September 29, 2009 (FinancialWire) — Chinese online media firm Sina Corp. (NASDAQ: SINA) said it has entered into a definitive agreement for a private equity placement of its ordinary shares with New-Wave Investment Holding Co. Ltd. Under the deal, Sina will receive gross proceeds of $180 million, and New-Wave will receive around 5.6 million ordinary shares in Sina.

British Virgin Islands-based New Wave was established and is controlled by Charles Chao, Sina’s chief executive officer, and other members of Sina’s management.

The shares issued to New-Wave will be subject to a six month lock-up. Sina plans to use the proceeds of the financing for future acquisitions and general corporate purposes.

Shanghai-based Sina is an online media company and value-added information service provider in the People’s Republic of China and for the global Chinese communities. The company generates the majority of its revenues from online advertising and MVAS offerings, and, to a lesser extent, from search and other fee-based services.

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