SINA Reports Third Quarter 2009 Financial Results

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SINA Reports Third Quarter 2009 Financial Results

SHANGHAI, Nov. 16 /PRNewswire-Asia/ -- SINA Corporation (Nasdaq GS: SINA), a leading online media company and mobile value-added service (MVAS) provider for China and for the global Chinese communities, today announced its unaudited financial results for the quarter ended September 30, 2009.

    Third Quarter 2009 Highlights
    -- Net revenues increased 7% quarter over quarter to $96.4 million,
       exceeding the Company's guidance between $91.0 million and $94.0
       million.
    -- Advertising revenues increased 10% quarter over quarter to $63.8
       million, exceeding the Company's guidance between $60.0 million and
       $62.0 million.
    -- Non-advertising revenues increased slightly quarter over quarter to
       $32.6 million, exceeding the Company's guidance between $31.0 million
       and $32.0 million.
    -- Net income attributable to SINA(*) was $16.7 million, or $0.29 diluted
       net income per share attributable to SINA, representing an increase of
       25% quarter over quarter.
    -- Non-GAAP net income attributable to SINA(**) was $20.1 million, or
       $0.34 diluted non-GAAP net income per share attributable to SINA,
       representing an increase of 17% quarter over quarter.

(*) Net income attributable to SINA for the third quarter of 2008 has been revised (see explanation in the Form 6-K/A furnished to the Securities and Exchange Commission on June 5, 2009, which amends the Form 6-K furnished to the Securities and Exchange Commission on November 18, 2008).

(**) Non-GAAP measures are described below and reconciled to the corresponding GAAP measures in the section below entitled "Unaudited Reconciliation of Non-GAAP to GAAP Results."

"Total revenues for the third quarter of 2009 exceeded our guidance, as we saw double-digit sequential growth in our online advertising business in China, on top of a 35% sequential growth last quarter. We are seeing signs of a strong recovery in the advertising market in China in the second half of this year, and we expect this momentum to continue with continuing recovery of the Chinese economy," said Charles Chao, CEO of SINA.

"In October 2009, we carved out our online real estate advertising business and merged it with China Real Estate Information Corporation ("CRIC") to form the largest online and offline real estate information and consulting platform in China, which successfully listed on the NASDAQ on October 16th. This transaction marks a significant step in our strategy to explore multiple business opportunities in our dominant vertical areas by teaming up with other industry leaders. It is also a strong testament to the value of SINA brand and SINA platform." Mr. Chao continued.

Financial Results

For the third quarter of 2009, SINA reported total revenues of $96.4 million, compared to $105.4 million in the same period in 2008 and $90.3 million for the second quarter of 2009.

Advertising revenues for the third quarter of 2009 totaled $63.8 million, representing a 16% decrease from the same period last year and a 10% increase from last quarter. Online advertising revenues in the third quarter of 2008 were $76.2 million, boosted by SINA's coverage of the 2008 Beijing Olympics.

Non-advertising revenues for the third quarter of 2009 totaled $32.6 million, representing a 12% increase from the same period in 2008 and up slightly from the previous quarter. For the third quarter of 2009, MVAS revenues, which accounted for 95% of non-advertising revenues, reached $30.9 million, an increase of 14% from the same period last year and flat against the previous quarter.

Gross margin for the third quarter of 2009 was 59%, compared to 57% for the same period last year and 56% last quarter. Advertising gross margin for the third quarter of 2009 was 61%, compared to 58% for the same period last year and the previous quarter. Excluding stock-based compensation and amortization of intangible assets, non-GAAP advertising gross margin for the third quarter of 2009 was 62%, compared to 59% for the same period last year and the previous quarter. Compared to the advertising gross margin of the current quarter, the lower margin in the third quarter of last year was mainly due to the acquisition of Olympic-related content. The sequential improvement in advertising gross margin was due to advertising revenues growing faster than advertising cost of revenues. MVAS gross margin for the third quarter of 2009 was 54%, compared to 53% in the same period last year and 50% last quarter. The sequential increase in MVAS gross margin was mainly due to a shift in product mix toward MVAS with lower revenue share arrangements.

Operating expenses for the third quarter of 2009 totaled $38.3 million, representing a decrease of 4% from the same period last year and an increase of 5% from last quarter. Non-GAAP operating expenses for the third quarter of 2009, which exclude stock-based compensation and amortization of intangible assets, were $35.6 million, a decrease of 3% from the same period last year and an increase of 6% from last quarter.

Income from operations for the third quarter of 2009 was $18.3 million, compared to $20.1 million for the same period last year and $13.6 million from last quarter. Non-GAAP income from operations for the third quarter of 2009 was $21.7 million, compared to $24.2 million for the same period last year and $17.4 million from last quarter.

Interest and other income for the third quarter of 2009 were $1.8 million, compared to $4.1 million for the same period last year and $2.1 million last quarter. The year over year decrease in interest and other income was mainly due to lower interest rates, despite a year-over-year increase of $37.2 million in cash, cash equivalents and short-term investments. Non-operating item for the third quarter of 2008 also includes an investment loss of $0.8 million, as a result of taking a controlling interest in a follow-on investment of a web application development firm.

Provision for income taxes for the third quarter of 2009 was $3.3 million, compared to $4.4 million for the same period last year and $2.0 million last quarter. The Company made a provision for income taxes for the third quarter of 2009 based on an estimated annual effective tax rate of approximately 12% for its China operations.

Net income attributable to SINA for the third quarter of 2009 was $16.7 million, compared to $18.9 million in the same period last year and $13.3 million last quarter. Diluted net income per share attributable to SINA for the third quarter of 2009 was $0.29, compared to $0.31 from the same period last year and $0.23 from last quarter. Non-GAAP net income attributable to SINA for the third quarter of 2009 totaled $20.1 million, compared to $23.7 million in the same period last year and $17.1 million in the previous quarter. Non-GAAP diluted net income per share attributable to SINA for the third quarter of 2009 was $0.34, compared to $0.39 from the same period last year and $0.29 from last quarter.

As of September 30, 2009, SINA's cash, cash equivalents and short-term investments totaled $599.7 million, compared to $562.5 million and $582.0 million as of September 30, 2008 and June 30, 2009, respectively. Cash flow from operating activities for the third quarter of 2009 was $29.1 million, compared to $24.0 million for the same period last year and $18.8 million last quarter.

Announced Merger

On July 23, 2009, the Company announced that it entered into a definitive agreement to merge its online real estate business with E-House (China) Holdings Limited's wholly-owned subsidiary CRIC. Pursuant to the Agreement, SINA injected its online real estate business into its majority-owned subsidiary China Online Housing Technology Corporation ("China Online Housing"). CRIC issued its ordinary shares to SINA in exchange for SINA's equity interest in China Online Housing, giving SINA a 39% equity interest in CRIC (without giving effect to any initial public offering shares). The closing of the transaction was conditional upon, among other things, the closing of the public offering of CRIC and the listing of CRIC's American depositary shares representing its ordinary shares on a major stock exchange in the United States, which was consummated on October 16, 2009, with the successful listing of CRIC on the NASDAQ Global Select Market.

Announced Private Equity Financing

On September 28, 2009, the Company announced that it entered into a definitive agreement for a private equity placement of its ordinary shares with New Wave Investment Holding Company Limited (New Wave), a British Virgin Islands company established and controlled by Charles Chao, SINA's Chief Executive Officer, and other members of SINA's management. At the closing, SINA will receive gross proceeds of $180 million, and New Wave will receive approximately 5.6 million ordinary shares in SINA. The shares issued to New Wave will be subject to a six month lock-up and will have customary registration rights pursuant to a Registration Rights Agreement entered into between SINA and New Wave. The Company expects to use the proceeds of the financing for future acquisitions and general corporate purposes.

Business Outlook

Upon the closing of CRIC's initial public offering and the merger, SINA became CRIC's second largest shareholder with approximately 33% of the total outstanding shares. The Company expects to account for its interest in CRIC using the equity method of accounting starting from October 1, 2009 and expects to recognize a material gain from the closing of the merger transaction with CRIC.

Adjusting the advertising revenue forecast for the fourth quarter of 2009 to reflect the carve out of advertising revenues from the SINA real estate business and assumptions made using the terms under the amended and restated advertising agency agreement (for further information, see CRIC Form F-1), the Company estimates its total revenues for the fourth quarter of 2009 to be between $93 million and $96 million, with advertising revenues to be between $61 million and $63 million and non-advertising revenues to be between $32 million and $33 million. Under the adjusted basis, advertising revenues for the first quarter, second quarter and third quarter of 2009 would have been $37.0 million, $48.1 million and $53.9 million, respectively.

If the advertising revenues from the SINA real estate business had not been carved out, the forecasted advertising revenues for the fourth quarter of 2009 would have been between $74 million and $76 million, and the forecasted total revenues for the fourth quarter of 2009 would have been between $106 million and $109 million.

Stock-based compensation for the fourth quarter of 2009 is expected to be approximately $3 million, which excludes any new shares that may be granted. The issuance of ordinary shares to New Wave in the private equity financing is expected to occur shortly. The Company expects the issuance of ordinary shares to New Wave will have a dilutive effect on the Company's outstanding shares in the fourth quarter of 2009.

Share Repurchase Program

Under the $100 million share repurchase program approved by the Company's Board of Directors, as of November 16, 2009, the Company has purchased approximately 2.5 million shares in the open market at an average price of $20.37 for a total consideration of $50 million. The Company expects to continue the repurchase program with the remaining $50 million on an opportunistic basis.

Non-GAAP Measures

This release contains non-GAAP financial measures. These non-GAAP financial measures, which are used as measures of the Company's performance, should be considered in addition to, not as a substitute for, measures of the Company's financial performance prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP"). The Company's non-GAAP financial measures may be defined differently than similar terms used by other companies. Accordingly, care should be exercised in understanding how the Company defines its non-GAAP financial measures.

Reconciliations of the Company's non-GAAP measures to the nearest GAAP measures are set forth in the section below titled "Unaudited Reconciliation of Non-GAAP to GAAP Results." These non-GAAP measures include non-GAAP gross profit, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income attributable to SINA, non-GAAP diluted net income per share attributable to SINA and non-GAAP advertising gross margin.

The Company's management uses non-GAAP financial measures to gain an understanding of the Company's comparative operating performance (when comparing such results with previous periods or forecasts) and future prospects. The Company's non-GAAP financial measures exclude certain special items, including stock-based compensation charge, amortization of intangible assets, gain/loss on the sale/purchase of business/investment and gain/loss on the sale of noncontrolling interest in subsidiary, from its internal financial statements for purposes of its internal budgets. Non-GAAP financial measures are used by the Company's management in their financial and operating decision-making, because management believes they reflect the Company's ongoing business in a manner that allows meaningful period-to-period comparisons. The Company's management believes that these non-GAAP financial measures provide useful information to investors and others in the following ways: 1) in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does, if they so choose, and 2) in comparing in a consistent manner the Company's current financial results with the Company's past financial results. The Company's management further believes the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains and losses (i) that are not expected to result in future cash payments or (ii) that are non-recurring in nature or may not be indicative of its core operating results and business outlook.

The Company's management believes excluding stock-based compensation from its non-GAAP financial measures is useful for itself and investors, as such expense will not result in future cash payment and is not an indicator used by management to measure the Company's core operating results and business outlook.

The Company's management believes excluding the non-cash amortization expense of intangible assets from its non-GAAP financial measures is useful for itself and investors, because they enable a more meaningful comparison of the Company's cash performance between reporting periods. In addition, such charges will not result in cash settlement in the future.

The Company's management believes excluding gain/loss on the sale/purchase of a business/ investment and gain/loss on the sale of non-controlling interest in subsidiary from its non-GAAP financial measure of net income attributable to SINA is useful for itself and investors, because such gains/losses are not indicative of the Company's core operating results.

The non-GAAP financial measures have limitations. They do not include all items of income and expense that affect the Company's operations. Specifically, these non-GAAP financial measures are not prepared in accordance with GAAP, may not be comparable to non-GAAP financial measures used by other companies and, with respect to the non-GAAP financial measures that exclude certain items under GAAP, do not reflect any benefit that such items may confer to the Company. Management compensates for these limitations by also considering the Company's financial results as determined in accordance with GAAP.

Conference Call

SINA will host a conference call at 8:00 p.m. Eastern Time today to present an overview of the Company's financial performance and business operations for the third quarter of 2009. The dial in number for the call is +1-866-783-2138 (US) or +1-857-350-1597 (International) and the pass code is 84532385. A live webcast of the call will be available from 8:00 p.m. - 9:00 p.m. ET on Monday, November 16, 2009 (9:00 a.m. - 10:00 a.m. Beijing Time on November 17, 2009). The call can be accessed through the Company's corporate web site at http://corp.sina.com. The call will be archived for 12 months on SINA's corporate web site at http://corp.sina.com . A replay of the conference call will be available through November 22, 2009 at midnight Eastern Time. The dial-in number is +1-888-286-8010 (US) or +1-617-801-6888 (International). The pass code for the replay is 53029501.

About SINA

SINA Corporation (Nasdaq GS: SINA) is a leading online media company and mobile value-added service provider for China and for the global Chinese communities. With a branded network of localized websites targeting Greater China and overseas Chinese, the Company provides services through five major business lines including SINA.com (online news and content), SINA Mobile (MVAS), SINA Community (Web 2.0-based services and games), SINA.net (search and enterprise services) and SINA E-Commerce (online shopping). Together these business lines provide an array of services, including region-focused online portals, MVAS, social networking service (SNS), blog, audio and video streaming, album, online games, email, search, classified listings, fee-based services, e-commerce and enterprise e-solutions. The Company generates the majority of its revenues from online advertising and MVAS offerings, and, to a lesser extent, from search and other fee-based services.

Safe Harbor Statement

This announcement contains forward-looking statements that relate to, among other things, SINA's expected financial performance and SINA's strategic and operational plans (as described without limitation in the "Business Outlook" section, the "Announced Merger" section, the "Announced Private Equity Financing" section, the "Share Repurchase Program" section and in quotations from management in this press release). SINA may also make forward-looking statements in the Company's periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in its proxy statements, in its offering circulars and prospectuses, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. SINA assumes no obligation to update the forward-looking statements in this release and elsewhere. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward- looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. Potential risks and uncertainties include, but are not limited to, SINA's limited operating history, the current global financial and credit market crisis and its impact on the Chinese economy, the recent slower growth of the Chinese economy, the uncertain regulatory landscape in the People's Republic of China, fluctuations in the Company's quarterly operating results, the Company's reliance on online advertising sales and MVAS for a majority of its revenues, the Company's reliance on mobile operators in China to provide MVAS, changes by mobile operators in China to their policies for MVAS, any failure to successfully develop and introduce new products, including MVAS products, any failure to successfully integrate acquired businesses and risks associated with the merger of the Company's online real estate business with CRIC. Further information regarding these and other risks is included in SINA's Annual Report on Form 20-F for the year ended December 31, 2008 and its other filings with the Securities and Exchange Commission.

    For further information, please contact:

    SINA CorporationCathy Peng
     Investor Relations Manager
     Phone: 86-10-82628888 x3112
     Email: ir@staff.sina.com.cn





                                 SINA CORPORATION
            UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                (U.S. Dollar in thousands, except per share data)

                                   Three months ended      Nine months ended
                                 September 30,   June 30,    September 30,
                                 2009     2008     2009      2009      2008
    Net revenues:
        Advertising             $63,782  $76,205  $57,755  $164,708  $188,981
        Non-advertising          32,576   29,209   32,503    95,673    79,068
                                 96,358  105,414   90,258   260,381   268,049
    Cost of revenues:
        Advertising  (a)         25,104   32,138   24,237    70,978    74,856
        Non-advertising          14,627   13,117   15,751    43,873    34,761
                                 39,731   45,255   39,988   114,851   109,617
    Gross profit                 56,627   60,159   50,270   145,530   158,432

    Operating expenses:
        Sales and marketing (a)  21,757   22,264   21,118    58,704    58,363
        Product development (a)   7,851    8,693    7,840    23,170    22,092
        General and
         administrative (a)       8,324    8,709    7,287    21,804    23,944
        Amortization of
         intangibles                412      411      411     1,234       926
                                 38,344   40,077   36,656   104,912   105,325
    Income from operations       18,283   20,082   13,614    40,618    53,107

    Non-operating income:
       Interest and other
        income, net               1,848    4,070    2,069     6,904    12,483
       Gain (loss) on
        investments                 --      (779)     --        --      2,358
                                  1,848    3,291    2,069     6,904    14,841

    Income before income taxes   20,131   23,373   15,683    47,522    67,948
    Provision for income taxes   (3,268)  (4,429)  (1,991)   (7,311)  (12,254)

    Net income                   16,863   18,944   13,692    40,211    55,694
       Less: Net income
        attributable to the
        noncontrolling interest     160       91      354       421       213

    Net income attributable to
     SINA                       $16,703  $18,853  $13,338   $39,790   $55,481


    Basic net income per share
     attributable to SINA         $0.31    $0.34    $0.25     $0.74     $1.00
    Diluted net income per
     share attributable to SINA   $0.29    $0.31    $0.23     $0.68     $0.92

    Shares used in computing
     basic
       net income per share
        attributable to SINA     53,884   55,964   53,783    54,025    55,728
    Shares used in computing
     diluted
       net income per share
        attributable to SINA     58,504   60,639   58,198    58,347    60,535


    (a) Stock-based
     compensation included was
     as follows:
      Cost of revenues --
       advertising                 $622     $834     $634    $1,883    $2,412
      Sales and marketing           558      482      560     1,638     1,598
      Product development           435      428      414     1,285     1,470
      General and
       administrative             1,305    1,887    1,720     4,714     5,249




                                SINA CORPORATION
              UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS
               (U.S. Dollar in thousands, except per share data)


                                                 Three months ended
                                                 September 30, 2009
                                                                   Non-GAAP
                                             Actual   Adjustments   Results

                                                            622(a)
                                                             88(b)
    Gross profit                             $56,627       $710     $57,337

                                                         (2,298)(a)
                                                           (412)(b)
    Operating expenses                       $38,344    $(2,710)    $35,634

                                                          2,920(a)
                                                            500(b)
    Income from operations                   $18,283     $3,420     $21,703


                                                          2,903(a)
                                                            470(b)
    Net income attributable to SINA          $16,703     $3,373     $20,076


    Diluted net income per share
     attributable to SINA                      $0.29                  $0.34

    Shares used in computing diluted
       net income per share attributable
        to SINA                               58,504                 58,504


    Gross margin --advertising                   61%         1%         62%


                                                 Three months ended
                                                 September 30, 2008
                                                                   Non-GAAP
                                             Actual  Adjustments    Results

                                                            834(a)
                                                             88(b)
    Gross profit                             $60,159       $922     $61,081

                                                         (2,797)(a)
                                                           (411)(b)
    Operating expenses                       $40,077    $(3,208)    $36,869

                                                          3,631(a)
                                                            499(b)
    Income from operations                   $20,082     $4,130     $24,212

                                                          3,628(a)
                                                            469(b)
                                                            779(d)
    Net income attributable to SINA          $18,853     $4,876     $23,729


    Diluted net income per share
     attributable to SINA                      $0.31                  $0.39

    Shares used in computing diluted
       net income per share attributable
        to SINA                               60,639                 60,639


    Gross margin --advertising                   58%         1%         59%


                                                 Three months ended
                                                    June 30, 2009
                                                                   Non-GAAP
                                             Actual  Adjustments    Results

                                                            634(a)
                                                             88(b)
    Gross profit                             $50,270       $722     $50,992

                                                         (2,694)(a)
                                                           (411)(b)
    Operating expenses                       $36,656    $(3,105)    $33,551

                                                          3,328(a)
                                                            499(b)
    Income from operations                   $13,614     $3,827     $17,441


                                                          3,315(a)
                                                            469(b)
    Net income attributable to SINA          $13,338     $3,784     $17,122


    Diluted net income per share
     attributable to SINA                      $0.23                  $0.29

    Shares used in computing diluted
       net income per share attributable
        to SINA                               58,198                 58,198


    Gross margin --advertising                   58%         1%         59%


                                                  Nine months ended
                                                 September 30, 2009
                                                                  Non-GAAP
                                             Actual  Adjustments   Results

                                                          1,883(a)
                                                            265(b)
    Gross profit                            $145,530     $2,148    $147,678

                                                         (7,637)(a)
                                                         (1,234)(b)
    Operating expenses                      $104,912    $(8,871)    $96,041

                                                          9,520(a)
                                                          1,499(b)
    Income from operations                   $40,618    $11,019     $51,637


                                                          9,479(a)
                                                          1,409(b)
    Net income attributable to SINA          $39,790    $10,888     $50,678


    Diluted net income per share
     attributable to SINA                      $0.68                  $0.87

    Shares used in computing diluted
       net income per share attributable
        to SINA                               58,347                 58,347


    Gross margin --advertising                   57%         1%         58%


                                                  Nine months ended
                                                 September 30, 2008
                                                                   Non-GAAP
                                             Actual   Adjustments   Results

                                                          2,412(a)
                                                            177(b)
    Gross profit                            $158,432     $2,589    $161,021

                                                         (8,317)(a)
                                                           (926)(b)
    Operating expenses                      $105,325    $(9,243)    $96,082

                                                         10,729(a)
                                                          1,103(b)
    Income from operations                   $53,107    $11,832     $64,939

                                                         10,726(a)
                                                          1,043(b)
                                                         (3,137)(c)
                                                            779(d)
    Net income attributable to SINA          $55,481     $9,411     $64,892


    Diluted net income per share
     attributable to SINA                      $0.92                  $1.07

    Shares used in computing diluted
       net income per share attributable
        to SINA                               60,535                 60,535


    Gross margin --advertising                   60%         2%*        62%



    (a)  To adjust stock-based compensation charges
    (b)  To adjust  amortization of intangible assets
    (c)  To adjust gain on the sale of noncontrolling interest in a
    subsidiary
    (d) To adjust loss on the purchase of business and investments

    *  Rounding



                                 SINA CORPORATION
                          UNAUDITED SEGMENT INFORMATION
                            (U.S. Dollar in thousands)

                                   Three months ended      Nine months ended
                                 September 30,   June 30,    September 30,
                                2009      2008     2009      2009      2008

    Net revenues
        Advertising            $63,782   $76,205  $57,755  $164,708  $188,981
        Mobile related          30,881    27,117   30,884    90,745    73,325
        Others                   1,695     2,092    1,619     4,928     5,743
                               $96,358  $105,414  $90,258  $260,381  $268,049

    Cost of revenues
        Advertising            $25,104   $32,138  $24,237   $70,978   $74,856
        Mobile related          14,223    12,622   15,313    42,644    33,075
        Others                     404       495      438     1,229     1,686
                               $39,731   $45,255  $39,988  $114,851  $109,617





                 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                           (U.S. Dollar in thousands)

                                               September 30,      December 31,
                                                   2009              2008
                                Assets
       Current assets:

           Cash and cash equivalents              $464,232          $383,320
           Short -term investments                 135,428           220,504
           Accounts receivable, net                 81,479            79,183
           Other current assets                     18,640             9,424
                 Total current assets              699,779           692,431

       Property and equipment, net                  25,512            34,111
       Goodwill and intangible assets,
        net                                         93,350            94,527
       Other assets                                  9,667             1,425
       Total assets                               $828,308          $822,494

           Liabilities and Shareholders'
                       Equity
       Current liabilities:
           Accounts payable                         $1,337            $1,397
           Accrued liabilities                      79,768            76,119
           Income taxes payable                     13,163            17,391
           Convertible debt                         99,000            99,000
                Total current liabilities          193,268           193,907

       Other long-term liabilities                   3,786             4,039
                Total liabilities                  197,054           197,946

       Shareholders' equity
           SINA shareholders' equity               626,360           620,505
           Noncontrolling interest                   4,894             4,043
                Total shareholders'
                 equity                            631,254           624,548

       Total liabilities and
        shareholders' equity                      $828,308          $822,494

SOURCE SINA Corporation

Cathy Peng, SINA Corporation, +86-10-8262-8888 x3112, or ir@staff.sina.com.cn