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Alibaba Buys an 18% Chunk of $SINA’s Social Network Platform, Stock Soars Pre-market

“(Reuters) – Sina Corp, China’s largest Internet portal and media website, said e-commerce company Alibaba Group has bought an 18 percent stake in its microblogging service Weibo for about $586 million, valuing Weibo at more than $3 billion.

The company has also granted Alibaba the option to increase its stake in Weibo to 30 percent within a stipulated time, which it did not specify.

Sina’s U.S.-listed shares jumped 17 percent to $58.85 in premarket trade on Monday…..”

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