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Sina grabs 9% stake in Tudou
By Ding Yining |
August 30, 2011, Tuesday
|
Online Edition
Online Edition
SINA Corp, operator of China's most popular microblogging site, said it has gained a 9.05 percent share in China's second largest video site Tudou as it seeks to diversify its microblogging business.
Sina spent US$66.4 million for its stake in Tudou, according to a filing with the US Securities and Exchange Commission.
"Sina's investment is 'financial' in nature and both parties are open to future cooperation possibilities, but Tudou will maintain its independency," an official with Tudou's financial department told Shanghai Daily.
Earlier this year, Sina acquired a minority stake in online apparel retailer Mecox Lane and it iseyeing to introduce video, e-commerce and other value-added service to its website to attract users in the world's biggest Internet market.
"Online videos are the easiest way to attract advertisers but Sina can't fully support its video business so it's a good deal to invest in Tudou," said Hong Bo, an independent industry analyst.
Sina spent US$66.4 million for its stake in Tudou, according to a filing with the US Securities and Exchange Commission.
"Sina's investment is 'financial' in nature and both parties are open to future cooperation possibilities, but Tudou will maintain its independency," an official with Tudou's financial department told Shanghai Daily.
Earlier this year, Sina acquired a minority stake in online apparel retailer Mecox Lane and it iseyeing to introduce video, e-commerce and other value-added service to its website to attract users in the world's biggest Internet market.
"Online videos are the easiest way to attract advertisers but Sina can't fully support its video business so it's a good deal to invest in Tudou," said Hong Bo, an independent industry analyst.
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