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Shanda Buys Sina.com Stake

Shanda (SNDA) today disclosed that it has purchased a minority stake in Sina.com (SINA).

Shanda says as of February 10, 2005 it has, together with its controlling shareholder Skyline Media Limited, acquired approximately 19.5% of the outstanding ordinary shares of Sina Corporation through open market purchases.

In accordance with U.S. securities laws, Shanda has filed with the U.S. Securities and Exchange Commission a statement of beneficial ownership on Schedule 13D reporting the transaction and disclosing certain other matters required to be reported on the Schedule 13D.

Sina.com was hit this week with a class action lawsuit that blamed its executives for misleading investors.

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