SINA Corporation (NASDAQ GS: SINA), an online media company serving China and the global Chinese communities, has announced that its board of directors has authorized a share repurchase program under which the company may repurchase up to USD 500 million of its ordinary shares over the next 12 months, or the 2020 New Program, the company said.
In August 2018, SINA´s board of directors approved a share repurchase plan whereby SINA is authorized to repurchase its own ordinary shares with an aggregate value of up to USD 500 million for a period through the end of December 2019, or the 2019 Program.
As of December 31, 2019, the company has repurchased approximately 2.2 million shares for approximately USD 82.1 million under the 2019 Program. SINA´s board of directors has approved the 2020 New Program whereby, following the expiry of the 2019 Program, SINA is authorized to repurchase its own ordinary shares subject to the aforementioned value threshold and term. SINA expects to fund the repurchases out of its existing cash balance.
The share repurchases may be effected on the open market at prevailing market prices and/or in negotiated transactions off the market from time to time as market conditions warrant and will be implemented in accordance with applicable rules under the US Securities Exchange Act of 1934, as amended.
SINA enables Internet users to access professional media and user generated content in multi-media formats from personal computers and mobile devices and share their interests with friends and acquaintances.