Firm's IPO uncertain on report
By Zhu Shenshen |
March 25, 2011, Friday
|
Print Edition
Print Edition
THE planned initial public offering of Bianfeng Group, a casual game subsidiary of Shanda Interactive, looks uncertain following a CCTV report alleged it was involved in online gambling activities, industry officials said yesterday.
The report broadcast on Tuesday night charged that Bianfeng ran an online gambling operation with "Hong Kong Poker" in which a player surnamed Wang lost nearly 767,000 yuan (US$115,151).
Online gambling has been banned since 2005 by the China's General Administration of Press and Publication.
In the report, CCTV also questioned if Bianfeng was promoting illegal virtual currency through its tacit approval of the currency in the game being exchanged for yuan as well as profiting from black market virtual currency exchanges.
Shanda has stopped operating the game and is "checking itself internally," it said.
The report broadcast on Tuesday night charged that Bianfeng ran an online gambling operation with "Hong Kong Poker" in which a player surnamed Wang lost nearly 767,000 yuan (US$115,151).
Online gambling has been banned since 2005 by the China's General Administration of Press and Publication.
In the report, CCTV also questioned if Bianfeng was promoting illegal virtual currency through its tacit approval of the currency in the game being exchanged for yuan as well as profiting from black market virtual currency exchanges.
Shanda has stopped operating the game and is "checking itself internally," it said.
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