With titles such as Legend of Mir II and Magical Land, Shanda Interactive Entertainment knows a thing or two about fantasy worlds. But China's largest online games maker also appears to be waging a clever campaign in the real world. Taking advantage of a dip in the shares of Sina.com, the country's leading internet portal, Shanda has scooped up 19.5 per cent. A full merger is suddenly on the agenda.

Offering Shanda's popular multi-player games to Sina's much larger customer base could make sense. It would reduce Shanda's dependence on the potentially fickle community of obsessive gamers and help Sina break free of its reliance on wireless services, particularly text messaging an area that has been hit by a regulatory change. An enlarged group spanning games, messaging, news and entertainment might become a national internet champion, attracting new services and talent and, it is to be hoped, prove more resistant to the government's whims.