Sina Weibo turns down US$500m DST investment

By Yan Pei
0 Comment(s)Print E-mail, July 1, 2011
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Sina Weibo's users surpassed 140 million by the end of March this year.

Sina Weibo's users surpassed 140 million by the end of March this year.


China's 'Twitter' turns down US$500 mln investment from DST


Sina Weibo, China's most popular microblogging service, has turned down a US$500 million investment offer from Russian investment firm Digital Sky Technologies (DST), Sina Tech reported Friday, citing people familiar with the matter.

According to the report, DST gave the Chinese Twitter analogue a valuation of US$5 billion.

Sina Weibo used to be a unit under but was registered as a separate company, Beijing MicroDream TechnoInnovation IT Technology Co., last October. The company has registered capital of US$20 million and hasn't raised funds so far.

Based on the latest statistics, Sina Weibo's userbase has exceeded 140 million.

It's widely speculated that Sina Weibo is preparing for an IPO. Besides registering as an independent company, the microblogging service also started using the new domain name on April 7.

According to the site's Q1 results, Sina Weibo offered options equivalent to 15.9 percent of its ordinary shares to the management team and employees.

But Sina CEO Cao Guowei said his company currently doesn't have plans to spin-off Sina Weibo.

DST has invested in group-buying website Groupon, social game provider Zynga and social networking giant Facebook. The Russian company also took part in a third round of fundraising by Chinese online retailer in April.

据消息人士透露,俄罗斯投资公司Digital Sky Technologies(简称DST)出资5亿美元欲投资中国最热门的微博服务提供商新浪微博,遭到新浪微博拒绝。








China's business press carried the story above on Friday.


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