BEIJING, Aug. 7, 2020 /PRNewswire/ -- SINA Corporation
(the "Company" or "SINA") (NASDAQ: SINA), a leading online media
company serving China and the
global Chinese communities, today announced that the independent
special committee (the "Special Committee") of the Company's Board
of Directors (the "Board") has retained Morgan Stanley Asia Limited
as its financial advisor, and Gibson, Dunn & Crutcher LLP as
its U.S. legal counsel to assist the Special Committee in its
evaluation and consideration of the previously announced
preliminary non-binding proposal from New Wave MMXV Limited ("New
Wave") that the Board received on July 6,
2020, proposing to acquire all the outstanding ordinary
shares of the Company not already owned by New Wave for
US$41 per share in cash in a going
private transaction (the "Proposed Transaction"). New Wave is a
company incorporated in the British
Virgin Islands and controlled by Mr. Charles Chao, Chairman and Chief Executive
Officer of the Company.
The Board cautions the Company's shareholders and others
considering trading in its securities that no decisions have been
made by the Special Committee with respect to the Company's
response to the Proposed Transaction. There can be no assurance
that any definitive offer will be made, that any agreement will be
entered into or that this or any other transaction will be approved
or consummated. The Company does not undertake any obligation to
provide any updates with respect to the Proposed Transaction,
except as required under applicable law.
About SINA
SINA is a leading online media company serving China and the global Chinese communities. Its
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 mobile provides news information,
professional and entertainment content customized for mobile users
through mobile applications and mobile portal site SINA.cn.
Weibo is a leading social media platform for people to create,
distribute and discover content. Based on an open platform
architecture, Weibo provides unprecedented and simple way for
people and organizations to publicly express themselves in real
time, interact with others on a massive global platform and stay
connected with the world.
Through these properties and other product lines, SINA offers an
array of online media and social media services to its 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. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. 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 statements. Potential risks and uncertainties
include, but are not limited to failure to meet internal or
external expectations of future performance given the rapidly
evolving markets; 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
Fintech products; failure to enter and develop the small and medium
enterprise market by the Company or through cooperation with other
parties, such as Alibaba; failure to successfully integrate
acquired businesses; risks associated with the Company's
investments, including adverse impacts on our financial results
from equity pick-up, fair value changes 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 2019 annual reports on Form 20-F
and other filings with the Securities and Exchange Commission.
Contact:
Investor Relations
SINA Corporation
Phone: +86 10 5898 3336
Email: ir@staff.sina.com.cn
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SOURCE SINA Corporation