Cloudary Corporation, a Chinese online literature aggregator, announced in a public release that it has raised approximately US$110 million through private placements from Goldman Sachs and Singapore’s sovereign wealth fund, Temasek Holdings.
The specifics of the investment are not disclosed. But according to media reports, Goldman Sachs and Temasek may have together acquired around 18% of the Shanghai-based Cloudary.
Founded in 2004, Cloudary is a subsidiary of Chinese online gaming operator Shanda Interactive Entertainment Ltd. The company says it intends to use the proceeds to further enhance its incentive scheme for writers, develop and market its mobile products and applications, as well as make potential acquisitions.
"These private placements, in addition to further strengthening our capital resource, symbol our strategic initiatives of ‘openness’ and ‘partnership,'" says Robert Chiu, Cloudary’s chairman.
Cloudary filed for an IPO in the U.S. more than two years ago, but postponed the share sale because of worsening market conditions.