SHANGHAI, June 19, 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 joined a
consortium with Mr. Xin Zhou,
co-chairman of the board of directors and chief executive officer
of E-House (China) Holdings
Limited ("E-House"), a company incorporated in the Cayman Islands and listed on the New York
Stock Exchange, and Mr. Neil Nanpeng Shen, a member of the board of
directors of E-House, to work exclusively with one another with
respect to a proposed transaction to acquire all the outstanding
ordinary shares of E-House not already owned by SINA, Mr.
Xin Zhou, Mr. Neil Nanpeng Sheng or
their respective affiliates (the "Transaction"). In addition, to
effectively execute its vertical strategy, SINA has agreed to
exchange all the E-House shares beneficially owned by it (including
shares acquired in the going private transaction of E-House) at the
closing of the Transaction (the "Closing") with ordinary shares of
Leju Holdings Limited ("Leju") held by E-House at the Closing,
based on an exchange ratio determined in accordance with a mutually
agreed formula. Leju is a majority owned subsidiary of E-House and
is listed on the New York Stock Exchange.
In connection with the proposed Transaction with respect to
E-House, Mr. Zhou and Mr. Shen submitted a preliminary non-binding
proposal letter to the board of directors of E-House on
June 9, 2015.
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