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Featured Company News – SINA’s Shareholders Demonstrate Their Faith by Re-Electing Director Yichen Zhang

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LONDON, UK / ACCESSWIRE / November 6, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for SINA Corp. (NASDAQ: SINA), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=SINA. The Company announced on November 03, 2017, the results of shareholders voting at the 2017 Annual General Meeting (AGM) of Shareholders held on the same day. The voting was done to elect members to the Company's Board of Directors. The nominees included SINA's existing director, Yichen Zhang, as well as two nominees of US Hedge Fund and activist investor Aristeia Capital, L.L.C. - Brett Krause and Thomas Manning. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Results of the voting by Shareholders

The total votes by SINA's shareholders represented approximately 72% of SINA's outstanding shares. A majority of nearly 85% of the shareholders' votes were in favor of the existing director, Yichen Zhang, while nearly 75% of votes were against the election of Brett Krause and 55% votes were against Thomas Manning.

The voting results announced for the 2017 Shareholders AGM are preliminary in nature. The results will be considered final once they are certified by the independent Inspector of Elections and filed with the US Securities and Exchange Commission.

Sharing his views on the matter, Charles Chao, Chairman of the Board and CEO of SINA said:

"SINA's Board and management team are grateful for shareholders' support, input, and participation in our 2017 Annual General Meeting. We are pleased that shareholders recognize the transformative growth and the unique value of the Company. We will continue engaging constructively with our shareholders toward our common goal of long-term value creation."

The shareholders' overwhelming vote brings an end to the proxy war between SINA and Aristeia.

Aristeia's Response

After getting the preliminary voting result of SINA's shareholders, Aristeia expressed its disappointment with the results. However, it pointed out that the results revealed that non-insider shareholders had supported Aristeia's nominees and its plans for SINA.

Commenting on the matter Robert H. Lynch, Jr., Partner, Aristeia Capital, L.L.C., said:

"The fact that this contest was close – and that its outcome could have been different if the vote of any single, material shareholder had changed – should send a clear message to Sina that its shareholders' patience will not be infinite. We will continue to pursue all avenues – including, if they are willing to engage with us, by working directly with SINA's leaders – to further the goals of maximizing shareholder value and enhancing corporate governance that we began with this contest."

Backdrop

SINA is the force behind Weibo Corp. (NASDAQ:WB), one of the most popular social media and microblogging website in China and owns 46% stake in Weibo.

The major point of contention behind the SINA-Aristeia proxy war is the valuation of SINA's shares post the listing of Weibo. Although SINA's shares have doubled in value and have grown over 70% in FY17, Aristeia feels that the performance of SINA's shares is due to the increase in value of Weibo's shares. SINA's management could improve and include its corporate governance record. Aristeia even questioned the composition of SINA's Board which has only 5 members, with the Chairman position being a permanent one and only one director's position available every year. Aristeia aimed to improve the Company's corporate governance record and create value for shareholders with its inclusion to the Board. Aristeia had suggested the sale or reverse merger of the Company to unlock value. The reverse merger is where Wiebo becomes the parent Company of SINA, instead of the current scenario where SINA is the parent company with a majority shareholding in Weibo.

In September 2017, Aristeia sent a notice to SINA nominating two of its representatives for election to SINA's Board during the Company's Shareholders AGM which was scheduled for November 03, 2017. Aristeia owned approximately 3.5% of SINA's shares as on September 25, 2017, and is one of the fifth largest shareholder in the Company. SINA acknowledged the receipt of the nomination from Aristeia.

SINA's management was not impressed with Aristeia's suggestions and felt that they would lead to "financial engineering maneuvers that will introduce substantial risk" to the Company. SINA felt that some of Aristeia's suggestions were simply not feasible. SINA felt that Aristeia did not know much about the workings of China's internet sector or about China's telecom and media rules. SINA also informed its shareholders that Aristeia's nominees did not have the experience or the skills that its current Board members have and hence would not bring any value.

About SINA Corp.

Beijing, China based SINA was founded in 1997 and is an online media Company serving China and the global Chinese communities. It operates SINA.com, an online brand advertising portal, SINA mobile, a mobile portal and social media website Weibo.com. Through these properties and other product lines and businesses, the Company offers an array of online media and social networking services to its users. This platform allows businesses and brand advertisers to connect and engage with their targeted audiences.

About Aristeia Capital, L.L.C.

Greenwich, Connecticut based Aristeia was founded in 1997 and is a global investment manager with a twenty-year track record of executing fundamentally based strategies across the capital structure. The Company aims to achieve superior, risk-adjusted returns for an investor base that includes pension plans, endowments, foundations, other institutions, and private clients. The firm also has an office in New York City.

Last Close Stock Review

SINA's share price finished last Friday's trading session at $109.46, advancing 1.03%. A total volume of 519.50 thousand shares have exchanged hands. The Company's stock price soared 9.10% in the last three months, 48.52% in the past six months, and 70.04% in the previous twelve months. Additionally, the stock skyrocketed 95.13% since the start of the year. Shares of the Company have a PE ratio of 36.87 and currently have a market cap of $7.75 billion.

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