Sina Tumbles on Concern Weibo’s IPO to Shrink Valuations
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Sina Corp. sank to the lowest level since June on concern the initial public offering of its Twitter-like unit will shrink its valuation.
Shares of Shanghai-based Sina fell 4.9 percent to $53.59 today in New York, extending its three-day decline to 13 percent. The Bloomberg China-US Equity Index of the most-traded Chinese stocks in the U.S. dropped 0.8 percent to 97.68.