Cloudary Corp., formerly Shanda Literature, reportedly has secured $110 million in new financing from Goldman Sachs and Temasek. (via Tencent Tech). In mid-2012, Cloudary received $15 million funding from Orbis for a 1.875% stake, thus at a valuation of $800 million. It is reported that the valuation for the latest round is lower than $600 million (in Chinese). (Update: Cloudary announced it on July 9 in Beijing, saying the funding will be used for building an open platform and mobile services)

The China’s largest online literature publishing and distribution platform filed with SEC for IPO on the NYSE in 2011, planning to raised up to $200 million. At the end of 2012, Robert Chiu, former managing director of Merrill Lynch, was introduced as president of Shanda Interactive and chairman of Cloudary, which was taken as a sign that Cloudary would accelerate IPO.

Before the rumored IPO time, the founding team of Qidian.com, the biggest site of Cloudary’s six publishing platforms and the one that created the business model, left Cloudary and built a new one on Tencent’s online media platform.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com