Shanda playing at the top

PUBLISHED : Friday, 12 December, 2003, 12:00am
UPDATED : Friday, 12 December, 2003, 12:00am
 

Online game developer Shanda Networking is the mainland's fastest-growing company in the telecommunications, media and technology (TMT) industry this year, according to Deloitte Touche Tohmatsu.


Revenue at the Nasdaq-listing candidate grew 10,342 per cent over the past three years, though it still trailed its Taiwan-based counterpart Chinese Gamer, which had a growth rate of 20,402 per cent.


Shanda's revenue growth far outpaced TCL Mobile Communications, which registered growth of 2,964 per cent in the three-year period, according to Deloitte.


Deloitte recognised TCL as the mainland's fastest-growing TMT company last year.


According to industry sources, Shanda has filed for an initial public offering on Nasdaq for next year and hopes to raise US$300 million to US$500 million.


The four-year-old portal earned US$25 million last year on revenue of US$50 million and expected both to double this year.


'We are still growing,' said Li Shujun, Shanda's director for overseas and investor relations. 'Thanks to the competition from Taiwan, we need to grow fast and catch up with our rivals. The market is still very large.'


Another mainland Internet company, Baidu.com, had a revenue growth rate of 1,300 per cent.


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