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SINA discloses details of Weibo stock distribution

Weibo Corp.'s controlling shareholder SINA Corp. disclosed the details of its planned distribution of shares of the Chinese social media company to SINA stockholders.

SINA expects to distribute 7,142,148 class A ordinary shares of Weibo to SINA shareholders on a pro rata basis, with one Weibo class A ordinary share distributed for every 10 SINA ordinary shares. Fractional shares will not be distributed.

The distribution date is expected to be July 10. Following the distribution, SINA's equity stake in Weibo will decrease to 46% from 49%, while its voting power in Weibo will fall to 72% from 74%.