A leading Internet portal and media company, Sina conducted an IPO (Initial Public Offering) of Weibo, its social media subsidiary, in April 2014, and remained the majority shareholder. Alibaba owns about 30 percent of Weibo.
The transaction enables mobile device users to move more
easily between social media
and ecommerce. It followed a transaction, a year earlier, in which Alibaba purchased an 18 percent stake in Weibo, a combination of Facebook and Twitter.
Sina operates three primary businesses: Sina.com, an online portal that offers news, entertainment and other content; Sina.cn, a mobile portal; and Weibo.com, the social networking and micro-blogging site with around 160 million active monthly users. Advertising generates most of Sina’s revenue.
Net income declined 33 percent to $17 billion on a 26 percent revenue rise to $358 million, in the first half of 2014. For the full year 2013, net income increased 42 percent to $45 million on a 26 percent revenue rise to $665 million. Sina was listed on the NASDAQ Stock Exchange in 2000.