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SINA Gears Up for Weibo Distribution

SINA Corp. (NASDAQ: SINA) watched its shares slide on Wednesday following the announcement that the company will be distributing part of its stake in its majority-owned subsidiary Weibo Corp. (NASDAQ: WB). In a recent release, the company announced that its board of directors has authorized and approved the distribution of shares of Weibo to its shareholders on a pro rata basis.

According to the terms of the deal, SINA will distribute one Weibo Class A ordinary share to the holder of each 10 SINA ordinary shares. Holders of SINA ordinary shares that are settled through DTC will receive Class A...