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Market: NASDAQ
Sector: Media
Epic: SINA
News: Latest news
Web Site: Sina Corporation
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Sina Corporation

Sina Corporation

SINA Corporation (Nasdaq: SINA), is a online media company and mobile value-added service (MVAS) provider for China and for the global Chinese communities.

 

Friday, November 27, 2009

Sina Corp Raises $180 Million To Fund Future Acquisitions

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Chinese focused online media company, SINA Corporation (NASDAQ: SINA) (‘SINA’) announced it has raised $180 million, through a financing deal with a private-equity consortium led by current CEO Charles Chao. The proceeds of the financing deal are intended for future acquisitions and general corporate purposes.


The Chinese media company issued 5.6 million ordinary shares to New Wave Investment Holding Company (‘New Wave’). New-Wave is a British Virgin Islands incorporated company which is controlled by Charles Chao, SINA's President and CEO along with other members of SINA's management.


SINA Corporation is an online and mobile media company with its primary focus on China and the wider global Chinese community. It has five branded networks of localized websites. The Company generates the majority of its revenues from online advertising, mobile value added services (MVAS), search and fee-based services.


New-Wave mainly consists of SINA's management team, with additional participation from alternative investment and private equity firms CITIC Capital Holdings Limited, FountainVest Partners and Sequoia Capital China.


At present, Mr. Chao is the sole director of New-Wave although each of the investment firms has the right to nominate one seat to New-Wave's board, SINA’s management has the right to nominate four seats to the board.


SINA and New Wave CEO, Charles Chao commented on the financing deal:


“For the first time since its IPO in 2000, the largest shareholder of SINA is a SINA management-controlled entity ... This is a reflection of a strong commitment by our management team to SINA's future and further aligns the interest of management with SINA's other shareholders."

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