The Canadian PressApril 29, 2013 12:15
NEW YORK, N.Y. - Alibaba Group, China's largest e-commerce company, has agreed to buy an 18 per cent stake in Sina Corp.'s Weibo, the microblogging platform.
Alibaba, which is partly owned by Yahoo Inc., says it has paid $586 million for the stake in China's equivalent of Twitter. It has the option of increasing its ownership to 30 per cent.
Sina's U.S.-listed shares jumped $6.69, or 13 per cent, to $56.99 in morning trading. The day's high of $60.81 was the stock's highest level since October.