The Financial Times reports Sina has hit back against a US hedge fund that has launched a proxy fight. Aristeia Capital, a Connecticut-based hedge fund with about $3bn in assets, is pressing the Chinese company for an array of corporate governance reforms to boost shareholder value. It is urging measures including either a sale or merger of Sina or its popular microblogging platform Weibo. According to New York-listed Sina, Aristeia holds a 3.5% stake, making the hedge fund Sina’s fourth-largest shareholder. Aristeia has nominated two candidates to Sina’s five-person board of directors, claiming the existing board exercises undue influence over finances and operations, leading to “critical governance failures” that have led to a drastic undervaluation of Sina. Sina questioned Aristeia’s intentions. “We do not believe Aristeia, which has traded in and out of Sina’s stock to support its gains, is truly interested in governance. Instead, we believe Aristeia is interested only in implementing a short-term and self-serving agenda,” it said.