Cloudary Announces $110 Million Private Placement

BEIJING, July 9, 2013 /PRNewswire/ -- Cloudary Corporation, a leading global online literature platform, today announced that it has raised approximately US$110 million in total through private placements from Goldman Sachs and Singapore investment company, Temasek. The proceeds raised will primarily be used to further enhance its incentive scheme for writers, secure commercially valuable literary content, develop and market its mobile Internet products and applications, upgrade the technology and operational infrastructure, as well as contemplating strategic investments and acquisitions for both vertical and horizontal expansion across the entertainment content value chain.

"These private placements, in addition to further strengthening our capital resource, symbol our strategic initiatives of 'openness' and 'partnership,' as well as our managerial initiative of 'world class corporate governance,'" said Robert Chiu, Chairman of the Board of Directors of Cloudary.

"With the additional, highly value-added resources and strategic partners we obtained from these fundraising and strategic collaborative activities, Cloudary is now even better positioned to respond to the increasingly competitive landscape of online literature industry, an industry Shanda Group pioneered ten years ago," said Xiaoqiang Hou, Chief Executive Officer of Cloudary.

SOURCE Cloudary Corporation