Shanghai, China - Shanda Interactive Entertainment, a provider of multiplayer, casual and PC games and other media content in China, announced on Thursday that it has sold part of its stake in Chinese Web portal SINA to Citigroup for about $129.6 million.

Shanda will sell 4 million shares of SINA; following the transaction the company will continue to hold an approximate 3.9% stake in SINA.

Shanghai-based Shanda did not say what it plans to do with the proceeds.

The company claims 460 million registered accounts for games it operates in China, which include "The Legend of Mir II," "Ragnarok Online" and "Dungeons & Dragons Online."

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