Feb 21, 2019

Shanda Games Inches Closer to Backdoor Listing in Shenzhen Xu Wei Shanda Games Inches Closer to Backdoor Listing in Shenzhen (Yicai Global) Feb. 21 -- Shenzhen-listed Zhejiang Century Huatong Group has obtained conditional approval to purchase the remaining 9.08 percent of equity in Shanda Games so it can complete the publisher's backdoor listing in China. The China Securities Regulatory Commission has greenlit the vessel to issue shares, purchase assets in cash, raise funds and conduct related transactions in order to obtain outstanding shares in Shanda's Shanghai-based operator Shengyue Network Technology, Century Huatong said in a statement yesterday. Shares in the vessel were suspended yesterday and opened 9 percent higher at CNY24.0 (USD3.6) this morning, before ending the early session at CNY23.02. It proposed to buy the stake eight months ago for CNY29.8 billion (USD4.4 billion), after collecting a an almost 91 percent stake in the target, which had the Nasdaq's biggest initial public offering of 2009 -- just over USD1 billion -- before beginning to privatize in 2014. It delisted late in 2015 at a value of USD1.9 billion. The firm has not received official approval documents but will make a further announcement once it can proceed with the deal, Century Huatong added. Editor: James Boynton