Chinese Web Portal Sina to Get $180 Million Investment

Authored by Mark Hefflinger on November 30, 2009 - 7:21am.

Hong Kong - Chinese Web portal Sina is set to receive $180 million in new financing, from a group of investors that includes Sequoia Capital, FountainVest and CITIC Capital, Reuters reported, citing people familiar with the plan.

The deal is expected to be announced some time this week.

Reuters reported in September that Sina's management was negotiating with private equity firms on a deal that would see the company issue 5.6 million new shares to an investment firm called New Wave, backed by Sina CEO Charles Chao.

Sina declined to comment on the story for Reuters.

http://www.sina.com