SINA Corporation Announces Proposed Offering of US$600 Million Convertible Senior Notes and Concurrent Share Repurchase

  SINA Corporation Announces Proposed Offering of US$600 Million Convertible
                 Senior Notes and Concurrent Share Repurchase

PR Newswire

SHANGHAI, Nov. 13, 2013

SHANGHAI, Nov. 13, 2013 /PRNewswire-FirstCall/ -- SINA Corporation (NASDAQ:
SINA) ("SINA" or the "Company"), a leading Internet media company serving
China and the global Chinese communities, today announced that it proposes to
offer up to US$600 million in aggregate principal amount of convertible senior
notes due 2018 (the "notes"), subject to market conditions. The conversion
rate and other terms of the notes have not been finalized and will be
determined at the time of pricing of the offering. The Company intends to
grant to the initial purchaser a 30-day option to purchase up to an additional
US$90 million principal amount of notes solely to cover over-allotments, if
any. The notes will be convertible into the Company's ordinary shares
("ordinary shares"), at the option of the holders, in integral multiples of
US$1,000 principal amount, at any time prior to the close of business on the
second business day immediately preceding the maturity date. SINA will not
have the right to redeem the notes prior to maturity except for certain
circumstances involving changes in the tax laws for the relevant taxing
jurisdiction. Holders of the notes will have the right to require the Company
to repurchase for cash all or part of their notes on December 1, 2016 or upon
the occurrence of certain fundamental changes at a repurchase price equal to
100% of the principal amount of the notes to be repurchased, plus accrued and
unpaid interest to, but excluding, the repurchase date.

The Company plans to use $100 million of the net proceeds from the offering to
concurrently repurchase its own outstanding ordinary shares. The remainder of
the net proceeds of the offering will be used for general corporate purposes,
including working capital needs and potential acquisition of complementary
businesses.

The notes, the ordinary shares deliverable upon conversion of the notes, have
not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities laws. They may not be offered or
sold within the United States or to U.S. persons, except to qualified
institutional buyers in reliance on the exemption from registration provided
by Rule 144A under the Securities Act, or in reliance on other exemptions from
registration under the Securities Act.

This press release shall not constitute an offer to sell or a solicitation of
an offer to purchase any of these securities, in the United States or
elsewhere, and shall not constitute an offer, solicitation or sale of the
notes, the ordinary shares in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful. Any public offering of
securities to be made in the United States will be made by means of a
prospectus that may be obtained from the issuer or the selling security holder
and that will contain detailed information about the company and management,
as well as financial statements.

This press release contains information about the pending offering of the
notes, and there can be no assurance that the offering will be completed.

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of
Section 27A of the Securities Act, and Section 21E of the Securities Exchange
Act of 1934, as amended. These statements are made under the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as "may,"
"will," "expect," "anticipate," "future," "intend," "plan," "believe,"
"estimate," "is/are likely to," "confident" or other similar statements. SINA
may also make forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, 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. All information provided
in this press release is as of the date of the issuance, and SINA assumes no
obligation to update the forward-looking statements in this press release and
elsewhere except as required under applicable law. Statements that are not
historical facts, including statements about the Company's beliefs and
expectations, are forward-looking 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: SINA's limited operating history in certain new businesses;
the global financial and credit market crisis and its impact on the Chinese
economy; the uncertain regulatory landscape in China; fluctuations in the
Company's quarterly operating results; the Company's reliance on online
advertising sales and MVAS for a majority of its revenues; failure to
successfully develop, introduce, drive adoption of or monetize new features
and products, including portal, Weibo and MVAS products; failure to enter and
develop the small and medium enterprise market by the Company or through
cooperation with third parties, such a Alibaba; the Company's reliance on
mobile operators in China to provide MVAS and changes in mobile operators'
policies for MVAS in China; 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, 2012 and other filings with the Securities and
Exchange Commission.

For further information, please contact:

Investor Relations
SINA Corporation
Phone: 8610-8262-8888 x 3112
Email: ir@staff.sina.com.cn

SOURCE SINA Corporation

Website: http://www.sina.com
 
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