BEIJING, Dec. 27, 2019 /PRNewswire/ -- SINA Corporation
(the "Company") (NASDAQ GS: SINA), a leading online media company
serving China and the global
Chinese communities, today announced that the Netherlands
Arbitration Institute (the "NAI") recently rendered an arbitral
award regarding the dispute between GeoSolutions B.V. ("GSBV") and
its parent company GeoSolutions Holdings N.V. ("GHNV", together
with GSBV, "GeoSolutions") as claimants on one hand, and Sina Hong
Kong Limited, a subsidiary of the Company ("SINA HK") and GyPSii
(Shanghai) Co. Ltd. ("GyPSii"), a
joint venture that is 60% owned by SINA HK and 40% owned by GHNV,
as respondents on the other hand, and rendered an award in favor of
GSBV.
The arbitrators of NAI found that SINA HK was a party to, and
had breached, a license agreement with GSBV and ordered that SINA
HK and GyPSii be jointly and severally obligated to pay GSBV as
stipulated under the arbitral award. The arbitrators rejected
GeoSolutions' other requests for relief against SINA HK, including
a declaration of infringement of copyright and payout of part of
Weibo's market value.
The Company considers the arbitral award unjustified and
groundless. SINA HK is considering legal and other actions
available to protect its interests, while evaluating the financial
impact of the award on SINA HK. As a result of the award and the
fact that SINA HK is a consolidated subsidiary of the Company, the
Company expects to record a one-time litigation reserve of
approximately US$126 million in the
fourth quarter of 2019.
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 offer 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.
Contact:
Investor Relations
SINA Corporation
Phone: +86-10-5898-3336
Email: ir@staff.sina.com.cn
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SOURCE SINA Corporation
