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Cisco Buys Stake In China Gaming Firm
February 15, 2006 |
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Trying to boost its China presence, a filing with U.S. regulators shows Cisco Systems (CSCO) has just purchased a 9.7% stake in Shanda (SNDA).
The disclosure shows a purchase of 13.86 million ordinary shares, but no price was shown for the transaction. According to recent prices for Shanda's stock, the shares are worth about US$100 million as of this week.
Cisco has come under considerable pressure from Western consumers in recent days for its dealings within China. The company is often accused of helping Chinese authorities stifle Internet users' access to online content.
It is still unclear what sort of impact this purchase will have on Shanda's future direction and whether Cisco will have any considerable voice in Shanda's operations.
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