Beijing November 27 news, SINA Corporation (NasdaqGS: SINA) announced today that SINA to the New-Wave Investment Holding Company Limited (Sina Investment Holdings Limited, hereinafter referred to Sina Investment Holdings) sale of new shares transaction has been completed.
According to Sina Sina investment holding company and on September 22, 2009 signing of the agreement, Sina Sina has been available for sale investment holding and investment holding Sina has about 560 million shares of SINA Corporation to subscribe for ordinary shares.
Sina Sina has received an investment holding company invested a total of 180 million U.S. dollars. Sina Investment Holdings is a British Virgin Islands-registered company, run by SINA Corporation President and CEO Charles Chao and other members of management control. Sina plans to the financing of the funds for possible acquisitions and the company's normal operations.
"The 180 million U.S. dollars in financing is Sina since its launch in 2000, following yet another historic event, the management has become the largest shareholder of Sina,"
Sina CEO Charles Chao Comments: "I am pleased to see that all of the senior management of Sina have been actively involved in the right Sina capital injection. This reflects the SINA's management for the company's confidence in the future and commitment to make Sina shareholders and to further the interests of management and integration. "
Accordance with the relevant financing documents, Sina investment holding company's common shareholders include SINA's management team, while CITIC Capital, Sequoia Capital China, and Fang-yuan and three private equity funds as a preferred shareholder of Sina investment holding company.
Divided opinions private equity fund will be entitled to appoint one director to the board of directors Sina investment holding, while Sina's management have the right to appoint four directors, which holds a majority of seats on the board and Sina investment holding company has control.
At present, the Cao Wei is the sole director of Sina investment holding. In addition, the financing of a bank also provided a 58 million U.S. dollars loans as financial support. (Translate by Google)