Providing a little post-Christmas cheer to stateside investors, Shanda Interactive (NASDAQ:SNDA) was trading 8% higher this afternoon, on rumors published in Chinese media outlets concerning some asset moves the company has made.

One report claimed that Shanda was not interested in selling its Digital Red mobile gaming unit, while another had Lenovo in talks to bundle Shanda's "e-home" software in its computer products. A third story had Google (NASDAQ:GOOG) in discussions to buy the company's site, which was created to inspire original literature submissions in China.

If Google were able to snag the site at a fair price, it would be a sharp move. We all know how eager Google is to swallow up user-generated content sites and grow its presence in China.

However, all of this whirlwind of speculative hearsay, even if it proves to be little more than wishful vapor, may help Shanda in getting investors to appreciate the many facets of its entertainment empire.

Shanda has seen its shares come under pressure since last year, when companies such as NetEase (NASDAQ:NTES) and The9 (NASDAQ:NCTY) began eating into its online fantasy-gaming stronghold. Wall Street has decided to ignore the value behind many of Shanda's non-gaming ventures, such as its Internet website presence and its EZ Pod home-entertainment appliance.

As is the case with all rumors, sharp investors have every reason to stay on the sidelines until news actually materializes. However, while you're twiddling your thumbs on the sidelines, you may want to peel away at the many layers of Shanda. Like David Gardner did when he singled out the stock's prospects two years ago to Rule Breakers subscribers, you may find appeal in the peels.

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Longtime Fool contributor Rick Munarriz believes in the sector, but he does not own any of the Chinese companies mentioned in this story. He does not own shares in any of the companies in this story. The Fool has a disclosure policy. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early.