Sina gets funds from PE firms

SINA Corp, China's leading Web portal, yesterday announced completion of a US$180-million private equity financing.

New-Wave Investment Holding Co purchased about 5.6 million ordinary shares in Sina. New-Wave is a British Virgin Islands company formed and controlled by Charles Chao, Sina's president and CEO, and other members of Sina's management. Sina received gross proceeds of US$180 million, which the company plans to use for future acquisitions and general corporate purposes. Private equity firms Sequoia Capital China, FountainVest Partners and CITIC Capital Holdings Ltd participated in the management-led investment.

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