BEIJING, June 8, 2017 /PRNewswire/ -- SINA Corporation (the
"Company" or "SINA") (NASDAQ: SINA), a leading online media company serving China and the global
Chinese communities, today announced the details of its planned distribution of shares of Weibo Corporation ("Weibo"), whose ADSs
are currently traded on the NASDAQ Global Select Market (NASDAQ: WB).
Based on 71,421,480 ordinary shares of SINA outstanding as of the record date of June 7, 2017,
SINA will distribute 7,142,148 Class A ordinary shares of Weibo (the "Weibo Shares") to SINA shareholders on a pro rata basis, or
one Weibo Share for each ten outstanding SINA ordinary shares. Holders of SINA ordinary shares
that are settled through DTC will receive Weibo ADSs representing Weibo Shares.
The distribution date is expected to be July 10, 2017. Following the distribution of the Weibo
Shares, SINA's equity stake in Weibo will decrease from approximately 49% (or approximately 74% by voting power) currently to
approximately 46% (or approximately 72% by voting power).
We will not distribute any fractional Weibo Shares. The number of fractional Weibo Shares that would be distributable to each
of the SINA shareholders in the form of Class A ordinary shares will be rounded to the nearest whole number. Any fractional Weibo
ADSs will be aggregated and sold on behalf of those SINA shareholders who would otherwise be entitled to receive a fractional
Weibo ADS. Payment for fractional Weibo ADSs will be distributed through DTC.
No action or payment is required by SINA shareholders to receive Weibo Shares, whether or not such Weibo Shares are to be
represented by Weibo ADSs. An Information Statement containing details regarding the distribution of the Weibo Shares will be
provided to SINA shareholders prior to the distribution date. Investors are encouraged to consult with their financial advisers
regarding the specific implications of buying or selling SINA ordinary shares on or after the ex-dividend date of June 5, 2017.
The distribution of Weibo Shares or cash in lieu thereof will be characterized as a taxable dividend for United States federal income tax purposes and could have adverse tax consequences under the "passive foreign
investment company" provisions of the U.S. Internal Revenue Code of 1986, as amended. You should treat the distribution date of
July 10, 2017 as the date of the dividend. SINA shareholders are urged to consult with their tax
advisors with respect to the U.S. federal, state, local and foreign tax consequences of the distribution.
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 Mobile (mobile portal and mobile apps) and Weibo (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