BEIJING, Dec. 31, 2019 /PRNewswire/ -- SINA
Corporation (the "Company" or "SINA") (NASDAQ GS: SINA), a leading
online media company serving China
and the global Chinese communities, today announced that its board
of directors has authorized a share repurchase program under which
the Company may repurchase up to US$500
million of its ordinary
shares over the next 12 months, or the 2020 New Program.
In August 2018, SINA's board of
directors approved a share repurchase plan whereby SINA is
authorized to repurchase its own ordinary shares with an aggregate
value of up to $500 million for a
period through the end of December
2019, or the 2019 Program. As of December 31, 2019, the Company has repurchased
approximately 2.2 million shares for approximately $82.1 million under the 2019 Program. SINA's
board of directors has approved the 2020 New Program whereby,
following the expiry of the 2019 Program, SINA is authorized to
repurchase its own ordinary shares subject to the aforementioned
value threshold and term. SINA expects to fund the repurchases out
of its existing cash balance. The share repurchases may be
effected on the open market at prevailing market prices and/or in
negotiated transactions off the market from time to time as market
conditions warrant and will be implemented in accordance with
applicable rules under the U.S. Securities Exchange Act of 1934, as
amended.
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
