Internet

Sina.com Sells 1Pai Stake To Alibaba

Sina.com (SINA) has sold its stake in Chinese online auction website 1Pai.com to Alibaba.

Sina.com signed an agreement with Alibaba yesterday, selling the 33% it has in 1Pai to Alibaba. Neither side has disclosed the detailed amount of the deal.

A representative from Alibaba told local media that after three months' negotiation, the two sides have reached a general agreement and Sina has agreed to withdraw from 1Pai.

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