China’s Shanda Games To Repurchase USD100 Million Over 12 Months

Chinese online game developer and operator Shanda Games Limited has published its unaudited financial report for the first quarter ended March 31, 2012, and said the company will repurchase up to USD100 million American depositary shares during the next 12 months.

According to the financial report of Shanda Games, the company’s net operating revenue was CNY1.389 billion during the reporting period, a year-on-year increase of 10.9% and an increase of 2.5% compared with the previous quarter. Its net profit reached CNY337 million, a year-on-year increase of 7.6% and an increase of 10.7% compared with the previous quarter.

Meanwhile, Shanda Games announced a share repurchase plan. Shanda Games gained the approval from its board of directors on June 11, 2012, to repurchase up to USD100 million American depositary shares during the next 12 months. The repurchase will reportedly be realized via deals in the public market, block trades, and other ways.

The repurchase plan can be suspended or terminated at any time.