Sina Said to Take a Minor Stake in Game Developer 70yx

Chinese online media company Sina Corp (NASDAQ: SINA) has contributed $10 million to the $100 million in venture capital funding received by 70yx.com, a Beijing-based game developer, people familiar with the matter said Wednesday. It was the last round of fundraising before 70yx goes public, and Sina was a minor investor because a strong commitment to online gaming was not in its best interest, according to the source. Sina has denied any involvement in the issue and told Tech.163.com that the company had always kept an eye on online games and social networking services.