SINA Shareholders Vote Against Each of Aristeia's Two Nominees
BEIJING, Nov. 3, 2017 /PRNewswire/ -- SINA Corporation ("SINA" or the "Company") (SINA), a leading online media company serving China and the global Chinese communities, today announced that, based on a preliminary vote count provided by its proxy solicitor following the Company's 2017 Annual General Meeting of Shareholders (the "Annual General Meeting") held earlier today, SINA shareholders have voted to re-elect SINA director, Yichen Zhang. The two nominees proposed by SINA shareholder Aristeia Capital, L.L.C. ("Aristeia"), Brett Krause and Thomas Manning, were not elected to the Board.
Based on proxies submitted, the quorum at the Annual General Meeting was approximately 72% of SINA's outstanding shares. The estimated preliminary tabulation of the voting results for the proposals presented indicates that more than 85% of votes cast were in support of Mr. Zhang and more than 75% and 55% of votes cast were against Messrs. Krause and Manning, respectively.
Charles Chao, Chairman of the Board and Chief Executive Officer of SINA, stated:
"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 2017 Annual General Meeting results announced today are considered preliminary until final results are tabulated and certified by the independent Inspector of Elections. Final results will be reported on a Form 6-K that will be filed with the U.S. Securities and Exchange Commission, at which time they will become available on http://corp.sina.com.cn/eng/AGM/ and www.sec.gov.
We are an online media company serving China and the global Chinese communities. Our digital media network of SINA.com (portal), SINA.cn (mobile portal), SINA Mobile Apps and Weibo.com (social media) enable Internet users to access professional media and user generated content in multi-media formats from the web and mobile devices and share their interests to friends and acquaintances.
SINA.com offers distinct and targeted professional content on each of its region-specific websites and a full range of complementary offerings. SINA.cn and SINA Mobile Apps provide news information, professional and entertainment content from SINA.com customized for mobile users in WAP (mobile browser) and mobile application format. Weibo is a leading social media platform for people to create, distribute and discover Chinese-language content. Based on an open platform architecture, Weibo allows users to create and post feeds and attach multi-media content, as well as access a wide range of organically and third-party developed applications, such as online games.
Through these properties and other product lines, we offer an array of online media and social media services to our users to create a rich canvas for businesses and advertisers to effectively connect and engage with their targeted audiences.
Safe Harbor Statement
This communication contains forward-looking statements that relate to, among other things, SINA's expected performance and SINA's strategic and operational plans. SINA may also make forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), 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. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "confidence," "estimates" and similar 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, failure to meet internal or external expectations of future performance given the rapidly evolving markets; condition of the global financial and credit market; the uncertain regulatory landscape in China; fluctuations in the Company's quarterly operating results; the Company's reliance on online advertising sales and value-added services for a majority of its revenues; failure to successfully develop, introduce, drive adoption of or monetize new features and products; failure to enter and develop the small and medium enterprise market by the Company or through cooperation with other parties; 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, 2016 and its other filings with the SEC. Past performance is not necessarily indicative of future results. Given these uncertainties, you should not place undue reliance on these forward-looking statements. The information in this communication is provided only as of the date hereof, and SINA assumes no obligation to update its forward-looking statements in this communication or elsewhere, except as required by law.
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