Editorial Summary

Shanghai-based online game company Giant Interactive (NYSE: GA) announced its intention to spend $51 million on a 25% stake in Five One Network Development Co. Ltd, Shanghai social networking service (SNS) site 51.com, at a press conference on Tuesday, reports 163.com. China Renaissance is the exclusive consultant on the deal. As part of the new partnership, 51.com and Giant Interactive will integrate their account and payment systems, reports qq.com. Giant Interactive CEO Shi Yuzhu said Giant beat out Alibaba Group on the 51 deal despite the fact that Alibaba's chief executive officer Jack Ma contacted 51.com earlier.

51.com plans to go public in 2010 and does not intend to hold a fourth round of fundraising, reports qq.com. A state-backed company also joined the third round with a "marginal" investment, said the report citing unnamed sources. By June 15, 51.com had 120 million registered users, 31.5 million unique monthly visits, 350 million daily page views and over 10 billion monthly views with users visiting the site an average of 18 times per month. 51.com received a total of $18 million in previous funding from Sequoia Capital, SIG, Intel Capital and Redpoint Ventures.