Sina volume spikes on announcement
Trading volume in Sina Corp was more than triple its threemonth average after the company said it will distribute to shareholders some of the stock it owns in Weibo Corp, the Chinese social media operator that’s trading near a record high. Weibo has jumped 181 percent since its US debut. That compares with a 43 percent increase in Sina since it spun the company off in April 2014. Sina will swap one Weibo Class A ordinary share for 10 Sina shares, reducing its stake to about 51 percent from 54 percent, the company said on Wednesday.