Key Developments For SINA Corporation
SINA Corporation (SINA.O) (Nasdaq)
SINA Corporation Issues Q4 2009 Revenue Outlook Below Analysts' Estimates
SINA Corporation announced that for the fourth quarter of 2009, it expects total revenues to be between $93 and $96 million. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $99 million for the same period.
China Real Estate Information Corporation Announces Merger With SINA Corporation's Online Real Estate Business
China Real Estate Information Corporation announced merger with the online real estate business of SINA Corporation. Upon the completion of the IPO and the SINA Transaction, E-House (China) Holdings Limited remained the majority shareholder of CRIC with 50.04% of the total outstanding shares, and SINA became CRIC's second largest shareholder with 33.35% of the total outstanding shares. Credit Suisse and UBS AG acted as joint book runners, and BofA Merrill Lynch acted as senior co-manager for the IPO.
SINA Corporation Announces That It Will Not Negotiate To Extend The Deadline For Its Merger With Focus Media Holding Limited's Digital Out-of-Home Business
SINA Corporation announced that the Company and Focus Media Holding Limited, have jointly reached a decision to not extend the deadline of the agreement announced on December 22, 2008, by which the Company agreed to acquire substantially all of the assets of Focus Media's digital out-of-home advertising networks. The agreement was set to expire if approval from the Chinese Ministry of Commerce was not received by September 30, 2009.
SINA Corporation Announces $180 Million Private Equity Financing
SINA Corporation announced that it has entered into a definitive agreement for a private equity placement of its ordinary shares with New-Wave Investment Holding Company Limited (New-Wave), a British Virgin Islands company established and controlled by Charles Chao, SINA's Chief Executive Officer, and other members of SINA's management. At the closing, SINA will receive gross proceeds of $180 million, and New-Wave will receive approximately 5.6 million ordinary shares in SINA. The closing of the financing is subject to customary conditions. The shares issued to New-Wave will be subject to a six month lock-up and will have customary registration rights pursuant to a Registration Rights Agreement entered into between SINA and New-Wave. The Company expects to use the proceeds of the financing for future acquisitions and general corporate purposes.
SINA Corporation Issues Q3 2009 Revenue Guidance Below Analysts' Estimates
SINA Corporation announced that for third quarter of 2009, it expects total revenues to be between $91 and $94 million, with advertising revenues to be between $60 and $62 million and non-advertising revenues to be between $31 and $32 million. Stock-based compensation for the third quarter of 2009 is expected to be approximately $3 million to $4 million, which excludes any new shares that may be granted. According to Reuters Estimates, analysts were expecting the Company to report revenue of $96 million for the same period.
