SINA Corporation (NASDAQ: SINA) is one of China’s three major portal websites ( Sohu , Sina , Netease ). It was established in Shanghai, China in 1997, and has 8,300 full-time employees. The stock was listed on NASDAQ in the United States on April 13, 2000. Go public with an issue price of US$17/common stock.
On September 28, 2020, Sina Corporation announced that it agreed to be privatized by New Wave MMXV Limited (controlled by Sina Chairman and CEO Cao Guowei) at a price of US$43.30 per share. The transaction is expected to be completed in the first quarter of 2021. Sina Will delist from Nasdaq.
SINA Corporation (SINA):
Sina (NASDAQ: SINA) is a Chinese portal company, a Chinese online content service provider serving the Chinese mainland and the global Chinese community. Sina, Tencent, Sohu and Netease are collectively called China’s four major portals. Sina has more than 600 million registered users worldwide. Sina Weibo, a subsidiary of Sina, is a well-known microblogging service website -Weibo .
Sina was formed by the merger of the original Stone Lifang Company and Huayuan Information Company on November 30, 1998. Sina is headquartered on the 37th floor of Jinmao Building, 88 Century Avenue, Pudong New District, Shanghai. The current chairman is Cao Guowei.
Through the digital media network composed of portal sites Sina.com, Sina Mobile (mobile portal and mobile application) and social media Weibo, Sina allows users to obtain media and user-generated multimedia content through computers and mobile devices and share their interests with friends. Most of Sina’s revenue comes from online advertising and a small part comes from mobile value-added services.
On April 13, 2000, Sina successfully listed on the Nasdaq and became the first Chinese portal to be listed in the United States.
Among the top 100 Chinese Internet companies in 2018, Sina ranked sixth.
SINA Corporation (SINA) History:
- In 1996, Stone Lifang acquired the website Inimedia founded by Wang Yan and his classmate Li Songbo at the high school affiliated to Peking University. In June, it was renamed Lifang Online SRSNet. Lifang Online gradually became the most visited portal in mainland China.
- In September 1997, Stone Lifang successfully introduced new investments from three international high-tech venture capital companies, including Walden International Investment Group (Walden), and successfully implemented international transformation. It was the first domestic company to introduce venture capital mechanisms and “Silicon Valley” management. Model software enterprise.
- On November 30, 1998, Sina.com was established with Wang Zhidong as its president. Sina later joined forces with traditional media to gradually expand its influence in China. Until the listing, Sina’s main income was RichWin Chinese platform software. In September 1999, Wang Zhidong was appointed as the president and CEO of Sina, and Jiang Fengnian served as the vice chairman.
- In early 2000, Sina issued 4 million common shares at an issue price of $17 per share and listed on the Nasdaq. The stock price initially reached around US$40, then fell to around US$1.6 due to the burst of the Internet bubble, and only began to rebound in 2002.
- On June 1, 2001, Sina’s board of directors voted one abstention and four votes in favor of removing Wang Zhidong from the position of CEO and director. On June 3, 2001, Sina announced that Wang Zhidong had resigned due to personal reasons. Former Walden International Vice President (1993-1999), Stone Lifang (predecessor of Sina) President (1999-2001), Sina COO Mao Daolin (1963-) transferred to CEO, China General Manager Wang Yan was promoted President of Sina. After Wang Zhidong’s conflict with Sina intensified, he took the initiative to return to work at Sina. Finally, Wang Zhidong left Sina and established Click Technology.
- On October 1, 2001, Sina.com acquired 29% of Sunshine Culture Network Television Holdings Co., Ltd. and established a joint venture Sunshine Culture Media Group Co., Ltd. At the end of fiscal year 2002, Sunshine Culture lost more than US$3 million.
- On May 12, 2003, Mao Daolin resigned and Wang Yan (May 1972 -) was appointed CEO.
- On February 18, 2005, Shanda Network disclosed that it had acquired 19.5% of Sina’s issued common shares and intended to continue to expand the number of shares acquired. Sina launched the D-13 anti-acquisition operation, and Shanda Network finally withdrew from the acquisition operation (Poison Pill Project).
- On June 30, 2005, Sina released the self-developed search engine product “Aiwen”, with Wang Yan as its image spokesperson.
- On March 7, 2006, Jiang Fengnian resigned as co-chairman of Sina.com.
- In May 2006, Wang Yan retired from Sina’s management and assumed the position of vice chairman of Sina. Cao Guowei (November 10, 1965 -) took over as CEO.
- On March 31, 2008, Duan Yongji completely withdrew from the Sina board of directors, and Wang Yan took over as acting chairman.
- In August 2011, Sina invested twice in Tudou, accounting for 9.05%. The total transaction amount was US$66.4 million, and the average cost was US$25.86 per ADS.
- On August 31, 2012, Sina announced that Wang Yan formally stepped down as chairman and appointed the current CEO Cao Guowei as the chairman and CEO of Sina. This appointment will take effect immediately and Wang Yan will continue to serve as a director of Sina; Sina also announced that it will establish A charity fund, run and run by Wang Yan.
- On February 19, 2013, Sina announced in Shanghai, China, that Chief Operating Officer Du Hong (December 7, 1970 -) was promoted to Chief Operating Officer and Co-President, and Xu Liangjie (May 12, 1978 -) was appointed as Chief Technology Officer And co-president.
- On April 29, 2013, Ali invested in Sina Weibo, accounting for 18% of the shares.
- On April 17, 2014, Sina Weibo WB was officially listed on the Nasdaq in the United States .
- In November 2015, the media reported that Alibaba Group intends to acquire Sina, and completely stopped social recruitment, and initiated business integration and business optimization. Once Alibaba successfully acquires Sina, it will fill an important link in Alibaba’s media chain.
SINA Corporation (SINA) investment:
On September 28, 2020, Sina announced that it had agreed to be privatized by NEW WAVE at a price of US$43.30 per share, which was nearly 6% higher than the initial price of US$41. The privatization means that Sina will change from a public company to a private company and thus delist from the US.
New Wave MMXV Limited is controlled by Sina Chairman and CEO Cao Guowei. New Wave will acquire all of Sina’s outstanding common stock valued at approximately US$2.59 billion. In July of this year, Sina announced that the company’s board of directors had received a non-binding privatization offer from New Wave. The proposed price of the offer was $41 in cash per share.
The transaction is expected to be completed in the first quarter of 2021, and Sina will delist from Nasdaq.