SHANGHAI, Aug. 31, 2016 /PRNewswire/ -- SINA Corporation
(the "Company" or "SINA") (NASDAQ: SINA), a leading online media
company serving China and the
global Chinese communities, today announced that its board of
directors has authorized and approved the Company's distribution of
shares of Weibo Corporation ("Weibo") to the Company's shareholders
on a pro rata basis. Weibo is a majority-owned subsidiary of SINA,
and its ADSs are currently traded on the NASDAQ Global Select
Market (NASDAQ: WB). SINA will distribute one Weibo Class A
ordinary share to the holder of each ten SINA ordinary shares.
Holders of SINA ordinary shares that are settled through DTC will
receive Class A ordinary shares represented by Weibo ADSs. The
Weibo share distribution will be payable on or about October 12, 2016, to shareholders of record as of
the close of business on September 12,
2016. Following the distribution of the Weibo shares, SINA's
equity stake in Weibo will decrease from approximately 54% (or
approximately 78% by voting power) currently to approximately 51%
(or approximately 75% by voting power).
About SINA
We are a leading online media company serving China and the global Chinese communities. Our
digital media network of SINA.com (portal), SINA.cn (mobile
portal), SINA Mobile Apps and Weibo.com (social media) enables
Internet users to access professional media and user generated
content in multi-media formats from personal computers and mobile
devices and share their interests with friends and
acquaintances.
SINA.com offers distinct and targeted professional content on
each of its region-specific websites and a full range of
complementary offerings. SINA.cn and SINA Mobile Apps provide news
information, professional and entertainment content from SINA.com
customized for mobile users in WAP (mobile browser) and mobile
application format. Weibo is a leading social media platform for
people to create, distribute and discover Chinese-language content.
Based on an open platform architecture, Weibo allows users to
create and post feeds and attach multi-media content, as well as
access a wide range of organically and third-party developed
applications, such as online games.
Through these properties and other product lines, we offer an
array of online media and social media services to our users to
create a rich canvas for businesses and advertisers to effectively
connect and engage with their targeted audiences.
Contact:
Investor Relations
SINA Corporation
Phone: +86 10 5898 3336
Email: ir@staff.sina.com.cn
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SOURCE SINA Corporation