Alibaba plans stake buy in China's most popular microblogging service
SHANGHAI (REUTERS) - China's largest e-commerce company Alibaba Group is planning to buy a stake in Sina Corp's Weibo, the nation's most popular microblogging service, China Business News reported on Monday.
Alibaba declined to comment on the report.
Sources in Alibaba told the official newspaper, which is owned by the Shanghai municipal government, that investment negotiations between Alibaba and Sina have entered the final phase.
Alibaba has valued Sina Weibo at around US$3 billion (S$3.7 billion), the sources said. The report quoted other domestic media sources who reported that Alibaba plans to buy a 15 per cent to 20 per cent stake in Sina Weibo.