The social media company has scored a huge exit from news app Toutiao, exiting as part of a series D round that valued it at $11bn, 22 times the valuation at which Sina invested in 2014.

Social media company Sina has exited China-based personalised news app developer Toutiao as part of a $1bn series D round that valued it at $11bn, 36kr reported on Friday.

The round was co-led by venture capital firm Sequoia Capital and CCB International, a subsidiary of government-controlled financial services firm China Construction Bank. Additional participants were not disclosed.

Founded in 2012, Toutiao operates a mobile app that recommends news stories to users according to their personal preferences. It had 175 million monthly active users as of January 2017 when it acquired US-based video creation app Flipagram.

Sina Weibo invested in Toutiao’s last round, a $100m series C led by Sequoia Capital that closed in 2014 at a $500m valuation. Both Sina and Zhou Hongyi, CEO of cybersecurity company Qihoo 360, sold their stakes in the latest round, scoring big exits in the process.

The company had picked up an undisclosed…

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