|
| ||||
| PARTNERS JOHN ADEBIYI ¿ CHRISTOPHER W. BETTS EDWARD H.P. LAM ¿* G.S. PAUL MITCHARD QC ¿ CLIVE W. ROUGH ¿ JONATHAN B. STONE * ALEC P. TRACY * ¿ (ALSO ADMITTED IN ENGLAND & WALES) * (ALSO ADMITTED IN NEW YORK)
REGISTERED FOREIGN LAWYERS Z. JULIE GAO (CALIFORNIA) GREGORY G.H. MIAO (NEW YORK) ALAN G. SCHIFFMAN (NEW YORK) |
42/F, EDINBURGH TOWER, THE LANDMARK 15 QUEEN’S ROAD CENTRAL, HONG KONG
TEL: (852) 3740-4700 FAX: (852) 3740-4727 www.skadden.com
March 20, 2014 |
AFFILIATE OFFICES
BOSTON CHICAGO HOUSTON LOS ANGELES NEW YORK PALO ALTO WASHINGTON, D.C. WILMINGTON
BEIJING BRUSSELS FRANKFURT LONDON MOSCOW MUNICH PARIS SÃO PAULO SHANGHAI SINGAPORE SYDNEY TOKYO TORONTO | ||
VIA EDGAR
Barbara C. Jacobs, Assistant Director
Maryse Mills-Apenteng, Special Counsel
Ji Kim, Attorney-Adviser
Craig Wilson, Senior Assistant Chief Accountant
David Edgar, Staff Accountant
Division of Corporation Finance
Securities and Exchange Commission
100 F Street, N.E.
Washington, D.C. 20549
| RE: |
Weibo Corporation CIK No. 1595761 Supplemental Response to the Staff’s Comment #2 in the Letter Dated March 11, 2014 |
Dear Ms. Jacobs, Ms. Mills-Apenteng, Ms. Kim, Mr. Wilson and Mr. Edgar:
On behalf of our client, Weibo Corporation, a foreign private issuer organized under the laws of the Cayman Islands (the “Company”), we submit to the staff (the “Staff”) of the Securities and Exchange Commission as Annex I to this letter, copies of media reports and other public communications of which the Company is aware of, including Chinese language articles, of which the Company has arranged to have translated the relevant portions into English, in response to comment #2 contained in the Staff’s letter dated March 11, 2014.
* * *
March 20, 2014
Page 2
If you have any questions regarding the Registration Statement, please contact the undersigned by phone at +852-3740-4863 or by e-mail at julie.gao@skadden.com.
| Very truly yours, |
| /s/ Z. Julie Gao |
Enclosures
| cc: | Charles Chao, Chairman, Weibo Corporation Gaofei Wang, Chief Executive Officer, Weibo Corporation Herman Yu, Acting Chief Financial Officer, Weibo Corporation Elton Yeung, Partner, PricewaterhouseCoopers Zhong Tian LLP Alan Seem, Partner, Shearman & Sterling LLP |
2
Annex I
Copies of Media Reports
(In Response to the Staff’s Comment #2)
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
| Sources in English (A) | ||||||||
| A-1 | Weibo heading for IPO with $7bn-$8bn valuation target | Date: February 24, 2014 From: Financial Times Author: Josh Noble in Hong Kong, Arash Massoudi in New York Link: http://www.ft.com/cms/s/0/d596fe74-9d02-11e3-b535-00144feab7de.html |
“China’s answer Twitter, the microblogging site Weibo, is heading for a stock market listing in New York with a valuation of up to $7bn-$8bn…”
“Sina, the Chinese internet platform that owns Weibo, has hired Goldman Sachs and Credit Suisse to pin the company off through a flotation, according to three people familiar with the matter.”
“One person familiar with Sina’s thinking added, however, that it was targeting a still higher valuation for Weibo, of as much as $7bn-$8bn. “This is going to be one of the biggest deal from China this year,” this person said.”
“Sina said it did not comment on market rumours. Goldman Sachs and Credit Suisse both declined to comment.”
|
The Company is not aware of the identities of the alleged sources cited in this report, and the Company has no information about any sources of any breaches of confidentiality that have or may have occurred. The statement made by the sources is speculative as it is not supported by verified facts. The Company has not made or authorized any one to make such representation to the media.
As reported, SINA, Goldman Sachs and Credit Suisse have declined to comment on the proposed IPO, which is in compliance with the publicity requirements. | ||||
1
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
| A-2 | Chinese Microblogging Service Weibo Plans Public Offering | Date: February 24, 2014 From: New York Times Author: David Barboza Link: http://dealbook.nytimes.com/2014/02/24/i-p-o-planned-for-chinese-microblogging-service/?_php=true&_type=blogs&_r=0 |
“The Sina Corporation… is preparing an initial public offering in the United States for Weibo…according to people close to the matter.”
“Goldman Sachs and Credit Suisse declined to comment on Monday and a Sina representative could not be reached for comment.”
“Sina’s planned public offering for Weibo was reported on Monday by The Financial Times.”
|
As reported, Sina could not be reached for comment, and Goldman Sachs and Credit Suisse have declined to comment on the proposed IPO, which is in compliance with the publicity requirements.
In addition, this report directly cited The Financial Times report, which was based on speculative statements made by other sources. The Company has not made or authorized anyone to make such a representation.
| ||||
| A-3 | Sina hires Credit Suisse, Goldman for $500 million Weibo U.S. IPO: source | Date: February 24, 2014 From: Reuters Author: Elzio Barreto Link: http://www.reuters.com/article/2014/02/24/us-sina-weibo-ipo-idUSBREA1N08A20140224 |
“Sina Corp has hired Credit Suisse AG and Goldman Sachs Group Inc for a U.S. initial public offering of its Sina Weibo microblogging service worth about $500 million, a source familiar with the plans said on Monday.
Sina Weibo, one of several Chinese Twitter-like short messaging blogs, plans a listing in the second quarter, added the source, who was not authorized to speak publicly on the matter.” |
The statement made by the sources is speculative as it is not supported by verified facts. The Company has not made or authorized any one to make such representation to the media. |
2
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
| A-4 | Weibo IPO: China’s Twitter Gears Up to Go Public | Date: February 24, 2014 From: InvestorPlace blog Author: Tom Taulli Link: http://investorplace.com/ipo-playbook/weibo-ipo-sina-china-twitter/
|
“Weibo – the Chinese microblogging site often compared to Twitter – reportedly is preparing for a U.S. IPO. According to Financial Times, the Weibo IPO would be underwritten by Credit Suisse (CS) and Goldman Sachs (GS).”
|
This report directly cited The Financial Times report, which was based on speculative statements made by other sources. The Company has not made or authorized anyone to make such a representation.
| ||||
| A-5 | China’s Twitter-like Weibo is prepping for a U.S. IPO (report) | Date: February 24, 2014 From: Venturebeat.com Author: Eric Blattberg Link: http://venturebeat.com/2014/02/24/sina-prepares-to-take-twitter-like-weibo-public-in-the-u-s/ |
“Sina is aiming to raise around $500 million in an initial public offering of the Weibo service, according to the Financial Times, which first reported Sina’s plans to spin off the company through a public offering. Other publications, including the Wall Street Journal and the New York Times, have since corroborated the original report.”
|
This report directly cited The Financial Times, The Wall Street Journal and The New York Times reports, which were based on speculative statements made by other sources. The Company has not made or authorized anyone to make such a representation.
|
3
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
| A-6 | Sina plans New York IPO for Weibo microblog | Date: February 24, 2014 From: Associated Press Author: Kelvin Chan Link: http://hosted2.ap.org/APDEFAULT/ |
“Chinese internet company Sina plans to spin off its Twitter-like microblog service, Weibo, in a U.S. initial public offering to raise $500 million.
A person with knowledge of the deal said Tuesday that the company plans an IPO in New York.
The person, who requested anonymity because they weren’t authorized to speak publicly about the deal, said Goldman Sachs and Credit Suisse have been hired to manage the stock listing.
The share sale is expected to be carried out in the second quarter.
The plans were first reported by the Financial Times on Monday.”
|
The statement made by the sources is speculative as it is not supported by verified facts. The Company has not made or authorized any one to make such representation to the media. | ||||
| A-7 | Weibo IPO would be a turning point for Sina | Date: February 25, 2014 From: CNNMoney Author: Sophie Yan Link: http://money.cnn.com/2014/02/25/technology/sina-weibo-ipo/
|
“Neither CEO Charles Chao nor CFO Herman Yu addressed recent reports that New York-listed Sina is targeting an IPO with an $8 billion valuation for Weibo.” | As reported, neither Mr. Charles Chao nor Mr. Herman Yu mentioned any plan for the Company’s IPO during the investors’ call, which is in compliance with the publicity requirements. |
4
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
| A-8 | China’s Sina Plans U.S. IPO for Weibo | Date: February 25, 2014 From: Wall Street Journal Author: Paul Mozur and Prudence Ho Link: http://online.wsj.com/news/articles/ |
“Sina Corp. is aiming to raise roughly $500 million in a second-quarter U.S. initial public offering of the Twitter-like service, according to two people with direct knowledge of the deal. Sina-which is already listed in the U.S.-has hired Credit Suisse AG and Goldman Sachs Group Inc. to handle the U.S. listing, one person said. The Financial Times reported the Weibo IPO plans earlier Monday.”
“People familiar with the plans of the companies told The Wall Street Journal that Alibaba is likely to increase its stake in Weibo to 30% from 18% if an IPO takes places.”
|
The statement made by the sources is speculative as it is not supported by verified facts. The Company has not made or authorized any one to make such representation to the media. | ||||
| A-9 | China’s Weibo Is What Twitter ‘Should Have Become’ | Date: February 25, 2014 From: abcNEWS Author: Susanna Kim Link: http://abcnews.go.com/Business/weibos-chinese-ipo-us-expected-largest/story?id=22666925 |
“Sina Corp., which owns Weibo (“microblog” in Chinese), hopes to raise about $500 million in an IPO in the second quarter of this year, the Wall Street Journal reported, much less than the $1.8 billion Twitter raised for its IPO last year.”
“Sina Corp. did not respond to a request for comment.” |
This report directly cited The Wall Street Journal report, which was based on speculative statements made by other sources. The Company has not made or authorized anyone to make such a representation.
As reported, SINA has declined to comment on the proposed IPO, which is in compliance with the publicity requirements.
|
5
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
| A-10 | Sina hires banks for Weibo’s IPO | Date: February 25, 2014 From: Shenzhen Daily Link: http://www.szdaily.com/content/2014-02/25/content_9142387.htm |
“SINA Corp. has selected banks for a U.S. initial public offering (IPO) of its Sina Weibo microblogging service worth about US$500 million, sources with knowledge of the matter said yesterday.”
“Credit Suisse Group AG and Goldman Sachs Group Inc. are working on the planned listing, said the sources. The share sale may start in the second half, one of the sources said.”
“Liu Qi, a Beijing-based spokesman for Sina, yesterday declined to comment on whether the company hired banks for an IPO in the United States.”
|
The statement made by the sources is speculative as it is not supported by verified facts. The Company has not made or authorized any one to make such representation to the media.
As reported, SINA has declined to comment on the proposed IPO, which is in compliance with the publicity requirements. | ||||
| A-11 | Sina plans New York IPO for Weibo microblog | Date: February 25, 2014 From: news.yahoo.com Author: Kelvin Chan Link: http://news.yahoo.com/sina-plans-york-ipo-weibo-microblog-043021001.html
|
“The person, who requested anonymity because they weren’t authorized to speak publicly about the deal, said investment banks Goldman Sachs and Credit Suisse have been hired to manage the IPO in New York.”
“The company did not return a request by phone and email for comment.”
|
The statement made by the sources is speculative as it is not supported by verified facts. The Company has not made or authorized any one to make such representation to the media.
As reported, SINA did not comment on the proposed IPO, which is in compliance with the publicity requirements.
|
6
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
| A-12 | China Corporate News: Sina Weibo in Preparation for $500 Million IPO; Qihoo 360 Loses Tencent Appeal | Date: February 25, 2014 From: The China Perspective Author: Tony Jin Link: http://www.thechinaperspective.com/articles/china-corporate-news-sina-weibo-in-preparation-for-500-million-ipo-qihoo-360-loses-tencent-appeal-10673/ |
“Sina Corp (Nasdaq. SINA) plans to raise $500 million by floating its Twitter-like weibo microblogging service at the Nasdaq probably by the end of June, a Sina executive told Yicai.com.” | The website claimed that the source of the information is an “executive” of SINA; however, to the knowledge of the Company, none of the employees of SINA who is involved in the IPO preparation process and has knowledge about the expected IPO has made such representation to the media. Neither SINA nor the Company has made or authorized anyone to make such representation to the media.
In addition, the statement made by the source is speculative as it is not supported by verified facts.
| ||||
| A-13 | Sina Weibo mulling IPO “relatively soon” | Date: February 25, 2014 From: Xinhuanet.com Link: http://news.xinhuanet.com/english/china/2014-02/25/c_133142581.htm |
“Sina Weibo, China’s version of Twitter, is planning a stock market listing in New York ‘relatively soon’, a source told Xinhua on Tuesday.
The initial public offering, which will look to raise about 500 million U.S. dollars, is scheduled to happen in the first half of the year, possibly in May, added the source on condition of anonymity.”
|
The statement made by the sources is speculative as it is not supported by verified facts. The Company has not made or authorized any one to make such representation to the media. |
7
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
| A-14 | Sina plans US$500 million IPO for Weibo in US | Date: February 25, 2014 From: South China Morning Post Link: http://www.scmp.com/business/china-business/article/1434899/sina-plans-us500-million-ipo-weibo-us |
“Chinese internet company Sina plans to spin off its Twitter-like microblog service, Weibo, in a US initial public offering to raise US$500 million, a person with knowledge of the deal said on Tuesday.
The person, who wasn’t authorised to speak publicly about the deal, said investment banks Goldman Sachs and Credit Suisse had been hired to manage the IPO in New York.”
|
The statement made by the sources is speculative as it is not supported by verified facts. The Company has not made or authorized any one to make such representation to the media. This is also reflected in the report. | ||||
| A-15 | Sina Weibo announces plans for IPO | Date: February 26, 2014 From: Ogilvydo Author: Philip Ellis Link: http://www.ogilvydo.com/sina-weibo-announces-plans-for-ipo/ |
“Chinese microblogging site Sina Weibo has revealed plans to go public, presumably buoyed by the hugely encouraging precedent that Facebook set last week when it cemented plans to acquire WhatsApp for $19 billion. According to the Financial Times, Sina Corp, the internet platform behind Weibo, has reportedly hired Goldman Sachs and Credit Suisse to manage the company’s flotation.”
|
This report directly cited The Financial Times report, which was based on speculative statements made by other sources. The Company has not made or authorized anyone to make such a representation. |
8
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
| A-16 | How The Sina Weibo IPO Could Hurt Twitter | Date: February 26, 2014 From: Businessinsider.co.id Link: http://www.businessinsider.co.id/sina-weibo-ipo-2014-2/ |
“Sina Corporation is considering a U.S. IPO of its Sina Weibo microblogging service, a competitor to Twitter, Reuters reports.”
“The New York Times estimates the stock offering could be worth about $5 billion. “
|
This report directly cited the Reuters and The New York Times reports, which were based on speculative statements made by other sources. The Company has not made or authorized anyone to make such a representation. | ||||
| A-17 | Sina Plans for $500 Million Weibo IPO | Date: February 28, 2014 From: China Business Review Link: http://www.chinabusinessreview.com/sina-plans-for-500-million-weibo-ipo/ |
“According to the Wall Street Journal, the company hopes to raise $500 million on the offering, based on a valuation of $7 – $8 billion. However, analysts at Barclays and JP Morgan have valued the company at $5.8 billion and $5 billion, respectively.”
|
This report directly cited The Wall Street Journal report, which was based on speculative statements made by other sources. The Company has not made or authorized anyone to make such a representation. | ||||
| A-18 | Skadden, Shearman win mandates for Weibo’s US IPO | Date: March 3, 2014 From: LegalWeek Link: http://www.legalweek.com/legal-week/news/2331751/skadden-shearman-appointed-for-weibos-us-ipo-source |
“Skadden is understood to be acting for the issuer on the deal, with Hong Kong corporate partner Julie Gao leading a team.”
“Shearman & Sterling is thought to be acting for the underwriting banks on the flotation, with corporate partner Alan Seem leading a group from the firm’s Palo Alto office.”
“Both Skadden and Shearman declined to comment.”
|
The statement is speculative as it is not supported by verified facts. The Company has not made or authorized any one to make such representation to the media. This is also reflected in the report.
As reported, both Skadden and Shearman have declined to comment on the proposed IPO. |
9
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
| A-19 | Weibo IPO plan stretches financial logic | Date: March 3, 2014 From: ShanghaiDaily.com Author: Robyn Mak Link: http://www.shanghaidaily.com/business/finance-special/Weibo-IPO-plan-stretches-financial-logic/shdaily.shtml |
“Sina Weibo’s planned initial public offering stretches financial logic. Listing a US$500 million stake in China’s version of Twitter looks like a response to sky-high tech valuations — most recently Facebook’s US$19 billion acquisition of messaging service WhatsApp.”
|
The statement is speculative as it is not supported by verified facts. The Company has not made or authorized any one to make such representation to the media. This is also reflected in the report. | ||||
| A-20 | Chinese Twitter clone Weibo plots an $8B IPO in the U.S. | Date: March 5, 2014 From: Venturebeat.com Link: http://venturebeat.com/2014/03/05/chinese-twitter-clone-weibo-plots-an-8b-ipo-in-the-u-s/ |
“According to PrivCo’s sources, the firm will likely list on Nasdaq, and Goldman Sachs and Credit Suisse will underwrite the offering.” | The statement is speculative as it is not supported by verified facts. The Company has not made or authorized any one to make such representation to the media. This is also reflected in the report.
| ||||
| A-21 | WEIBO IPO Valued Up to $8 Billion (PrivCo Analysis), As “The Twitter of China” Grows Revenue +149%, ALIBABA Stands to Profit $1.5 Billion from 30% WEIBO Stake...
|
Date: March 5 , 2014 From: Private Company Link: http://www.privco.com/weibo-worth-8-billion-alibabas-18-stake-worth-144b-stands-to-earn-1b-option-to-increase-ownership-to-30
|
“Chinese Internet company SINA CORP’s (NASDAQ:SINA) microblogging unit WEIBO (modeled after Twitter) – planning a New York IPO as early as June, according to PrivCo sources…”
|
The statement is speculative as it is not supported by verified facts. The Company has not made or authorized any one to make such representation to the media. This is also reflected in the report.
|
10
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
| A-22 | Weibo IPO: Site Could Be Valued at $8 Billion | Date: March 6, 2014 From: InvestorPlance.com Author: Tom Taulli Link: http://investorplace.com/ipo-playbook |
“Weibo — the Chinese microblogging site often compared to Twitter (TWTR) — is expected to pull off its highly-anticipated IPO in the U.S. by as early as this summer, and financial research firm Privco says a Weibo IPO could be valued as high as $8 billion.”
“Lead underwriters are expected to include Credit Suisse (CS) and Goldman Sachs (GS), according to the Financial Times.”
|
The statement is speculative as it is not supported by verified facts. Also, this report directly cites The Financial Times report, which was based on speculative statements made by other sources. Company has not made or authorized any one to make such representation to the media. This is also reflected in the report.
| ||||
| A-23 | Sina Corp.’s Weibo could choose U.S. exchange for IPO | Date: March 12, 2014 From: Redherring.com Link: http://www.redherring.com/internet/ |
“Sina Corp. is plotting an overseas IPO for Weibo, China’s Twitter copycat, according to data compiled by research firm PrivCo. The company predicts Weibo will follow parent company Sina and list on the Nasdaq exchange.”
|
This report directly cites the PrivCo report, which was based on speculative statements made by other sources. Company has not made or authorized any one to make such representation to the media. This is also reflected in the report.
| ||||
| Sources in Chinese (B)
| ||||||||
| B-1 |
SINA Weibo plans for US IPO in Q2, Alibaba may increase shareholding in Weibo |
Date: February 24, 2014 From: WSJ China Link: http://cn.wsj.com/gb/20140224/tec182900.asp |
“
|
The statement is speculative as it is not supported by verified facts. The Company has not made or authorized anyone to make such a representation. | ||||
11
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
| “The sources said SINA Corporation plans to list its Twitter-like Weibo in the U.S., raising about $600 million. One of the sources said that the US-listed company SINA has engaged Goldman Sachs and Credit Suisse to prepare for Weibo’s U.S. listing.”
|
||||||||
| B-2 |
SINA achieved significant rise in Q4 Weibo advertising revenue, overall performance not exceeded expectations
|
Date: February 25, 2014 From: Reuters Link: http://cn.reuters.com/article/financial |
“The source said SINA plans a listing in the second quarter. But this person was not authorized to speak publicly on the matter.” |
The statement made by the sources is speculative as it is not supported by verified facts. The Company has not made or authorized any one to make such representation to the media, as reported.
| ||||
| B-3 |
SINA Weibo has achieved profit for the first time in Q4 2013
|
Date: February 25, 2014 From: South China Morning Post Link: http://www.nanzao.com/sc/money/
|
“News came out yesterday that SINA Weibo plans to list on the New York Stock Exchange in the second quarter of this year.”
|
The statement is speculative as it is not supported by verified facts. The Company has not made or authorized any one to make such representation to the media. |
12
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
| B-4 |
SINA Weibo may do a carve-out IPO in Q2 |
Date: February 25, 2014 From: Beijing Morning Post Link: http://news.163.com/14/0225/02/ |
“Yesterday, market sources said SINA Weibo plans to list on the New York Stock Exchange, raising about $500 million, and the listing is expected to be completed in the second quarter of this year. Currently, SINA has engaged Goldman Sachs and Credit Suisse to help prepare for the Weibo listing. In this regard, SINA responded that everything must be based on the official public announcements.”
|
The statement is speculative as it is not supported by verified facts. The Company has not made or authorized any one to make such representation to the media. As reported, SINA has declined to comment on the proposed IPO, which is in compliance with the publicity requirements, as reported. | ||||
| B-5 |
Planning for IPO: how much is SINA Weibo’s valuation?
|
Date: February 24, 2014 From: 21st Century Business Herald Link: http://biz.21cbh.com/2014/2-24/wNMDA0MTVfMTA3NTQwNA.html
|
“On February 24, media reported that SINA Weibo plans to list on the New York Stock Exchange, raising about $500 million, and the listing is expected to be completed in the second quarter of this year. SINA has engaged Goldman Sachs and Credit Suisse as underwriters.”
|
This report cites another media report, which was based on speculative statements made by other sources rather than verified facts. The Company has not made or authorized anyone to make such a representation.
As reported, the CEO of the Company did not respond to a request for comment, and SINA has declined to comment on the proposed IPO, which is in compliance with the publicity requirements. |
13
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
|
“21st Century Business Herald reporter then sought confirmation with Charles Chao, SINA’s CEO, via text message, but had not received any response from Charles when this report is released. A person from SINA public relations said that there is no Weibo IPO related news.”
|
||||||||
| B-6 |
Sources said that SINA Weibo plans to raise $500 million in New York |
Date: February 25, 2014 From: MPFinance Link: http://www.mpfinance.com/htm/finance/ |
“According to the Financial Times, SINA Weibo plans to list on the New York Stock Exchange, raising about $500 million. The listing is expected to be completed in the second quarter of this year. SINA has engaged Goldman Sachs and Credit Suisse as underwriters.”
|
This report directly cites a Financial Times report, which was based on speculative statements made by other sources rather than verified facts. The Company has not made or authorized anyone to make such a representation. This is also reflected in the report.
|
14
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
| B-7 |
SINA Weibo made a profit for the first time since launched 4 years ago |
Date: February 26, 2014 From: BJ News Link: http://www.bjnews.com.cn/finance |
“According to the Financial Times, SINA Weibo plans to launch its IPO and is expected to raise $500 million in the US in the second quarter of this year. SINA declined to comment in this regard. News has come out, since 2011, that SINA has been preparing to spin off Weibo for listing and communicating with investment banks.”
|
This report directly cites a Financial Times report, which was based on speculative statements made by other sources, rather than verified facts. The Company has not made or authorized anyone to make such a representation. As reported, SINA has declined to comment on the proposed IPO, which is in compliance with the publicity requirements, as reported. | ||||
| B-8 |
SINA Weibo made a profit for the first time and declined to comment on the IPO rumor |
Date: February 26, 2014 From: Beijing Youth Daily Link: http://news.xinhuanet.com/tech/2014-02/26/c_126191377.htm |
“It is said that SINA Weibo plans to list on New York Stock Exchange in the second quarter of this year. Qi Liu, SINA spokesman, declined to comment on this.”
|
The statement made by the sources is speculative as it is not supported by verified facts. The Company has not made or authorized any one to make such representation to the media. As reported, SINA has declined to comment on the proposed IPO, which is in compliance with the publicity requirements, as reported.
|
15
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
| B-9 |
Windows is open for SINA Weibo’s IPO |
Date: February 26, 2014 From: National Business Daily Link: http://finance.huanqiu.com/data/2014-02/4859984.html |
“Yesterday (February 25), a “ Economic News Daily” reporter was informed by an insider from SINA that SINA Weibo has indeed started its IPO process. However, SINA declined to comment on it.”
“According to the Financial Times, SINA Weibo plans to list on the New York Stock Exchange raising about $500 million. The listing is expected to be completed in the second quarter of this year. SINA Weibo has engaged Goldman Sachs and Credit Suisse as underwriters.”
|
This report does not cite a specific source. The Company has not made or authorized any one to make such representation to the media. As reported, SINA has declined to comment on the proposed IPO, which is in compliance with the publicity requirements, as reported.
In addition, this report directly cites a Financial Times report, which was based on speculative statements made by other sources rather than verified facts. | ||||
| B-10 |
SINA Weibo has achieved profit for the first time in Q4 2013: 33% of revenues from Alibaba |
Date: February 26, 2014 From: Yicai Link: http://www.yicai.com/news/2014/02 |
|
The report claimed that the source of the information is SINA; however, neither SINA nor the Company has made or authorized anyone to make such representation to the media.
In addition, to the knowledge of the Company, none of the employees of SINA who is involved in the IPO preparation process and has knowledge about the expected IPO has made such representation to the media.
|
16
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
| “It is worth noting that, after the release of its first earnings report, SINA has confirmed the launch of SINA Weibo’s U.S. IPO process.”
|
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| B-11 |
Weibo made a profit in spite of worse user experience |
Date: February 26, 2014 From: Union China Link: http://big5.china.com.cn/gate/big5/ |
“The Associated Press reported on February 24 that SINA Weibo plans to list in New York raising about $500 million. The listing is expected to be completed in the second quarter of this year. Goldman Sachs and Credit Suisse has been engaged as underwriters.”
|
This report directly cites an Associated Press report, which was based on speculative statements made by other sources rather than verified facts. The Company has not made or authorized any one to make such representation to the media. | ||||
| B-12 |
SINA Weibo has achieved profit for the first time, Alibaba may increase shareholding |
Date: February 27, 2014 From: Chinanews Link: http://finance.chinanews.com/stock/ |
|
This report directly cites an undisclosed foreign media report. The statement is speculative as it is not supported by verified facts. The Company has not made or authorized anyone to make such a representation.
As reported, SINA has declined to comment on the proposed IPO, which is in compliance with the publicity requirements. |
17
| No. |
TITLE |
DATE AND SOURCE |
RELEVANT CONTENT |
NOTES | ||||
| “At the same time of SINA’s releasing its earnings report, there is news going around that Weibo plans to list on a U.S. stock market. According to foreign media reports, SINA Weibo aims to raise $500 million on the offering with a valuation of more than $4 billion. The listing is expected to be completed in the second quarter of this year. Also, it said that SINA has engaged Goldman Sachs and Credit Suisse to prepare for the Weibo IPO. As to this rumor, SINA responded that everything must be based on official announcements.”
|
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| B-13 |
Analyst expects SINA Weibo has achieved monetization in 4Q |
Date: February 17, 2014 From: Tencent technology Link: http://tech.qq.com/a/20140217/012541.htm |
“We believe that, with the completion of the reorganization of the management and profitability of the platform, SINA Weibo is ready for its IPO.” |
The Company has not made or authorized anyone to make such a representation. |
18
