November 30, 2009 (FinancialWire) — SINA Corp. (NASDAQ: SINA), a Chinese online media firm, said that a subscription for ordinary shares by New-Wave Investment Holding company Ltd., under an agreement entered into between SINA and New-Wave in September, has been completed.

New-Wave is a British Virgin Islands company established and controlled by Charles Chao, SINA’s president and CEO, and other members of SINA’s management. SINA issued and sold to New-Wave, and New-Wave subscribed for and purchased approximately 5.6 million ordinary shares of the company.

As a result of New-Wave’s subscription, SINA received gross proceeds of $180 million, which the company plans to use for future acquisitions and general corporate purposes.

Shanghai-based SINA is an online media company and mobile service provider for China and for global Chinese communities.

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