Sina Seeks Second Stock Listing

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Last updated at: (Beijing Time) Friday, February 08, 2002

Sina Seeks Second Stock Listing

The NASDAQ-listed Chinese Internet portal Sina.com plans to seek listing on Hong Kong or a domestic stock market as well as trying to buy up local businesses.

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The NASDAQ-listed Chinese Internet portal Sina.com plans to seek listing on Hong Kong or a domestic stock market as well as trying to buy up local businesses.

Daniel Mao, Sina's chief executive, took the second listing as "important" but did not give a deadline for the proposed initial public offering.

Business with healthy operations in the Chinese mainland such as cross-media platforms and those with advantages in paid services have been taken as the prospects by the company.

According to the Thursday-released financial report, in the second quarter of the 2002 fiscal year, the firm has 96 million US dollars in cash and equivalents.

"There is still much room for consolidations this year, especially in co-operation with traditional industries and IT businesses," Mao said.

Mao attributed the increase of revenue mainly to rapid growth of its e-commerce and paid services which rose more than 120 percent than the previous quarter and accounted for one-fifth of Sina's total revenue.

Analysts have pointed out that poor performance of Chinese Internet firms on the NASDAQ including Sina, Sohu and Netease.com is the main reason why they want to come back to the Chinese mainland or Hong Kong stock market.

"All these portals have plenty of cash, so capital is not their goal for another listing," said a local Internet analyst surnamed Lu.

If listed on the domestic market, Sina's stock price will be much higher than theirs on the NASDAQ as they are very popular among Chinese users.

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