Shanda Games moves closer to backdoor listing

Chinese online game developer Shanda Games has moved a step closer to returning to the mainland stock market after Zhejiang Huatong Holding Group agreed to buy a majority stake from the firm’s biggest shareholder.

Zhejiang Huatong will assume a 91% stake in Shanda after buying the 48% stake from Ningxia Zhongyin Cashmere, allowing it to take control of a well-known online game developer that was once listed on the Nasdaq in the US.

Zhejiang Huatong and Ningxia Zhongyin Cashmere were part of a consortium that took Shanda Games private in what could be one the most high profile take-private deals of a US-listed Chinese...