Legend of Mir 2 and World of Legend accounted for 87.5 percent of Shanda Interactive's revenue in the first quarter of 2004. To reduce dependence on those two games, Shanda released the self-developed game The Sign in February 2004, and by April was also working on the in-house titles Age and Magical Land. Shanda Interactive listed on the NASDAQ in May 2004, raising $152 million with the initial public offering (IPO) under the ticker SNDA and becoming the first Chinese online games company listed in the United States. At the time it was the largest IPO of a Chinese internet company in the United States, and shortly afterwards Shanda became the largest internet company by market capitalization in China. In October 2004 Shanda issued US$275 million convertible notes to be redeemable in October 2007. That month Shanda was operating eight games and hosting 1.2 million simultaneous players. As of May 2005, 300,000 locations, among them 130,000 internet cafes, sold prepaid cards for Shanda's games and game usage was "up 70% from a year earlier."
