GLG Partners Reveals New Stake in China-based Shanda Games Limited (ADR) (GAME)

Noam Gottesman‘s GLG Partners has reported a new stake in Shanda Games Limited (ADR) (NASDAQ:GAME). The fund revealed a passive stake in the company, which amasses almost 7.90 million class A shares, represented by around 3.95 million American Depositary Receipts (ADRs). The position is equal to around 5.05% of the outstanding class A shares.

Shanda Games Limited (ADR) (NASDAQ:GAME) is a Chinese company engaged in the development of online games and related activities. The company’s controlling shareholder is Shanda Interactive Entertainment Limited. In addition, in the previous round of 13F filings, Jim Simons‘ Renaissance Technologies revealed holding a total of 799,000 shares of Shanda Games, down by 30% over the quarter. At the same time, John Overdeck and David Siegel‘s Two Sigma Advisors reported ownership of 716,600 shares, raising the stake by 135%.

The share price of Shanda Games Limited (ADR) (NASDAQ:GAME) went up by almost 50% since the beginning of the year.  The stock trails a P/E of 7.xx, significantly lower than the industry of multimedia and graphics software average of 50.xx. The company disclosed a net revenue down by 7.9% on the year to $712.6 million. Moreover, the net income of Shanda Games declined by 11% to $279 million. For the current year, the company is expected to report EPS of $0.91 and revenues worth $782 million.

In the latest 13F filing of GLG Partners, the fund revealed an equity portfolio worth almost $1.44 billion. The largest holding in terms of value was Facebook Inc (NASDAQ:FB), in which the fund held some 743,800 shares, worth $40.66 million. Another significant position was represented by Discover Financial Services (NYSE:DFS), followed by Apple Inc. (NASDAQ:AAPL), in which the fund held approximately 535,900 and 50,600 shares respectively.

Earlier this year, GLG Partners revealed boosting its position in Yongye International, Inc (NASDAQ:YONG), in which it currently owns 3.5 million shares, versus just 142,000 shares held previously.

Disclosure: none

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