BEIJING, Oct. 12, 2017 /PRNewswire/ -- SINA
Corporation ("SINA" or the "Company") (NASDAQ: SINA), a leading
online media company serving China
and the global Chinese communities, today announced that it has
filed an investor presentation with the Securities and Exchange
Commission in connection with the Company's 2017 Annual General
Meeting of Shareholders (the "Annual General Meeting") to be held
on November 3, 2017. SINA
shareholders of record at the close of business on September 20, 2017 are entitled to attend and
vote at the Annual General Meeting.
The presentation and other important information related to the
Annual General Meeting can be found on the Company's website at
http://corp.sina.com.cn/eng/AGM/.
Highlights of the SINA presentation include:
SINA's Board and management team are creating significant
shareholder value. Under this Board, SINA has achieved outstanding
financial and operational performance, including delivering record
results across key metrics in the second quarter of
2017.
- In the second quarter of 2017, SINA delivered record non-GAAP
income from operations growth of 235% year-over-year and record net
revenue growth of 48% year-over-year
- SINA's relative share performance has grown 213%1
over three years, outperforming the NASDAQ Composite Index and
relevant peers
SINA has the right Board in place, with significant relevant
experience in China's Internet
industry, professional online media and social media businesses as
well as in finance and asset management at publicly-traded
companies operating in China. Each
SINA director also brings executive leadership experience.
- Directors with diverse backgrounds of experience and
familiarity with the Chinese market were carefully selected for
your Board
- SINA's nominee, Yichen Zhang,
brings more than 25 years of finance and capital markets industry
experience in China, with in-depth
institutional knowledge and investment management expertise
- SINA's Board developed and executed a long-term vision to fully
incubate Weibo within SINA, identifying key investments that have
supported Weibo's infrastructure and further contributed to its
tremendous growth and outperformance. The Board's strategy,
management and oversight of Weibo until Weibo's IPO created an
opportunity for SINA shareholders to benefit greatly from Weibo's
growth through SINA's approximately 123% share price appreciation
since Weibo's IPO and through its distribution of Weibo
shares2
The Board is highly aligned with the interests of all
shareholders and has returned more than $1.7
billion to shareholders through repurchases and dividends in
just three years. The Board collectively owns approximately 12.8%
of SINA's outstanding shares – approximately
200%3 more than Aristeia Capital
L.L.C.
- Since Mr. Chao declared the stock a significant buying
opportunity in 2015 and personally purchased SINA shares at an
above-market price, SINA shares have appreciated by approximately
210%4
Aristeia's nominees lack understanding and experience, while
Aristeia's real issues seem to be its own fund redemptions and
questionable trading calls during a period of share growth at SINA.
Aristeia has no credible plan and its proposals are either not
viable or would destroy shareholder value.
- Aristeia's assets under management sharply declining
-
- 48.4% drop in AUM as reported on July 1,
20165
- 11.5% drop in AUM as reported on January
1, 20176
- Aristeia engaged in sales of a significant amount of shares and
equity related instruments of SINA throughout 2015 and 2016 –
including in June 2015, when SINA was
publicly demonstrating the value opportunity of SINA shares through
the significant purchase by Chairman and Chief Executive Officer,
Charles Chao, at an above market
price. Aristeia ultimately sold a significant amount of shares and
options, thereby missing the opportunity to achieve the millions of
dollars in profits your Board delivered over the next two years.
The SINA Board is not accountable for Aristeia's hindsight regrets
resulting from its short-term trading strategy and lack of
long-term vision
SINA is already executing certain Aristeia ideas, but with a
responsible and informed approach.
- SINA has an ongoing Share Repurchase Plan of US$500 million through June 30, 2018, under which US$311 million of shares have been
repurchased
-
- SINA is distributing Weibo shares, with approximately
US$1.4 billion of Weibo shares
distributed to date7
- SINA's Board and management team have demonstrated prudent
capital allocation, regularly exploring, developing and investing
in value-enhancing opportunities to increase business scale,
diversify business models to generate sustained growth and return
capital to shareholders
Your Vote Is Important, No Matter How Many or
How Few Shares You Own!
If you have questions about how to vote your
shares, please contact:
INNISFREE M&A INCORPORATED
Shareholders may call toll-free (from the U.S.
and Canada): 877-750-5834
International shareholders may call:
+1-412-232-3651
Banks and brokers (call collect):
212-750-5833
Please visit
http://corp.sina.com.cn/eng/AGM/ for more
information.
About SINA
We are an online media company serving China and the global Chinese communities. Our
digital media network of SINA.com (portal), SINA.cn (mobile
portal), SINA Mobile Apps and Weibo.com (social media) enable
Internet users to access professional media and user generated
content in multi-media formats from the web and mobile devices and
share their interests to 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.
Safe Harbor Statement
This communication contains forward-looking statements that
relate to, among other things, SINA's expected performance and
SINA's strategic and operational plans. SINA may also make
forward-looking statements in the Company's periodic reports to the
U.S. Securities and Exchange Commission (the "SEC"), 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. 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, 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; failure to enter and develop
the small and medium enterprise market by the Company or through
cooperation with other parties; 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, 2016 and its other
filings with the SEC. Past performance is not necessarily
indicative of future results. Given these uncertainties, you should
not place undue reliance on these forward-looking statements. The
information in this communication is provided only as of the date
hereof, and SINA assumes no obligation to update its
forward-looking statements in this communication or elsewhere,
except as required by law.
1 All metrics are based on market data as of
October 6, 2017. Based on mean of
peers: AMZN, AMZN, BABA, CTRP, WUBA, GOOG, ATHM, JD, SOHU, BIDU,
FENG VIPS, and SFUN. Source: Nasdaq.
2 Based on SINA's closing share price on April 17, 2014 and October
6, 2017. Source: Nasdaq.
3 Based on company data as of September 15, 2017 and Aristeia's statement on
September 27, 2017.
4 Based on SINA's closing share price on May 29, 2015 and October
6, 2017. Source: Nasdaq.
5 Source: Absolute Return.
6 Source: Absolute Return.
7 Valuation based on Weibo closing share price on
October 9, 2017.
Contacts
Investor Relations
SINA Corporation
Phone: 8610-5898 3336
Email: ir@staff.SINA.com.cn
Larry Miller / Scott Winter
Innisfree M&A Incorporated
Phone: 212-750-5833
Media
Ed Trissel / Nick Lamplough
Joele Frank, Wilkinson Brimmer
Katcher
Phone: 212-355-4449
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SOURCE SINA Corporation