Weibo-owner Sina To Go Private In $2.6 Billion Deal With CEO-led Firm

U.S.-listed shares of Sina rose more than 6% in premarket trading.

Chao’s holding company, New Wave, is the largest shareholder of Sina, with a 12.15% stake as of July 10, according to Refinitiv-Eikon data.

Many Chinese companies are opting out of U.S. stock exchanges, following rising tensions between the world’s two largest economies, by considering go-private deals or returning to equity markets closer to home.

E-commerce firms Alibaba and JD.com have completed secondary listings in Hong Kong. Others including travel firm Ctrip and Baidu were considering Hong Kong listings, Reuters reported earlier this year.