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Strategies & Market Trends : Greater China Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Julius Wong who wrote (7205)	9/30/2010 5:43:34 AM
From: GUSTAVE JAEGER	1 Recommendation Read Replies (1) \| Respond to of 8334

Sunity Online Entertainment Files To Sell Stock In US IPO DOW JONES NEWSWIRES Sunity Online Entertainment Ltd. plans to sell an unspecified amount of stock in a U.S. initial public offering. The Chinese online game developer and operator expects its shares to be traded on the Nasdaq Capital Market under the symbol SUNG, according to a filing with the Securities and Exchange Commission. Sunity operates websites for its games Qihang and Han Dynasty--both listed among the top games of 2010--and is developing five more online games. It also plans to create games for mobile and wireless devices soon. On one website, players pay based on the amount of time they spend playing the game. On the other, they play games for free, but are charged for purchases of in-game items, such as clothing, accessories and pets. Prepaid game tokens are available at Internet cafes, websites, news stands, software stores, book stores and retail stores. Sales in China's online game sector have slowed as the industry has matured, weighing on results of another online games company Shanda Games Ltd. (GAME), which this month reported a 16% decline in second-quarter net profit because of decreased sales and margins. Sunity plans to use proceeds of the IPO to expand its research and development efforts, increase sales and marketing activities, and expand its game portfolio through acquisitions. In the three months ended June 30, Sunity reported a 7.9% profit increase, while revenue rose 5.3%. The U.S. IPO market has been rocky lately with many companies cutting their prices and some delaying their offerings. Chinese companies have seen mixed results, with Chinese real-estate website SouFun Holdings Ltd.'s (SFUN) IPO coming in second-best for this year. Its stock ended its first day up 73% after selling a mere 2.9 million shares. -By Kathy Shwiff, Dow Jones Newswires; 212-416-2357; Kathy.Shwiff@dowjones.com online.wsj.com