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Shanda Interactive Entertainment Limited and its controlling shareholder Skyline Media Limited has acquired about 19.5% of the outstanding ordinary shares of Sina through open market purchases.

In accordance with U.S. securities laws, Shanda has filed with the U.S. Securities and Exchange Commission (the SEC) a statement of beneficial ownership on Schedule 13D reporting the transaction and disclosing certain other matters required to be reported on the Schedule 13D.

According to a MarketWatch article,

"In after hours trading, Sina shares rose 6.4 percent to $27.24. The shares closed the regular session up 10 percent to $25.60 ahead of the filing with the Securities and Exchange Commission."

"Shares of Shanda Interactive fell 1 percent to $29.68 in after-hours trading. The shares closed the regular session at $30.01, up 1.6 percent."

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