Date: 28 Nov 2009
By: Rick Carew
Sina Corp. said three investment firms, including Sequoia Capital, are joining its management to invest $180 million in the company as they attempt to reinvigorate China’s largest Internet portal.
Sequoia Capital, FountainVest Partners and Citic Capital Holdings Ltd. are backing the Sina management team’s purchase of new shares, which will give the combined group a 9.4% stake in the company. Sina confirmed the new investors late Friday after a Wall Street Journal report earlier in the day named them.
Sina’s management, led by Chief Executive Charles Chao, will put in about $50 million and the three investment firms will provide …