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E-Commerce China Dangdang Inc. Message Board

  • lawstuff22 lawstuff22 Apr 29, 2013 8:38 AM Flag

    Sina news good for DANG...

    Sina says Alibaba buys 18 pct stake in Weibo for $586 mln
    8:16am EDT

    April 29 (Reuters) - China's Sina Corp said e-commerce company Alibaba Group has bought an 18 percent stake in its microblogging service, Weibo, for about $586 million.

    Sina has also granted an option to Alibaba to increase its stake in Weibo to up to 30 percent within a stipulated time.

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    • Says forms strategic alliance with Alibaba to enable social Commerce * Alibaba has invested $586 million to purchase preferred and ordinary shares representing about 18% of Weibo on a fully-diluted basis * Also granted option to Alibaba to increase its ownership in Weibo to 30% at a mutually agreed valuation within a certain period of time in future * Says the two companies will cooperate in areas of user account connectivity, data exchange, online payment & online marketing

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