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Shanda Pares Back Sina Stake

It raises $99 million.

Shanda (SNDA) agreed to sell a 7% chunk of Sina (SINA) - Get SINA Corp. Report to Citigroup Global Markets.

The Shanghai-based online gaming company said it will get $99 million in the sale. It will continue to hold an 11.4% stake in its crosstown rival.

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