Sina vol­ume spikes on an­nounce­ment

China Daily (USA) - - BUSINESS -

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.

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