Walden International had once been Sina's largest shareholder, holding a stake close to 20 percent.
When Sina went public later, a portion of that stake was diluted. Walden originally intended to cash out some shares after the six-month lock-up period expired, but they hadn't anticipated running right into the dot-com bubble.
It wasn't until after 2003 that the global internet industry began a full-scale recovery. Sina's stock price rebounded across the board, and its market capitalization surpassed its initial IPO value.
Chapter 198