SAN FRANCISCO A team of Shearman & Sterling attorneys in China and Palo Alto advised Chinese online media company Sina Corp. on the sale of 18 percent of its Weibo social media service to Chinese e-commerce company Alibaba Group for $586 million.
Sina operates a number of online content services in China including Weibo, a hybrid of websites such as Facebook and Twitter. The investment from Alibaba, China’s largest e-commerce company, values Weibo at about $3 billion.
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