Chen and his immediate family already control 68% of Shanda stock and are positioning themselves to take the company private. The parent company generated $264 million in revenue in its most recently reported fiscal quarter.
Shanda is known to be a very powerful player in China’s booming mobile and internet industry and has made bets on many different products. They launched Tuita, a Tumblr-like light-blog to compete with the variety of big-internet company Tumblr clones. The company is also believed to be the first ever pay-as-you-grow cloud servers in China. There have also been rumours spreading that Shanda is gearing up to launch their own mobile phone.