Weibo Corp.'s controlling stockholder SINA Corp. plans to distribute shares of the Chinese social media company to SINA stockholders in July.

SINA will distribute one Weibo class A ordinary share for every 10 SINA ordinary shares held. The Weibo share distribution will be payable on or about July 10 to shareholders of record as of the close of business on June 7.

Following the distribution, SINA expects its equity stake in Weibo to be about 46%, down from 49%. SINA's voting power in Weibo will decrease to 72% from 74%.