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MarketScreener Homepage  >  Equities  >  Nasdaq  >  SINA Corporation    SINA   KYG814771047

SINA CORPORATION

(SINA)
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Weibo-owner Sina to go private in $2.6 billion deal with CEO-led firm

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09/28/2020 | 07:36am EDT
Sina Weibo's booth is pictured at the GMIC in Beijing

Sina Corp, owner of social media platform Weibo, will be taken private in a $2.6 billion deal with Chief Executive Officer Charles Chao, the Chinese internet company said on Monday.

The offer price of $43.3 per share is at an 18% premium to the stock's closing price on July 2, the last trading day before Sina received the preliminary offer of $41 per share.

U.S.-listed shares of Sina rose more than 6% in premarket trading.

Chao's holding company, New Wave, is the largest shareholder of Sina, with a 12.15% stake as of July 10, according to Refinitiv-Eikon data.

Many Chinese companies are opting out of U.S. stock exchanges, following rising tensions between the world's two largest economies, by considering go-private deals or returning to equity markets closer to home.

E-commerce firms Alibaba and JD.com have completed secondary listings in Hong Kong. Others including travel firm Ctrip and Baidu were considering Hong Kong listings, Reuters reported earlier this year.

Sina said Morgan Stanley Asia Ltd is acting as a financial adviser to the special committee it had formed to evaluate the proposal.

The deal is expected to close during the first quarter of 2021, Sina said.

(Reporting by Munsif Vengattil and Ayanti Bera in Bengaluru; Editing by Arun Koyyur and Anil D'Silva)


Stocks mentioned in the article
ChangeLast1st jan.
ALIBABA GROUP HOLDING LIMITED -0.59% 307.97 Delayed Quote.46.07%
BAIDU, INC. 3.66% 134.84 Delayed Quote.2.91%
MORGAN STANLEY -2.12% 50.38 Delayed Quote.0.68%
SINA CORPORATION 0.45% 42.8 Delayed Quote.6.71%
TRIP.COM GROUP LIMITED -0.13% 30.04 Delayed Quote.-10.32%
WEIBO CORPORATION 1.58% 39.29 Delayed Quote.-16.55%
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Financials (USD)
Sales 2020 2 126 M - -
Net income 2020 115 M - -
Net cash 2020 1 505 M - -
P/E ratio 2020 22,1x
Yield 2020 -
Capitalization 2 545 M 2 545 M -
EV / Sales 2020 0,49x
EV / Sales 2021 0,24x
Nbr of Employees 8 300
Free-Float 68,3%
Chart SINA CORPORATION
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Technical analysis trends SINA CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 41,72 $
Last Close Price 42,61 $
Spread / Highest target 33,8%
Spread / Average Target -2,09%
Spread / Lowest Target -15,5%
EPS Revisions
Managers
NameTitle
Guo Wei Chao Chairman & Chief Executive Officer
Hong Du President & Chief Operating Officer
Yi Zhang Chief Financial Officer
Song-Yi Zhang Independent Director
Yan Wang Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
SINA CORPORATION6.71%2 545
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TWITTER44.62%36 559
MATCH GROUP, INC.39.89%29 865
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NEW WORK SE-18.49%1 582