时代的终结：新浪能否再次将其垂直业务私有化？ _东方财富网

原标题：时代的终结：新浪能否完成其垂直业务的私有化？

概括

[Theendofanera:CanSinacompletetheprivatizationofitsverticalbusiness?AfterthecompletionoftheprivatizationSinaChairmanCaoGuoweiissuedaletterfromallstaffHestatedthatyesterdaywasthelastdayofpublictradingofSinastockontheNasdaqintheUnitedStatesAfter21yearsofupsanddownsandupsanddownsSinadelistedfromNasdaqandbecameaprivatecompanyjointlycontrolledbySina’smanagementandIandwasrenamed”SinaGroupHoldingsLimited”(21stCenturyBusinessHerald)

On March 23, U.S. stocks went publicthe companySina(NASDAQ:SINA) announced the completion of privatization, which also means that after nearly 21 years of listing,SinaFormal withdrawal of capitalmarketstage.

After the privatization is completed,SinaChairman Cao Guowei issued a letter to all employees. He said that yesterday was Sina stock in the United States.NasdaqThe last day of public trading.After 21 years of ups and downs and ups and downs, Sina has moved fromNasdaqDelisted and became a company managed by Sina and myselfJoint controlPrivateenterprise, And changed its name to “Sina Group Holdings Co., Ltd.”.

Cao Guowei stated that the privatization of Sina Company is, on the one hand, to change theWeiboSuch an unreasonable capital structure in which the parent company and subsidiary are both listed companies; on the other hand, it also provides more flexibility for the more diversified development of Sina Group in the future.

He emphasized that the privatization of Sina will not have any significant impact on the current business.After privatization, Sina Group is stillWeiboControlling of listed companiesshareholder.The original Sina portal business, which is dominated by Sina Mobile, will compete withWeiboBusinesses are more closely integrated, and some of the original Sina vertical businesses, such as Sina Finance, Sina Finance and Sina Sports, will develop more independently.At the same time, Sina Group will increase investment in the future and accelerateM&ATo achieve the diversified development of the group’s business.

　　Privatization

On July 6, 2020, Sina received a non-binding privatization offer from New Wave MMXV Limited.priceAcquired all the outstanding common stocks of companies that New Wave does not already own.

New Wave is a company registered in the British Virgin Islands and controlled by Sina Chairman and CEO Cao Guowei. As of the end of March 2020, New Wave holds approximately 7.94 million ordinary shares of Sina, accounting for 12.2%, and holding 7,150 Class A preferred shares, with total voting rights of 58%. In addition to holding Sina stock through New Wave, Cao Guowei also personally holds approximately 874,000 ordinary shares of Sina. Therefore, Cao Guowei holds a total of 13.5% of Sina shares and 58.6% of the voting rights.

On September 28, 2020, according to the agreement signed by all parties, the privatization price of Sina was increased to 43.3 US dollars, an increase of 5.6% from the previous US$41, and the corresponding Sina equity value was approximately US$2.59 billion. As of the close of US stocks yesterday, Sina’s stock price was US$43.26 per share.Market valueFor 2.584 billion US dollars.

In the entire privatization process of Sina, Cao Guowei is undoubtedly the most important promoter. Although he is not the creator of Sina, he is a key figure in the history of Sina’s development.

Sina was formally established in December 1998. If you want to go back, Sina’s predecessor, Stone Lifang, was established in December 1993. In April 2000, SinaNasdaqListed on the market, Sina is considered to be China in the industrythe InternetThe company’s first stock to go public in the United States, especially the VIE structure it explored, is also for the futureGo to seaListed Chinese companies provideborrowJian’s model.

However, in the second year of the company’s listing, Sina founder Wang Zhidong was forced to leave Sina. Subsequently, Sina’s head was replaced several times until Cao Guowei became the chairman and chief executive officer of Sina in August 2012. It really stabilized.Cao Guowei joined Sina in September 1999 and has served successivelySupervisorfinancialvice president, Chief Financial Officer, Chief Operating Officer, President and CEO, etc.

Along with the management turmoil, the business development of Sina’s first ten years of listing was not smooth. If it were not for Cao Guowei’s leadership, Sina launched Weibo in August 2009 and successfully seized the social media track, then today’s Sina might be another version of the story.

　　The new starting point

Sina’s mainproductThere are three, namely the portal site Sina.com, Sina Mobile (mobile portal and mobile application) and social media Weibo. Among them, Sina.com is a product that Sina has had at the beginning of its establishment and is also the main business of Sina. It is also the main business of Sina.com. Sina Mobile is the embodiment of Sina.com on the mobile side. product.

According to the financial report, in 2019, Sina’s revenue was 2.16 billion U.S. dollars, of which advertising revenue was 1.74 billion U.S. dollars, accounting for more than 80%. If divided by business, Weibo contributed 80% of revenue, and the remaining 20% ​​came from the portal’s advertising and financial technology businesses.

It can be seen that Sina’s revenue is overly dependent on Weibo and has a single structure, mainly relying on its advertising business. As of the close of US stocks on March 22, Weibo’s share price was $52.46 per share, with a market value of $11.88 billion, which was 4.6 times the market value of Sina before its delisting.

But for Weibo, it is actually facing growth troubles. According to Weibo’s latest financial report, in 2020, Weibo’s revenue will be 1.69 billion U.S. dollars.Year-on-yearDown 4%,Net profitIt was US$313 million, a decrease of 36.6% year-on-year. Among them, Weibo’s core advertising and marketing revenue was US$1.49 billion, a year-on-year decrease of 3%.

At the user level, as of the end of 2020, the number of monthly active users of Weibo was 521 million. Although a net increase of about 5 million compared with the same period last year, it also increased from the third quarter. However, compared with the data at the end of the first quarter of 2020, monthly active users It was reduced by nearly 30 million.

But just look at the fourth quarter of 2020Performance, Weibo achieved revenue of 513 million US dollars, a year-on-year increase of 10%, non-U.S. GMaccountingUnder the guidelines, belonging to WeiboNet profitIt was US$213 million, compared with US$110 million in the same period last year, both exceeding market expectations.

Weibo said that in the fourth quarter of last year, the company made more efforts in user acquisition and user retention, so the number of users can be seen to improve.For 2021, Weibo CEO Wang Gaofei said that in 2021, Weibo will fully grasp the marketAcceleration lineOpportunity of Shanghua, throughDifferentiationSocial advertising products and continuously optimized advertising bidding system to obtain incremental advertising budgets in the market.

Looking to the future of Sina, the new growth point may be vertical businesses such as Sina Finance, Sina Finance, and Sina Sports. After all, the news of Sina Finance’s independent listing has been rumored in the industry for a long time, and Sina’s delisting can indeed promote these vertical businesses. Independent development. Cao Guowei also said, “Sina’s privatization is not the end of an era, but we use a new structure to better open up the future.”

　　Related reports:

Sina is officially privatized after more than 20 years of listing! Cao Guowei: Don’t be “Qianlang”, only “Sina”!

Sina announces completion of privatization merger

(Source: 21st Century Business Herald)

(Editor in charge: DF070)