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Nasdaq-listed Shanda's unit Cloudary to list in US

Feb. 27, 2012 (China Knowledge) - Cloudary Corp, formerly known as Shanda Literature Corp, a spin-off division within Nasdaq-listed Shanda Interactive Entertainment Ltd<SNDA>, also the parent co of Shanda Games Ltd<GAME>, has restarted its initial public offering in the U.S. with proposed fundraising of US$200 million.

Cloudary, an online community-driven literary platform in China, said it has applied to the U.S. Securities and Exchange Commission to list on the New York Stock Exchange after a delay due to unstable market, adding that Bank of America Merrill Lynch and Goldman Sachs Asia have been assign as the underwriters.

The issuer, however, has yet disclosed the issue price and volume of the IPO.

In 2008, Cloudary reaped RMB 52.98 million in operating revenue, which increased to RMB 135 million in 2009, RMB 393 million in 2010 and RMB 701 million in 2011, making the firm China's largest online literary platform provider last year with a market share of 72.1%.

Meanwhile, the company's net loss narrowed from RMB 73.43 million in 2009 to RMB 44.87 million in 2010 and RMB 32.66 million in 2011.

At the end of last year, Cloudary had RMB 295 million or around US$46.85 million in cash.

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