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.
