SHANGHAI, China, Dec. 11 /PRNewswire-Asia/ -- SINA Corporation
(Nasdaq: SINA), a leading online media company and mobile value-added service (MVAS) provider for China and for the global Chinese communities, today announced that its Board of Directors has authorized the repurchase of up to US$100 million of the Company's ordinary shares within the next 12 months. The stock repurchase program may be limited or terminated at any time without prior notice. Stock repurchases under this program may be made through open market purchases, in negotiated transactions off the market, in block trades pursuant to a 10b5-1 plan, which would give a third party independent discretion to make purchases of the Company's ordinary shares, or otherwise and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on market conditions, trading price and other factors and in accordance with the Securities and Exchange Commission requirements. The Company plans to fund the repurchase from existing cash reserves.
About SINA
SINA Corporation (Nasdaq: SINA) is a leading online media company and value-added information service provider in the People's Republic of China and for the global Chinese communities. With a branded network of localized web sites targeting Greater China and overseas Chinese, the Company provides services through five major business lines including SINA.com (online news and content), SINA Mobile (MVAS), SINA Community (Web 2.0-based services and games), SINA.net (search and enterprise services) and SINA E-Commerce (online shopping). Together these business lines provide an array of services including region-focused online portals, MVAS, search and directory, interest-based and community-building channels, free and premium email, blog services, audio and video streaming, game community services, classified listings, fee-based services, e-commerce and enterprise e-solutions. The Company generates the majority of its revenues from online advertising and MVAS offerings, and, to a lesser extent, from search and other fee-based services.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by this section. These forward-looking statements include statements regarding potential repurchase by SINA of its ordinary shares in the open market or in private transactions. There is no certainty as to whether or when SINA will repurchase any of its ordinary shares. Whether, when or how many ordinary shares SINA repurchases is subject to a number of risks and uncertainties, including the trading price of SINA's ordinary shares, the amount of available cash reserves and alternative uses for such reserves, the business judgment of SINA's management and its Board of Directors as to the advisability of any repurchases, and other factors related to compliance with applicable corporate and federal securities laws. SINA assumes no obligation to update the forward-looking information contained in this press release.
For more information, please contact:
Cathy Peng
SINA Corporation
Tel: +86-10-8262-8888 x3112
Email: ir@staff.sina.com.cn
