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.
SINA Corporation (SINA) is an online media company serving China and the global Chinese communities. Shares of SINA remained unchanged at $50.30. In the past year, the shares have traded as low as $41.14 and as high as $70.00. On average, 1989600 shares of SINA exchange hands on a given day and today's volume is recorded at 155774.
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