PE firms agree to invest in China’s biggest web portal Sina
Private equity firms Sequoia Capital, FountainVest and CITIC Capital have agreed to finance a management-led investment of $180m in Sina, China’s leading web portal, according to Reuters.
The capitalisation is thought to be going ahead in order to strengthen management's hold on the company, to finance future acquisitions and for other corporate purposes.
As part of the deal, New-Wave Investment - a company established and controlled by Charles Chao, Sina's CEO, and other members of SINA's management – will receive approximately 5.6 million ordinary shares in Sina.
Sina is the most popular web portal in China, providing services through five major business lines including SINA.com (online news), SINA Mobile (MVAS), SINA Community (Web 2.0-based services and games), SINA.net (search and enterprise services) and SINA E-Commerce (online shopping).
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Private Equity News» By News Type» Deal News
Private Equity News» By PE Sector» Venture/Growth
Private Equity News» By Region» Asia» China
Private Equity News» By News Type» Deal News
Private Equity News» By PE Sector» Venture/Growth
Private Equity News» By Region» Asia» China
