SHANGHAI, June 1, 2015 /PRNewswire/ -- SINA Corporation
(NASDAQ: SINA) ("SINA" or the "Company"), a leading online media
company serving China and the
global Chinese communities, today announced that it has entered
into a legally binding subscription agreement with Mr. Charles Chao, Chairman of SINA's board of
directors and Chief Executive Officer, for the issuance and sale of
11,000,000 newly issued ordinary shares of the Company to Mr. Chao.
Pursuant to the agreement, Mr. Chao will subscribe for and purchase
directly or through a special purpose vehicle beneficially owned
and controlled by him, 11,000,000 newly issued ordinary shares of
SINA for a total purchase price of approximately US$456 million in cash. The per share purchase
price of US$41.49 represents the
average closing trading price of SINA's ordinary shares for the 30
trading days ended May 29, 2015 and
is higher than the closing trading price on May 29, 2015, the last trading day before the
signing of the subscription agreement. Mr. Chao has agreed to
subject all the shares he or his affiliate will acquire in the
transaction to a contractual lock-up restriction for six months
after the closing. The closing is expected to take place upon
satisfaction of customary closing conditions.
About SINA
We are an 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 desktop 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. Our mobile portal, SINA.cn, provides news
information 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
up to 140 Chinese characters 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.
Safe Harbor Statement
This press release contains forward-looking statements. SINA may
also make forward-looking statements in the Company's periodic
reports to the U.S. Securities and Exchange Commission, in its
annual report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about the Company's beliefs and
expectations, are forward-looking statements. These forward-looking
statements can be identified by terminology such as "will,"
"expects," "anticipates," "future," "intends," "plans," "believes,"
"confidence," "estimates" and similar statements. SINA assumes no
obligation to update the forward-looking statements in this press
release and elsewhere. Forward-looking statements involve inherent
risks and uncertainties. A number of important factors could cause
actual results to differ materially from those contained in any
forward-looking statement. Potential risks and uncertainties
include, but are not limited to SINA's limited operating history in
certain new businesses; condition of the global financial and
credit market; the uncertain regulatory landscape in China; fluctuations in the Company's quarterly
operating results; the Company's reliance on online advertising
sales and value-added services for a majority of its revenues;
failure to successfully develop, introduce, drive adoption of or
monetize new features and products, including portal, Weibo and
MVAS products; failure to enter and develop the small and medium
enterprise market by the Company or through cooperation with other
parties, such as Alibaba; the Company's reliance on mobile
operators in China to provide MVAS
and changes in mobile operators' policies for MVAS in China; failure to successfully integrate
acquired businesses; risks associated with the Company's
investments, including equity pick-up and impairment; and failure
to compete successfully against new entrants and established
industry competitors. Further information regarding these and other
risks is included in SINA's annual report on Form 20-F for the year
ended December 31, 2014 and other
filings with the Securities and Exchange Commission.
Contact:
Investor Relations Department
SINA Corporation
Phone: (86-10) 5898-3336
Email: ir@staff.sina.com.cn
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SOURCE SINA Corporation