SINA Corporation Files Investor Presentation Highlighting Record of Performance and Value Creation
Thursday, October 12, 2017
Urges Shareholders to Vote "FOR" the Election of Yichen Zhang and "AGAINST" the Election of Each of Aristeia's Nominees on the WHITE Proxy Card TODAY
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 shares((2))
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, 2016(5)
-- 11.5% drop in AUM as reported on January 1, 2017(6)
-- 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 date(7)
-- 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
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.
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.
Phone: 8610-5898 3336
Larry Miller / Scott Winter
Innisfree M&A Incorporated
Ed Trissel / Nick Lamplough
Joele Frank, Wilkinson Brimmer Katcher
View original content:http://www.prnewswire.com/news-releases/sina-corporation-files-investor-presentation-highlighting-record-of-performance-and-value-creation-300535485.html
SOURCE SINA Corporation
||Guotai Junan won the Golden Bauhinia Award of China securities - the "Best listed company of New Media brand communication" | Dec 14, 2017
||Saveco CEO Achieves Two Top Spots in This Year's Business Worldwide Magazine Award | Dec 14, 2017
||51job, Inc. Announces Results of Annual Shareholders Meeting | Dec 14, 2017
||Miaozhen Systems Announced Its Investment in MaLogic | Dec 14, 2017
||Modern Promos Promotes Robert Job to Executive Vice President of Growth Strategy | Dec 14, 2017
||ICF to Acquire The Future Customer | Dec 14, 2017
||Scientific Games Interactive Brings Online Games to Italy | Dec 14, 2017
||Intravascular Temperature Management Market 2017-2022 - Key Players are 3M, Smiths, ZOLL Medical, The 37Company, Belmont Instrument, Biegler and BD | Dec 14, 2017
||NPAW Unveils Ultramodern Office in Heart of "Barcelona's Silicon Valley" | Dec 14, 2017
||Global Electric Vehicle Power Electronics Market 2017-2021: Market to Grow at a CAGR of 18.62% | Dec 14, 2017