Per the deal, Sina has acquired 1.075 million American depositary receipts at Shanghai-based Tudou's IPO in the U.S. for $31.2
million, according to a filing with the Securities and Exchanges Commission. In addition, Sina said it spent $35.2 million for another 1.49 million Tudou ADRs, after the listing -- taking its total
holding to 9.05%.
Sina recently said that it planned to spend $100 million to develop its Weibo microblogging service to attract social-networking users. Tudou, Bloomberg adds, "said it plans to use proceeds from its listing to acquire video content and upgrade technology, as competition with bigger rival Youku.com intensifies."