported that its MMORPG Aion had acquired 1 million paying users within four days of its release.[28] In 2009, the company spun off Shanda Games in the largest IPO with the ticker GAME[7] in the United States that year,[9] raising $1.04 billion.[10][8] At the time, Shanda Games provided 77 percent of Shanda Interactive's revenue, although the company also continued to be active in online literature, video, and other forms of entertainment.[37] Shanda Literature controlled 90 percent of the online reading market in China by early 2010.[38] That year Shanda Interactive recorded operating revenues of $232.3 million, 2% higher than the prior year.[39]

By the fall of 2011, Shanda Interactive offered MMORPGs, casual games, film, music, and literature on an "integrated service platform." With most of its audiences in China, the company had subsidiaries and affiliates such as Ku6 Media.[40] Shanda Literature was renamed Cloudary in 2011,[30] and that October the unit filed to go public in the United States with an IPO of about $200 million.[9] By March 2012, Cloudary was the largest online publishing platform in China, with 1.6 million authors and 6 million titles. Three years later, Cloudary was merged with Tencent Holdings.[30]

Shareholders of Shanda Interactive Entertainment voted "overwhelmingly" in February 2012 to accept a buyout from the company's three founders.[37] Paying $740 million for about 25 percent of the shares,[37][41] Chrissy Luo, Tianqiao Chen, and Danian Chen took Shanda Interactive private in a deal that valued the company at $2.3 billion.[11][42] According to the New York Times, it was "one of the biggest such deals involving a Chinese company."[37]

2014-onwards: Shanda Group investment firm edit

By the time Tianqiao Chen sold his stake in Shanda Games in 2014, Shanda Group had become an investment firm focused on the internet and finance.[43] After expanding Shanda with a series of rapid acquisitions,[37] by 2015 Shanda had invested in 140 companies.[44] In 2016, Shanda Group acquired stakes in LendingClub, Legg Mason, and Sotheby's. After acquiring a 9.9 percent stake in Baltimore's Legg Mason that April,[3] Shanda Group increased its stake in Lending Club to 15.1 percent in June,[45] making it the company's single biggest investor. Shanda Group sold its 2 percent stake in Sotheby's in August 2016. By December 2016 it had also purchased a 13.8 percent stake in Community Health Systems.[3] That month Shanda Group increased its stake in Legg Mason to 15%, remaining the largest shareholder. Shanda Group also gained two board seats in Legg Mason in 2017[46] and advised customizing Legg Mason's investment products for clients in China. At the start of 2017, Shanda Group had $8 billion in net assets under management.[3]

By 2018, Shanda Group invested in public markets, real estate and venture capital, focusing on companies in the fields of healthcare, financial services, media, and technology. Shanda remained the largest shareholder in Lending Club and Community Health Systems, maintaining a minority stake in Legg Mason. By 2018, the venture capital arm of Shanda Group had invested in around 120 companies in China focused on internet and mobile software, and also had investments in around 30 "advanced technology companies" in Iceland, Indonesia, Russia, the United Kingdom, Israel, and the United States. Today it has also invested in over 55 early-stage,[47] deep technology investment funds. With real estate in China and the United States, it is one of the larger owners of timberland in North America,[1] In 2018, the company opened Shanda World, a large development in Shanghai with office and retail space[48] with around 700,000 meters.[49] Also in 2018, Shanda Group began focusing on neuroscience and brain-related companies, and had already invested in around "100 advanced technology ventures integrating virtual reality technology and neuroscience."[10]

Locations edit

As of 2018, Shanda Group has offices in Shanghai, Hong Kong, Singapore, New York and Menlo Park.[1]

See also edit

References edit

  1. ^ a b c . Shanda.com. Archived from the original on 2018-12-06. Retrieved 2018-12-05."Contacts". Shanda.com. Retrieved December 5, 2018.
  2. ^ "Shanda Group Pte Ltd". Bloomberg. Retrieved November 20, 2018.
  3. ^ a b c d e Vasagar, Jeevan (December 26, 2016). "Chinese billionaire with ambitions to reshape investment models". Financial Times. Retrieved December 5, 2018.
  4. ^ . Earthtimes.org. Archived from the original on 2016-03-03. Retrieved 2014-08-06.
  5. ^ a b c Lv, Jiayu (2009-04-26). "(Simplified Chinese) Shanda MIR Copyright Infringement Legal Case Finally Settled in Second Half of 2009". games.qq.com. Tencent. Retrieved 2010-01-03.
  6. ^ a b c d e f g h Roth, Daniel (October 4, 2004). "In Search of China's Bill Gates". CNN. Retrieved November 29, 2018.
  7. ^ a b c Savitz, Eric. "Oy, What A Shanda: Chinese Gaming IPO Flops". www.barrons.com. Retrieved 2020-04-20.
  8. ^ a b c d e f g h "Shanda Entertainment History". Shanda.com. Retrieved November 29, 2018.
  9. ^ a b c Sayantani, Ghosh (October 17, 2011). "Shanda Interactive CEO offers to take company private". Reuters. Retrieved November 20, 2018.
  10. ^ a b c d Rege, Alyssa (August 17, 2017). "Why Chinese billionaire Tianqiao Chen transitioned from investing in video games to CHS, neuroscience". Beckers Hospital Review. Retrieved December 6, 2018.
  11. ^ a b Chatterjee, Soham (November 22, 2011). "Shanda Interactive CEO to take company private". Reuters. Retrieved December 5, 2018.
  12. ^ a b c "Top 10 biggest IPOs by game manufacturers". China Daily. June 17, 2014. Retrieved November 20, 2018.
  13. ^ a b "Danian Chen". Bloomberg. Retrieved November 29, 2018.
  14. ^ a b "Shanda buys large stake in Sina portal". China Daily. February 21, 2005. Retrieved December 5, 2018.
  15. ^ a b c d e f Flannery, Russell (May 23, 2005). "House of Flying Fingers". Forbes. Retrieved December 5, 2018.
  16. ^ a b c d Fair, Stephan (November 28, 2005). "Shanda, China's hottest online-game company, is betting that it can become an entertainment giant". Fortune. Retrieved December 5, 2018.
  17. ^ Logan, Michael (April 6, 2004). "Shanda aims to raise US$200m through Nasdaq listing". South China Morning Post. Retrieved December 6, 2018.
  18. ^ a b Dao, Wen (November 8, 2006). "Shanda to sell 40% of Sina stake". China Daily. Retrieved December 6, 2018.
  19. ^ a b "China's Shanda buys stake in Sina". BBC. February 21, 2005. Retrieved December 5, 2018.
  20. ^ . Archived from the original on 2018-12-23. Retrieved 2018-12-22.
  21. ^ a b c d "Shanda chief vows to steer clear of Wall Street wisdom". The Financial Times. December 15, 2005. Retrieved December 5, 2018.
  22. ^ a b c d Dickie, Mure (February 28, 2006). "Shanda profit hit by free-to-play model". Financial Times. Retrieved December 5, 2018.
  23. ^ a b c Dickie, Mure (February 13, 2007). "Shanda shake-up delivers boost to sales". Financial Times. Retrieved December 5, 2018.
  24. ^ a b Tang, Jun (2007-02-13). . it.sohu.com. SOHU.com. Archived from the original on 2011-02-09. Retrieved 2010-01-03.
  25. ^ "Motorola to carry Shanda wireless games".
  26. ^ "Shanda to sell 4 mln Sina Corp shares for 129.6 mln". Reuters. February 9, 2007. Retrieved December 5, 2018.
  27. ^ "Shanda Interactive licenses Woool, Magical Land and Crazy Kart to Overseas Markets". Reuters. June 8, 2007. Retrieved December 5, 2018.
  28. ^ a b Cifaldi, Frank (April 22, 2009). "Shanda reports 1 million paying Aion users in China". Games Industry. Retrieved December 6, 2018.
  29. ^ a b c d Takahashi, Dean (July 3, 2008). "Shanda Interactive moves into reader-generated books". VentureBeat. Retrieved December 5, 2018.
  30. ^ a b c d Xiang, Tracey (January 27, 2015). "Tencent-Cloudary Merger Reshapes Chinese Online Publishing". Technode. Retrieved December 5, 2018.
  31. ^ a b c Farrar, Lara (February 15, 2009). "For many Chinese, literary dreams go online". CNN. Retrieved December 6, 2018.
  32. ^ . Beijing Qianlong News Media Limited. 2009-12-31. Archived from the original on 2011-07-20. Retrieved 2010-01-03.
  33. ^ Zhang, Leijie (2009-12-28). . press.idoican.com.cn. Archived from the original on 2011-07-07. Retrieved 2010-01-03.
  34. ^ "(Simplified Chinese) Letters to Shanda Protesting Its Support of Vivibear". 2009-11-21. Retrieved 2010-01-03.
  35. ^ "Shanda Literature Will Sue Baidu.com In January 2010". China Tech News.com. 2009-12-23. Retrieved 2010-01-03.
  36. ^ a b "Baidu beaten in landmark copyright case". China.org. May 12, 2011. Retrieved December 5, 2018.
  37. ^ a b c d e f Barboza, David (February 15, 2012). "Shanda Interactive's Shareholders Back Buyout Plan". The New York Times. Retrieved December 5, 2018.
  38. ^ Boog, Jason (February 23, 2010). "Shanda Literature Acquires Controlling Stake in Rival Company". AdWeek. Retrieved December 6, 2018.
  39. ^ "Shanda Interactive Net Fell 58% in Last Q4". tmcnet.com. Retrieved 2 March 2011.
  40. ^ Yang, Joyce (October 17, 2011). "Shanda CEO Proposes to Acquire all Public Shares". TechCrunch. Retrieved December 6, 2018.
  41. ^ "Shanda Interactive Entertainment Announces Completion of Merger". 2012.
  42. ^ "Shanda Group". Retrieved November 20, 2018.
  43. ^ "Entertainment Titan's New Career -- Beijing Review".
  44. ^ "China's five richest investors".
  45. ^ McLannahan, Ben (June 20, 2016). "China's Shanda ups stake in Lending Club to 15%". Financial Times. Retrieved December 5, 2018.
  46. ^ Jamerson, Joshua (December 19, 2016). "Legg Mason Deepens Ties With Largest Shareholder Shanda Group". The Wall Street Journal. Retrieved December 6, 2018.
  47. ^ Shanda (June 22, 2022). "Shanda Fund Portfolio". Shanda.
  48. ^ "CHVC".
  49. ^ "The Mysterious Case of the Missing Internet Billionaire". Bloomberg.com. 15 August 2017.

External links edit

  • Felda Hardymon, Ann Lemon, Harvard Business School case no. 9-805-091 (May 2004)

December 18, 2023
shanda, group, privately, owned, multinational, investment, firm, with, offices, shanghai, singapore, hong, kong, york, redwood, city, firm, invests, public, markets, real, estate, venture, capital, focusing, companies, fields, healthcare, financial, services,. Shanda Group is a privately owned multinational investment firm With offices in Shanghai Singapore Hong Kong New York and Redwood City the firm invests in public markets real estate and venture capital focusing on companies in the fields of healthcare financial services media and technology 1 2 The company was established in December 1999 as Shanda Interactive Entertainment Limited an online gaming company 3 4 known for publishing and operating games such as The World of Legend 5 and Magical Land citation needed By 2004 Shanda was the largest online game company in China 6 and its listing on the NASDAQ that year under ticker SNDA 7 was the largest IPO for a Chinese internet company in the United States 8 Shanda Interactive later diversified and its gaming unit spun off in 2009 9 raising 1 04 billion in an IPO GAME 8 10 Shanda Group was taken private in 2012 by its founders 11 and by 2017 it had 8 billion in net assets under management 3 Shanda GroupFormerlyShanda Interactive Entertainment Limited Chinese 盛大互动娱乐有限公司 pinyin Shengda Hudong Yule Yǒuxian Gōngsi TypePrivateGenreInvestment firmFounded1999 in Shanghai ChinaFoundersChen TianqiaoChrissy LuoChen DanianHeadquartersMenlo Park California United StatesNumber of locationsShanghaiHong KongSingaporeNew YorkMenlo ParkAreas servedMultinationalKey peopleChen Tianqiao CEO and chair Chrissy Luo vice chair Number of employees50 2018 Websiteshanda com Contents 1 History 1 1 1999 2003 Start in online gaming 1 2 2004 2005 IPO and acquisitions 1 3 2005 2007 Free to play model 1 4 2008 2009 Shanda Literature 1 5 2009 2013 Spinoffs and privatization 1 6 2014 onwards Shanda Group investment firm 2 Locations 3 See also 4 References 5 External linksHistory edit1999 2003 Start in online gaming edit See also Shanda Games Shanda Interactive Entertainment Limited was founded in December 1999 by Chen Tianqiao Chrissy Luo and Chen Danian 12 13 With headquarters in Shanghai 14 and USD 60 000 in startup capital 15 the company also raised 3 million to focus on online cartoons 16 gaming and virtual communities 6 Settling on online gaming 12 in 2001 the company used the final 300 000 of its startup funds to buy the Chinese rights to Legend of Mir II 6 16 licensing the game from the South Korean company WeMade Soft 5 Published in China that September 12 the game began to turn a profit after two months 6 Expanding out of Shanghai city by city Shanda Interactive shared its revenue with regional telecommunications companies 15 Because home internet access in China was limited at the time Shanda Interactive began constructing a network of around 200 000 internet cafes 8 The company also began selling pre paid cards to purchase game time 8 6 15 eventually establishing around 400 000 retail outlets 8 Shanda continued to license international online games after Mir II 15 and at the end of 2002 the company had 42 million in revenue and 17 million in net profits with an average of 280 000 people playing its games simultaneously 6 Shanda ceased partnering with WeMade in 2003 after a dispute over sharing profits on Legend of Mir 2 developing its own game The World of Legend in house WeMade considered the game to be a copy of Mir 2 and sued reaching a settlement in 2009 5 2004 2005 IPO and acquisitions edit Legend of Mir 2 and World of Legend accounted for 87 5 percent of Shanda Interactive s revenue in the first quarter of 2004 To reduce dependence on those two games Shanda released the self developed game The Sign in February 2004 and by April was also working on the in house titles Age and Magical Land 17 Shanda Interactive listed on the NASDAQ in May 2004 raising 152 million with the initial public offering IPO 10 under the ticker SNDA 7 and becoming the first Chinese online games company listed in the United States At the time it was the largest IPO of a Chinese internet company in the United States and shortly afterwards Shanda became the largest internet company by market capitalization in China 8 In October 2004 Shanda issued US 275 million convertible notes to be redeemable in October 2007 18 That month Shanda was operating eight games and hosting 1 2 million simultaneous players 6 As of May 2005 300 000 locations among them 130 000 internet cafes sold prepaid cards for Shanda s games and game usage was up 70 from a year earlier 15 Shanda purchased about 20 of Sina com for 230 million in 2005 19 becoming Sina s largest shareholder Operating as an online advertising firm Sina com was the most popular internet portal in China at the time 14 19 Also that year Shanda purchased the mobile game provider Digital Red and the literature website Qidian In 2005 Shanda also began working with search engine Baidu 16 and partnered with Universal Music Group to support music streaming on PCs in China 15 Shanda revealed two hardware products in October 2005 The EZ mini was a handheld wireless gaming device while the EZ Center EZ Pod software for was remote PC control Shanda employed 2 000 game developers at its headquarters at the end of 2005 and had recently purchased motion capture equipment to speed the animation process With six game titles at the time four of those had been developed in house On average Shanda s revenues doubled each year between 2001 and 2005 and at the end of 2005 it had a market capitalization of 1 8 billion and was China s biggest gaming company 16 Founder Chen Tianqiao was estimated to have a net worth of 1 45 billion 20 with the press dubbing him the Chinese Bill Gates 6 2005 2007 Free to play model edit In the summer of 2005 Shanda Interactive s revenue dropped significantly as its old hit Legend of Mir II began to lose subscribers 21 22 With the intent of extending the life of its older MMORPGs 23 in December 2005 Shanda announced that its three major games 22 Magical Land Woool citation needed and Legend of Mir II would be forever be free to play 21 22 Allowing gamers to pay for in game items instead of subscriptions 23 21 the freemium model was then uncommon in China citation needed The change proved controversial in Wall Street 21 and Shanda s share price initially dropped 70 8 Shanda defended the change arguing that free games accounted for most of the top titles in South Korea a trend which could be replicated in China 22 It was later revealed that once Shanda s games adopted this model average customer spending increased from 30 Chinese yuan to 55 Chinese yuan per quarter 24 Revenue rebounded after about nine months and in 2006 Shanda Interactive s internet games sales increased 44 percent from the year prior citation needed Shanda Interactive announced in February 2007 that the free to play model was proving lucrative and shares increased 10 percent in value that day 23 Following Shanda s example other Chinese online game operators began declaring many of their titles free to play 24 By 2007 most new games in China were using the freemium model citation needed In July 2006 Motorola announced it would launch wireless versions of Shanda s games in China with World of Legend and Magical Land to be playable on certain Motorola E680g handsets 25 By November 2006 Shanda was expanding from online games into an entertainment empire on the Internet mobile phones and TVs according to China Daily 18 Shanda sold 4 million shares of Sina Corp for 129 million in February 2007 26 In June 2007 Shanda Interactive signed licensing and distribution agreements to expand World of Legend Magical Land and Crazy Kart into Vietnam Hong Kong and Macao 27 In November 2007 Shanda Interactive purchased a 30 percent stake in NCsoft China giving Shanda the rights to distribute the popular game Aion in China 28 2008 2009 Shanda Literature edit Shanda Games Limited had become a business unit of Shanda Interactive by early 2008 13 and Shanda Interactive continued to diversify 29 In 2008 Shanda Interactive established Shanda Literature Limited as a business unit 30 with former Sina executive editor Xiaoqiang Hou as CEO 29 Shanda Literature began offering literature and other publications through websites offline publication and phones 31 The unit purchased Qidian Hongxiu and jjwxc com 29 three of China s biggest literary portals 31 as well as publishing companies such as tingbook com Huawentianxia and Zhongzhibowen 30 Qidian was the largest Chinese online literature platform in 2008 with 20 million registered accounts 29 In 2009 Shanda Literature spurred controversy for promoting the popular writers Guo Jingming 32 and vivibear both accused of plagiarism 33 34 In 2010 Shanda Literature sued the search engine Baidu com for providing links to pirated versions of Shanda Literature s copyrighted material 35 36 Agreeing that Baidu did not remove the links immediately upon notice a Shanghai court ruled in Shanda s favor in May 2011 36 2009 2013 Spinoffs and privatization edit In 2008 Shanda Interactive paid 80 million to acquire Mochi Media an online game distributor in the United States 37 Shanda was the largest online entertainment provider in China by early 2009 31 That April the company reported that its MMORPG Aion had acquired 1 million paying users within four days of its release 28 In 2009 the company spun off Shanda Games in the largest IPO with the ticker GAME 7 in the United States that year 9 raising 1 04 billion 10 8 At the time Shanda Games provided 77 percent of Shanda Interactive s revenue although the company also continued to be active in online literature video and other forms of entertainment 37 Shanda Literature controlled 90 percent of the online reading market in China by early 2010 38 That year Shanda Interactive recorded operating revenues of 232 3 million 2 higher than the prior year 39 By the fall of 2011 Shanda Interactive offered MMORPGs casual games film music and literature on an integrated service platform With most of its audiences in China the company had subsidiaries and affiliates such as Ku6 Media 40 Shanda Literature was renamed Cloudary in 2011 30 and that October the unit filed to go public in the United States with an IPO of about 200 million 9 By March 2012 Cloudary was the largest online publishing platform in China with 1 6 million authors and 6 million titles Three years later Cloudary was merged with Tencent Holdings 30 Shareholders of Shanda Interactive Entertainment voted overwhelmingly in February 2012 to accept a buyout from the company s three founders 37 Paying 740 million for about 25 percent of the shares 37 41 Chrissy Luo Tianqiao Chen and Danian Chen took Shanda Interactive private in a deal that valued the company at 2 3 billion 11 42 According to the New York Times it was one of the biggest such deals involving a Chinese company 37 2014 onwards Shanda Group investment firm edit By the time Tianqiao Chen sold his stake in Shanda Games in 2014 Shanda Group had become an investment firm focused on the internet and finance 43 After expanding Shanda with a series of rapid acquisitions 37 by 2015 Shanda had invested in 140 companies 44 In 2016 Shanda Group acquired stakes in LendingClub Legg Mason and Sotheby s After acquiring a 9 9 percent stake in Baltimore s Legg Mason that April 3 Shanda Group increased its stake in Lending Club to 15 1 percent in June 45 making it the company s single biggest investor Shanda Group sold its 2 percent stake in Sotheby s in August 2016 By December 2016 it had also purchased a 13 8 percent stake in Community Health Systems 3 That month Shanda Group increased its stake in Legg Mason to 15 remaining the largest shareholder Shanda Group also gained two board seats in Legg Mason in 2017 46 and advised customizing Legg Mason s investment products for clients in China At the start of 2017 Shanda Group had 8 billion in net assets under management 3 By 2018 Shanda Group invested in public markets real estate and venture capital focusing on companies in the fields of healthcare financial services media and technology Shanda remained the largest shareholder in Lending Club and Community Health Systems maintaining a minority stake in Legg Mason By 2018 the venture capital arm of Shanda Group had invested in around 120 companies in China focused on internet and mobile software and also had investments in around 30 advanced technology companies in Iceland Indonesia Russia the United Kingdom Israel and the United States Today it has also invested in over 55 early stage 47 deep technology investment funds With real estate in China and the United States it is one of the larger owners of timberland in North America 1 In 2018 the company opened Shanda World a large development in Shanghai with office and retail space 48 with around 700 000 meters 49 Also in 2018 Shanda Group began focusing on neuroscience and brain related companies and had already invested in around 100 advanced technology ventures integrating virtual reality technology and neuroscience 10 Locations editAs of 2018 Shanda Group has offices in Shanghai Hong Kong Singapore New York and Menlo Park 1 See also editList of asset management firms List of venture capital firmsReferences edit a b c About Shanda com Archived from the original on 2018 12 06 Retrieved 2018 12 05 Contacts Shanda com Retrieved December 5 2018 Shanda Group Pte Ltd Bloomberg Retrieved November 20 2018 a b c d e Vasagar Jeevan December 26 2016 Chinese billionaire with ambitions to reshape investment models Financial Times Retrieved December 5 2018 Book publishers fear advance of digital glacier Feature Earthtimes org Archived from the original on 2016 03 03 Retrieved 2014 08 06 a b c Lv Jiayu 2009 04 26 Simplified Chinese Shanda MIR Copyright Infringement Legal Case Finally Settled in Second Half of 2009 games qq com Tencent Retrieved 2010 01 03 a b c d e f g h Roth Daniel October 4 2004 In Search of China s Bill Gates CNN Retrieved November 29 2018 a b c Savitz Eric Oy What A Shanda Chinese Gaming IPO Flops www barrons com Retrieved 2020 04 20 a b c d e f g h Shanda Entertainment History Shanda com Retrieved November 29 2018 a b c Sayantani Ghosh October 17 2011 Shanda Interactive CEO offers to take company private Reuters Retrieved November 20 2018 a b c d Rege Alyssa August 17 2017 Why Chinese billionaire Tianqiao Chen transitioned from investing in video games to CHS neuroscience Beckers Hospital Review Retrieved December 6 2018 a b Chatterjee Soham November 22 2011 Shanda Interactive CEO to take company private Reuters Retrieved December 5 2018 a b c Top 10 biggest IPOs by game manufacturers China Daily June 17 2014 Retrieved November 20 2018 a b Danian Chen Bloomberg Retrieved November 29 2018 a b Shanda buys large stake in Sina portal China Daily February 21 2005 Retrieved December 5 2018 a b c d e f Flannery Russell May 23 2005 House of Flying Fingers Forbes Retrieved December 5 2018 a b c d Fair Stephan November 28 2005 Shanda China s hottest online game company is betting that it can become an entertainment giant Fortune Retrieved December 5 2018 Logan Michael April 6 2004 Shanda aims to raise US 200m through Nasdaq listing South China Morning Post Retrieved December 6 2018 a b Dao Wen November 8 2006 Shanda to sell 40 of Sina stake China Daily Retrieved December 6 2018 a b China s Shanda buys stake in Sina BBC February 21 2005 Retrieved December 5 2018 China s richest get gloriously richer Archived from the original on 2018 12 23 Retrieved 2018 12 22 a b c d Shanda chief vows to steer clear of Wall Street wisdom The Financial Times December 15 2005 Retrieved December 5 2018 a b c d Dickie Mure February 28 2006 Shanda profit hit by free to play model Financial Times Retrieved December 5 2018 a b c Dickie Mure February 13 2007 Shanda shake up delivers boost to sales Financial Times Retrieved December 5 2018 a b Tang Jun 2007 02 13 Simplified Chinese Shanda Responds to Customer Self Immolation Case with the Help of Police it sohu com SOHU com Archived from the original on 2011 02 09 Retrieved 2010 01 03 Motorola to carry Shanda wireless games Shanda to sell 4 mln Sina Corp shares for 129 6 mln Reuters February 9 2007 Retrieved December 5 2018 Shanda Interactive licenses Woool Magical Land and Crazy Kart to Overseas Markets Reuters June 8 2007 Retrieved December 5 2018 a b Cifaldi Frank April 22 2009 Shanda reports 1 million paying Aion users in China Games Industry Retrieved December 6 2018 a b c d Takahashi Dean July 3 2008 Shanda Interactive moves into reader generated books VentureBeat Retrieved December 5 2018 a b c d Xiang Tracey January 27 2015 Tencent Cloudary Merger Reshapes Chinese Online Publishing Technode Retrieved December 5 2018 a b c Farrar Lara February 15 2009 For many Chinese literary dreams go online CNN Retrieved December 6 2018 Simplified Chinese Shanda Literature Heavily Promotes Jingming Guo s New Novel Beijing Qianlong News Media Limited 2009 12 31 Archived from the original on 2011 07 20 Retrieved 2010 01 03 Zhang Leijie 2009 12 28 Simplified Chinese Vivibear Publishes New Novel After Plagiarism Scandal press idoican com cn Archived from the original on 2011 07 07 Retrieved 2010 01 03 Simplified Chinese Letters to Shanda Protesting Its Support of Vivibear 2009 11 21 Retrieved 2010 01 03 Shanda Literature Will Sue Baidu com In January 2010 China Tech News com 2009 12 23 Retrieved 2010 01 03 a b Baidu beaten in landmark copyright case China org May 12 2011 Retrieved December 5 2018 a b c d e f Barboza David February 15 2012 Shanda Interactive s Shareholders Back Buyout Plan The New York Times Retrieved December 5 2018 Boog Jason February 23 2010 Shanda Literature Acquires Controlling Stake in Rival Company AdWeek Retrieved December 6 2018 Shanda Interactive Net Fell 58 in Last Q4 tmcnet com Retrieved 2 March 2011 Yang Joyce October 17 2011 Shanda CEO Proposes to Acquire all Public Shares TechCrunch Retrieved December 6 2018 Shanda Interactive Entertainment Announces Completion of Merger 2012 Shanda Group Retrieved November 20 2018 Entertainment Titan s New Career Beijing Review China s five richest investors McLannahan Ben June 20 2016 China s Shanda ups stake in Lending Club to 15 Financial Times Retrieved December 5 2018 Jamerson Joshua December 19 2016 Legg Mason Deepens Ties With Largest Shareholder Shanda Group The Wall Street Journal Retrieved December 6 2018 Shanda June 22 2022 Shanda Fund Portfolio Shanda CHVC The Mysterious Case of the Missing Internet Billionaire Bloomberg com 15 August 2017 External links editShanda com Felda Hardymon Ann Lemon Harvard Business School case no 9 805 091 May 2004 Retrieved from https en wikipedia org w index php title Shanda amp oldid 1183259141, wikipedia, wiki, book, books, library,

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