Sina Sells Shares to Chao's V.I. Holding Company
By wchung | 02 Apr, 2025
Sina Corp., an operator of Chinese language Web sites, said Friday it has completed the sale of 5.6 million shares for $180 million to a Virgin Islands holding company.
New-Wave Investment Holding Co. Ltd., a British Virgin Islands company, was established and is controlled by Charles Chao, Sina’s president and CEO, and other members of Sina’s management.
Sina, based in Shanghai, said it will use the proceeds for acquisitions and general corporate purposes.
Under the terms of the financing agreements, shareholders of New-Wave are primarily among Sina’s management team, with participation from alternative investment management firm CITIC Capital Holdings Ltd., private equity firm FountainVest Partners and private investment partnership Sequoia Capital China as preferred shareholders.
Shares rose 6 cents to $44.72 in midday trading.
11/27/2009 12:31 PM HARTFORD, Conn. (AP)
Asian American Success Stories
- The 130 Most Inspiring Asian Americans of All Time
- 12 Most Brilliant Asian Americans
- Greatest Asian American War Heroes
- Asian American Digital Pioneers
- New Asian American Imagemakers
- Asian American Innovators
- The 20 Most Inspiring Asian Sports Stars
- 5 Most Daring Asian Americans
- Surprising Superstars
- TV’s Hottest Asians
- 100 Greatest Asian American Entrepreneurs
- Asian American Wonder Women
- Greatest Asian American Rags-to-Riches Stories
- Notable Asian American Professionals