Sina, New York's first Chinese internet stock, prepares to depart

Weibo parent pioneered workaround copied by Alibaba and Tencent

After first establishing itself as China's leading web portal, Sina launched microblogging service Weibo which launched a new era for social media in the country. © Reuters

NIKKI SUN, Nikkei staff writer

December 22, 2020 21:31 JST

Sina, the first Chinese internet company listed in the U.S., will ask shareholders on Wednesday for approval to join an exodus from New York amid rising tensions between Washington and Beijing.

A group led by Charles Chao, the company's chairman and CEO, is offering stockholders $43.30 in cash for each share they own, valuing the company at $2.59 billion. Shares in Sina, the parent company of the Weibo social media network, closed at $42.53 on the Nasdaq exchange on Monday.