SINA Corporation (NASDAQ:SINA) enjoyed a healthy rise Thursday, after announcing a $500-million share repurchase program.
The Beijing-based company, a leading online media company serving China and the global Chinese communities, today announced that its board of directors has authorized a share repurchase program under which the Company may repurchase up to $500 million U.S. of its ordinary shares over the next 12 months, or the 2020 New Program.
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 $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 $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.
SINA serves China and the global Chinese communities. Its digital media network of SINA.com (portal), SINA mobile (mobile portal and mobile apps) and Weibo (social media) 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.
SINA began trade Thursday up $1.68, or 4.7%, to $41.80
