SHANGHAI, Aug. 4 /PRNewswire-Asia/ -- SINA Corporation , 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 June 30, 2010.
Starting in the fourth quarter of 2009, in addition to the disclosure of GAAP results below, SINA's historical revenues and certain non-GAAP measures (namely, gross profit, operating expenses, income from operations and advertising gross margin) have been revised to exclude results from China Online Housing Technology Corporation ("COHT"), adjusted for the impact of the amended and restated advertising agency agreement on a pro forma basis as if the agreement had been effective at the beginning of the periods presented. These adjustments were made to reflect SINA injecting its online real estate advertising business into its majority-owned subsidiary COHT and exchanging its interest in COHT for approximately 33% interest in China Real Estate Information Corporation ("CRIC") upon the successful listing of CRIC on the NASDAQ Global Select Market in October 2009 ("Transaction"). Non-GAAP measures are described below and reconciled to the corresponding GAAP measures in the section below titled "Unaudited Reconciliation of Non-GAAP to GAAP Results."
Second Quarter 2010 Highlights -- Net revenues grew 10% year over year to $99.4 million. -- Non-GAAP net revenues grew 18% year over year to $94.7 million, exceeding SINA's guidance between $90.0 million and $93.0 million. -- Advertising revenues grew 27% year over year to $73.1 million. -- Non-GAAP advertising revenues grew 52% year over year to $73.1 million, exceeding SINA's guidance between $70.0 million and $72.0 million. -- Non-advertising revenues decreased 19% year over year to $26.3 million. -- Non-GAAP non-advertising revenues decreased 33% year over year to $21.6 million, but exceeded SINA's guidance between $20.0 million and $21.0 million. -- Net income attributable to SINA increased 89% year over year to $25.2 million, or $0.38 diluted net income per share attributable to SINA. -- Non-GAAP net income attributable to SINA increased 62% year over year to $27.7 million, or $0.42 non-GAAP diluted net income per share attributable to SINA.
"SINA had an outstanding second quarter. Our online advertising business, which excludes the adjusted results of SINA real estate advertising, grew 52% year over year, contributing to SINA's top line and bottom line growth. SINA's ability to rapidly grow online advertising revenues while expanding our profit margin is a reflection of the strength of SINA's brand, market influence and online media capabilities," said Charles Chao, CEO of SINA. "The adoption of SINA Weibo, our Twitter-like miniblog, is strong and increasingly gaining momentum, which is adding excitement to SINA's brand and extending SINA's leadership position in China's online media space."
Financial Results
For the second quarter of 2010, SINA reported net revenues of $99.4 million, compared to $90.3 million for the same period last year. Non-GAAP net revenues for the second quarter of 2010 totaled $94.7 million, compared to $80.6 million for the same period last year. Advertising revenues for the second quarter of 2010 were $73.1 million, compared to $57.8 million for the same period last year. Non-GAAP advertising revenues for the second quarter of 2010 were $73.1 million, compared to $48.1 million for the same period last year. The year over year advertising revenue growth was partially boosted by a successful coverage of the 2010 World Cup.
Non-advertising revenues for the second quarter of 2010 totaled $26.3 million, compared to $32.5 million for the same period last year. MVAS revenues for the second quarter of 2010 amounted to $20.0 million, compared to $30.9 million for the same period last year. The year over year decline in MVAS revenues was primarily due to China Mobile implementing series of measures in late November 2009 and January 2010, including the suspension of billing of wireless application protocol ("WAP"), limiting service offerings and partnerships allowed for each short messaging service ("SMS") code, preventing television and radio promotion of certain interactive voice response system ("IVR") products and requiring additional notices and customer confirmations in the MVAS ordering process. Other non-advertising revenues for the second quarter of 2010 included amortized deferred revenue of $4.7 million relating to the license agreements resulting from the Transaction.
Gross margin for the second quarter of 2010 was 58%, up from 56% for the same period last year. Advertising gross margin for the second quarter of 2010 was 60%, up from 58% for the same period last year. Non-GAAP advertising gross margin for the second quarter of 2010 was 61%, compared to 55% for the same period last year. The increase in non-GAAP advertising gross margin was mostly due to revenues growing faster than advertising cost of revenues. MVAS gross margin for the second quarter of 2010 was 42%, compared to 50% for the same period last year. The decline in MVAS gross margin was primarily due to a decline in mobile revenues without a proportional decline in mobile costs.
Operating expenses for the second quarter of 2010 totaled $32.0 million, compared to $36.7 million for the same period last year. Operating expenses for the second quarter of 2010 included $2.6 million in stock-based compensation expenses and $0.2 million in amortization expenses of intangible assets. Non-GAAP operating expenses for the second quarter of 2010 were $29.1 million, compared to $30.9 million for the same period last year. General and administrative expenses for the second quarter of 2010 included a reversal of $1.6 million in allowance for bad debt, resulting from the receipt of payments for past due accounts receivable. The decrease in non-GAAP operating expenses was also due to lower marketing expenditures, partially offset by higher personnel-related expenses.
Operating income for the second quarter of 2010 was $26.1 million, compared to $13.6 million for the same period last year. Non-GAAP operating income for the second quarter of 2010 was $25.0 million, compared to $12.4 million for the same period last year.
The Company accounts for its investment in CRIC using the equity method of accounting and reports its interest in CRIC one quarter in arrears. Equity loss from CRIC for the second quarter of 2010 was $0.1 million, which is based on the Company's share of net income attributable to CRIC for the first quarter of 2010 less its share of amortization of CRIC's intangibles not on CRIC's books. On a non-GAAP basis, equity income from CRIC for the second quarter of 2010 was $3.4 million, which was calculated based on non-GAAP net income attributable to CRIC following the same non-GAAP financial measures as the Company.
Provision for income taxes for the second quarter of 2010 was $2.4 million, compared to $2.0 million for the same period last year.
Net income attributable to SINA for the second quarter of 2010 was $25.2 million, compared to $13.3 million for the same period last year. Diluted net income per share attributable to SINA for the second quarter of 2010 was $0.38, compared to $0.23 for the same period last year. Non-GAAP net income attributable to SINA for the second quarter of 2010 was $27.7 million, compared to $17.1 million for the same period of last year. Non-GAAP diluted net income per share attributable to SINA for the second quarter of 2010 was $0.42, compared to $0.29 for the same period last year.
As of June 30, 2010, SINA's cash, cash equivalents and short-term investments totaled $828.2 million, compared to $821.5 million as of December 31, 2009. Cash flow from operating activities was $12.9 million for the second quarter of 2010, compared to $18.8 million for the same period last year.
Business Outlook
SINA estimates that its non-GAAP net revenues for the third quarter of 2010 to be between $101.0 million and $104.0 million, with non-GAAP advertising revenues to be between $80.0 million and $82.0 million and non-GAAP non-advertising revenues to be between $21.0 million and $22.0 million. Non-GAAP net revenues and non-GAAP non-advertising revenues exclude the recognition of $4.7 million in deferred revenue, which is related to the license agreements resulting from the Transaction.
Non-GAAP Measures
This release contains non-GAAP financial measures. These non-GAAP financial measures, which are used as measures of SINA'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 revenues, 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 items, including stock-based compensation, amortization of intangible assets, gain/loss on the disposal/purchase of business and investment, recognition of deferred revenues relating to the license agreements resulting from the Transaction and COHT's adjusted results (for certain non-GAAP measures) 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 comparing the Company's current financial results with the Company's past financial results in a consistent manner, and 2) in understanding and evaluating the Company's current operating performance and future prospects in the same manner as management does, if they so choose. The Company's management further believes the non-GAAP financial measures provide useful information to both management and investors by excluding certain expenses, gains/losses and other items (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 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 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 gain/loss on the disposal/purchase of a business or investment 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 Company's management believes excluding the recognition of deferred revenues relating to the license agreements resulting from the Transaction from its non-GAAP financial measures is useful for itself and investors, because they enable a more meaningful comparison of the Company's revenue performance between reporting periods. In addition, such revenues will not result in cash settlement in the future 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 COHT's results, adjusting for the impact of the amended and restated advertising agency agreement on a pro forma basis as if the agreement had been effective at the beginning of the periods presented, from its non-GAAP financial measures to reflect the spin off of COHT is useful for itself and investors, because they enable management and investors to gain a better understanding of the Company's comparative operating performance (when comparing such results with the current period or forecasts) and future prospects.
The Company's non-GAAP equity income from its interest in net income attributable to CRIC exclude stock-based compensation, amortization expense of intangible assets and gains from the purchase of a business, which are consistent with the Company's adjusted items to calculate non-GAAP measures.
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 9:00 p.m. Eastern Time to present an overview of the Company's financial performance and business operations. A live webcast of the call will be available from 9:00 p.m. - 10:00 p.m. Eastern Time on Wednesday, August 4, 2010 (9:00 a.m. - 10:00 a.m. Beijing Time on August 5, 2010). The webcast can be accessed through the Company's corporate website at http://corp.sina.com/ . A dial-in to the conference is also available. Dial-in details are as follows:
US: +1 617 597 5344 UK: +44 207 365 8426 Hong Kong: +852 3002 1672 Password for all regions: 73821141
A replay of the conference call will be available through midnight Eastern Time, August 11, 2010. The dial-in number is + 1 617 801 6888 (International). The pass code for the replay is 71938441.
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 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 CRIC, including the merger of SINA 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, 2009 and its other filings with the Securities and Exchange Commission.
For further information, please contact: SINA Corporation Cathy Peng Phone: +86-10-82628888 ext. 3112 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 Six months ended June 30, March 31, June 30, 2010 2009 2010 2010 2009 Net revenues: Advertising $73,090 $57,755 $54,279 $127,369 $100,926 Non-advertising 26,326 32,503 30,722 57,048 63,097 99,416 90,258 85,001 184,417 164,023 Cost of revenues: Advertising (a) 29,053 24,237 24,002 53,055 45,874 Non-advertising 12,303 15,751 12,869 25,172 29,246 41,356 39,988 36,871 78,227 75,120 Gross profit 58,060 50,270 48,130 106,190 88,903 Operating expenses: Sales and marketing (a) 19,584 21,118 17,050 36,634 36,947 Product development (a) 7,983 7,840 7,685 15,668 15,319 General and administrative (a) 4,169 7,287 6,206 10,375 13,480 Amortization of intangibles 246 411 2,600 2,846 822 31,982 36,656 33,541 65,523 66,568 Income from operations 26,078 13,614 14,589 40,667 22,335 Non-operating income: Interest and other income, net 1,601 2,069 1,593 3,194 5,056 Income (Loss) from investments, net (84) -- 9,991 9,907 -- 1,517 2,069 11,584 13,101 5,056 Income before income taxes 27,595 15,683 26,173 53,768 27,391 Provision for income taxes (2,391) (1,991) (1,898) (4,289) (4,043) Net income 25,204 13,692 24,275 49,479 23,348 Less: Net income (loss) attributable to the noncontrolling interest (25) 354 (78) (103) 261 Net income attributable to SINA $25,229 $13,338 $24,353 $49,582 $23,087 Basic net income per share attributable to SINA $0.41 $0.25 $0.40 $0.81 $0.43 Diluted net income per share attributable to SINA $0.38 $0.23 $0.37 $0.76 $0.40 Shares used in computing basic net income per share attributable to SINA 61,066 53,783 60,924 60,995 54,097 Shares used in computing diluted net income per share attributable to SINA 65,562 58,198 65,504 65,530 58,285 (a) Stock-based compensation included was as follows: Cost of revenues - advertising $812 $634 $1,021 $1,833 $1,261 Sales and marketing 615 560 753 1,368 1,080 Product development 444 414 652 1,096 850 General and administrative 1,531 1,720 1,732 3,263 3,409 SINA CORPORATION UNAUDITED RECONCILIATION OF NON-GAAP TO GAAP RESULTS (U.S. Dollar in thousands, except per share data) Three months ended June 30, 2010 Non-GAAP Actual Adjustments Results Advertising revenues $73,090 $73,090 Non-advertising revenues 26,326 (4,686) (c) 21,640 Revenues $99,416 $(4,686) $94,730 812 (a) (4,686) (c) Gross profit $58,060 $(3,874) $54,186 (2,590) (a) (246) (b) Operating expenses $31,982 $(2,836) $29,146 3,402 (a) 246 (b) (4,686) (c) Income from operations $26,078 $(1,038) $25,040 3,402 (a) 246 (b) 3,558 (e) (4,686) (c) Net income attributable to SINA $25,229 $2,520 $27,749 Diluted net income per share attributable to SINA $0.38 $0.42 Shares used in computing diluted net income per share attributable to SINA 65,562 65,562 Gross margin - advertising 60% 1% 61% Three months ended June 30, 2009 Non-GAAP Actual Adjustments Results Advertising revenues $57,755 (9,655) (d) $48,100 Non-advertising revenues 32,503 32,503 Revenues $90,258 $(9,655) $80,603 634 (a) 88 (b) (7,704) (d) Gross profit $50,270 $(6,982) $43,288 (2,694) (a) (411) (b) (2,678) (d) Operating expenses $36,656 $(5,783) $30,873 3,328 (a) 499 (b) (5,026) (d) Income from operations $13,614 $(1,199) $12,415 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% -3% 55% Three months ended March 31, 2010 Non-GAAP Actual Adjustments Results Advertising revenues $54,279 $54,279 Non-advertising revenues 30,722 (4,686) (c) 26,036 Revenues $85,001 $(4,686) $80,315 1,021 (a) (4,686) (c) Gross profit $48,130 $(3,665) $44,465 (3,137) (a) (2,600) (b) Operating expenses $33,541 $(5,737) $27,804 4,158 (a) 2,600 (b) (4,686) (c) Income from operations $14,589 $2,072 $16,661 4,158 (a) 2,600 (b) (4,094) (e) (4,686) (c) Net income attributable to SINA $24,353 $(2,022) $22,331 Diluted net income per share attributable to SINA $0.37 $0.34 Shares used in computing diluted net income per share attributable to SINA 65,504 65,504 Gross margin - advertising 56% 2% 58% Six months ended June 30, 2010 Non-GAAP Actual Adjustments Results Advertising revenues $127,369 $127,369 Non-advertising revenues 57,048 (9,372) (c) 47,676 Revenues $184,417 $(9,372) $175,045 1,833 (a) (9,372) (c) Gross profit $106,190 $(7,539) $98,651 (5,727) (a) (2,846) (b) Operating expenses $65,523 $(8,573) $56,950 7,560 (a) 2,846 (b) (9,372) (c) Income from operations $40,667 $1,034 $41,701 7,560 (a) 2,846 (b) (536) (e) (9,372) (c) Net income attributable to SINA $49,582 $498 $50,080 Diluted net income per share attributable to SINA $0.76 $0.76 Shares used in computing diluted net income per share attributable to SINA 65,530 65,530 Gross margin - advertising 58% 2% 60% Six months ended June 30, 2009 Non-GAAP Actual Adjustments Results Advertising revenues $100,926 (15,827)(d) $85,099 Non-advertising revenues 63,097 63,097 Revenues $164,023 $(15,827) $148,196 1,261 (a) 177 (b) (12,612)(d) Gross profit $88,903 $(11,174) $77,729 (5,339)(a) (822)(b) (5,360)(d) Operating expenses $66,568 $(11,521) $55,047 6,600 (a) 999 (b) (7,252)(d) Income from operations $22,335 $347 $22,682 6,576 (a) 939 (b) Net income attributable to SINA $23,087 $7,515 $30,602 Diluted net income per share attributable to SINA $0.40 $0.53 Shares used in computing diluted net income per share attributable to SINA 58,285 58,285 Gross margin - advertising 55% -3% 52% (a) To adjust stock-based compensation related to employee incentives. (b) To adjust amortization of intangible assets. (c) To adjust the recognition of deferred revenue related to the license agreements resulting from the transaction with CRIC. (d) To exclude COHT's results, adjusting for the impact of the amended and restated advertising agency agreement on a pro forma basis as if the agreement had been effective at the beginning of the period presented. (e) To adjust share of CRIC's GAAP to Non-GAAP reconciling items, net of share of amortization of CRIC's intangibles not on CRIC's books. Three months ended June 30, 2010 Non-GAAP Actual Adjustments Results To adjust stock-based compensation $1,311 To adjust amortization expenses of intangible assets resulting from business acquisitions 1,474 To adjust gains from the purchase of a business: Income from investment in affiliates* -- Gain from settlement of pre- existing relationship with COHT -- Equity income from CRIC $650 $2,785 $3,435 Share of amortization of CRIC's intangibles not on CRIC's books $(773) $773 $-- $(123) $3,558 $3,435 Three months ended March 31, 2010 Actual Adjustments Non-GAAP Results To adjust stock-based compensation $1,290 To adjust amortization expenses of intangible assets resulting from business acquisitions 1,699 To adjust gains from the purchase of a business: Income from investment in affiliates* (7,155) Gain from settlement of pre- existing relationship with COHT (701) Equity income from CRIC $10,806 $(4,867) $5,939 Share of amortization of CRIC's intangibles not on CRIC's books $(773) $773 $-- $10,033 $(4,094) $5,939 Six months ended June 30, 2010 Actual Adjustments Non-GAAP Results To adjust stock-based compensation $2,601 To adjust amortization expenses of intangible assets resulting from business acquisitions 3,173 To adjust gains from the purchase of a business: Income from investment in affiliates* (7,155) Gain from settlement of pre- existing relationship with COHT (701) Equity income from CRIC $11,456 $(2,082) $9,374 Share of amortization of CRIC's intangibles not on CRIC's books $(1,546) $1,546 $-- $9,910 $(536) $9,374 * Represents the excess of fair value over the carrying amount recognized as a result of acquisition of COHT. SINA CORPORATION UNAUDITED SEGMENT INFORMATION (U.S. Dollar in thousands) Three months ended Six months ended June 30, March 31, June 30, 2010 2009 2010 2010 2009 Net revenues Advertising $73,090 $57,755 $54,279 $127,369 $100,926 Mobile related 19,964 30,884 24,554 44,518 59,864 Others 6,362 1,619 6,168 12,530 3,233 $99,416 $90,258 $85,001 $184,417 $164,023 Cost of revenues Advertising $29,053 $24,237 $24,002 $53,055 $45,874 Mobile related 11,660 15,313 12,424 24,084 28,421 Others 643 438 445 1,088 825 $41,356 $39,988 $36,871 $78,227 $75,120 SINA CORPORATION UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. Dollar in thousands) June 30, December 31, 2010 2009 Assets Current assets: Cash and cash equivalents $543,699 $746,423 Short -term investments 284,491 75,095 Accounts receivable, net 96,746 74,999 Other current assets 31,681 22,381 Total current assets 956,617 918,898 Property and equipment, net 22,640 23,022 Goodwill and intangible assets, net 85,606 87,740 Investments 600,371 580,606 Other assets 3,810 3,576 Total assets $1,669,044 $1,613,842 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $2,622 $1,918 Accrued liabilities 113,852 108,970 Income taxes payable 11,883 14,526 Convertible debt 99,000 99,000 Total current liabilities 227,357 224,414 Long-term deferred revenue 154,646 164,019 Other long-term liabilities 3,107 2,710 Total liabilities 385,110 391,143 Shareholders' equity SINA shareholders' equity 1,282,605 1,221,727 Noncontrolling interest 1,329 972 Total shareholders' equity 1,283,934 1,222,699 Total liabilities and shareholders' equity $1,669,044 $1,613,842
SINA Corporation
CONTACT: Cathy Peng, SINA Corporation, +86-10-8262-8888 x3112,
ir@staff.sina.com.cn
Web site: http://www.sina.com/
http://corp.sina.com/
