ZTgame a virtual lock overseas

ZTgame, China's third-largest online-gaming company, has secured $100 million from venture capitalists, taking it one step closer to offering shares to overseas investors by the end of the year, sources said.

"Several venture capitalists and individual investors bought into this company through private placements in August," said Bao Fan, chief executive officer of China Renaissance. "ZTgame has filed its listing application to US securities regulatory authorities and could hold the share offering by the year's end."

Bao declined to reveal further details of the deal. His company, a start-up investment bank, was ZTgame's fundraising advisor. Public relations officials from ZTgame also declined to comment on the deal.