(FILE)

Chen Tianqiao, Chairman and founder of Shanghai-based Shanda Group, which was one of China's top online entertainment giants, has made his symbolic exit from this industry by selling his stake in Shanda Games. It was reported that Shanda has been transformed into an investment firm focusing on finance and the Internet.

Chen, born in May 1973 in Shaoxing, east China's Zhejiang Province, is numbered among China's top IT leaders. He graduated from Shanghai's Fudan University in 1993, one year earlier than his classmates owing to his status as an outstanding student. He started Shanda in 1999 with 500,000 yuan (about $60,000 at that time) and 20 employees. Five years later, the company became listed on NASDAQ, and since then, its fortunes have skyrocketed to the point where Chen has become one of China's Top 100 richest individuals.