Weibo plans to acquire all shares of Sina for 1.5 billion yuan.

Thanks to CTOnews.com netizens for their witty meow clue delivery! CTOnews.com, December 23 (Xinhua)-- Weibo announced on the Hong Kong Stock Exchange today that Weibo Hong Kong Limited, a wholly-owned subsidiary of Sina, and Sina Hong Kong Co., Ltd., a wholly-owned subsidiary of Sina, have entered into a number of agreements for the sale and sale of the 100% equity interest in Sina Technology (China) Co., Ltd. Weibo Hong Kong Limited agreed to purchase the entire equity interest in Sina Technology (China) Co., Ltd., a wholly-owned subsidiary of Sina Hong Kong Limited and the owner of Sina headquarters Building in Beijing, China, for a total consideration of approximately 1.5 billion yuan.

CTOnews.com learned that Sina announced the completion of privatization in 2021. After delisting from NASDAQ in the United States, Sina changed its name to "Sina Group Holdings Co., Ltd." and became a private company jointly controlled by Sina Chairman Cao Guowei and Sina management. Sina is a portal that provides Chinese information and so on.

In November this year, Weibo released its Q3 results for 2022. Weibo's total revenue in the third quarter reached $454 million, or about 3.151 billion yuan, down 25 percent from the same period last year, up 1 percent from the previous year. Excluding the exchange rate factor, total revenue fell 20 percent from the same period last year, up 5 percent from the previous year. Weibo focused resources on improving operational efficiency this year, with an adjusted operating profit of $162 million, or about 1.147 billion yuan, compared with Wall Street's forecast of $138 million.