Sina Corp., Shanghai-based operator of Chinese websites, announced that it had completed the sale of 5.6 million shares to a British Virgin Islands holding company for the sum of $180 million. New-Wave Investment Holding Co. Ltd. is a BVI company established and controlled by Sina’s president and CEO Charles Chao and other members of Chinese company’s management.
Under the terms of the financing agreements, shareholders of New-Wave are primarily among Sina’s management team. The alternative investment management company CITIC Capital Holdings Ltd., private equity firm FountainVest Partners and private investment partnership Sequoia Capital China are preferred shareholders.
Sina is going to use the proceeds for acquisitions and general corporate purposes.