SINA Announces Issuance of New Rules on Microblogging by the Beijing Municipal Government
SHANGHAI, Dec. 16, 2011 /PRNewswire-Asia/ -- SINA Corporation (NASDAQ GS: SINA), a leading online media company and mobile value-added service ("MVAS") provider serving China and the global Chinese communities, today announced that the Beijing Municipal Government issued new rules on microblogging.
On December 16, 2011, the Beijing Municipal Government issued the Rules on the Administration of Microblog Development, or the Rules, which became effective on the same date. The Rules, among other things, require users of microblogging services to register their identities with microblogging service providers. Microblogging service providers are required to verify the identities of their users. These procedures will be carried out at the backend, which would not affect the account name of microblogging users, and will not apply to "read-only" users. The Rules identify eleven categories of content that are restricted from being disseminated. Microblogging service providers are required to implement systems and procedures to ensure the security of user information and that the information disseminated by microblogging users is in compliance with the content restriction policy. The Rules are applicable to microblogging service providers within the Beijing Municipality and their users. Existing service providers must within three months of the issuance of the Rules report on the procedures taken to comply with the Rules.
SINA's management is currently closely monitoring this new regulatory development and evaluating the impact the Rules may have on its Weibo.com microblogging operations.
SINA Corporation (Nasdaq GS: SINA) is an online media company and mobile value added service (MVAS) provider serving China and the global Chinese communities. With a branded network of localized websites targeting Greater China and overseas Chinese, the Company provides services mainly through SINA.com (online news and content), Weibo.com (microblog) and SINA Mobile (MVAS). Through these businesses and properties and other business lines, SINA offers an array of services including region-focused online portals, microblog, blog, video and music streaming, photo sharing, online games, email, search, classified listings, MVAS, 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 fee-based services.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by this section. SINA assumes no obligation to update the forward-looking statements in this press 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, the uncertain regulatory landscape in the People's Republic of China, and any failure to successfully develop, introduce, drive adoption of or monetize new features and products, including Weibo.com. Further information regarding these and other risks is included in SINA's Annual Report on Form 20-F for the year ended December 31, 2010 and its other filings with the Securities and Exchange Commission.
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SOURCE SINA Corporation