您现在的位置: 纽约时报中英文网 >> 纽约时报中英文版 >> 商业 >> 正文


更新时间:2017-11-6 18:48:14 来源:纽约时报中文网 作者:佚名

Sina, an Internet Pioneer in China, Wards Off U.S. Activist

HONG KONG — An American shareholder that challenged Sina, the Chinese internet pioneer, has lost its fight to shake things up.


Aristeia Capital, a hedge fund based in Connecticut, forced a referendum among Sina’s shareholders over whether the company should consider changes in its business to make more money for the shareholders.

总部设在康涅狄格州的对冲基金Aristeia Capital强迫在新浪的股东中举行公投,决定该公司是否应该考虑对业务进行调整,以便为股东带来更多回报。

It was the first time that an American hedge fund and a New York-listed Chinese company had found themselves in this type of public spat, known as a proxy fight. The campaign was seen as a test case for similar campaigns at other Chinese companies.


But Aristeia’s closely watched appeal appeared to have fallen on deaf ears on Friday, when Sina announced that the investor’s two nominees had not been voted onto the board.


The company said that three-quarters of its shareholders voted against Brett Krause, one of Aristeia’s nominees to the board, while just over half voted against Aristeia’s other nominee, Thomas Manning.

新浪称,四分之三的股东投票反对Aristeia提名的布雷特·克劳斯(Brett Krause)进入董事会,略超过一半的人反对Aristeia提名的另一人托马斯·曼宁(Thomas Manning)。

More than three-quarters of investors voted to keep Yichen Zhang, a board member who was seeking re-election, Sina said in a statement.


Charles Chao, Sina’s chairman and chief executive, said he was “grateful for shareholders’ support, input and participation” and “pleased that shareholders recognize the transformative growth and the unique value of the company.”


Still, Robert H. Lynch Jr., a partner at Aristeia, said “shareholders have sent a strong message to the company that change is needed and that the status quo is unsustainable and unacceptable.”

但Aristeia的合伙人小罗伯特·H·林奇(Robert H. Lynch Jr.)表示,“股东向新浪发出了强烈的信号,表明需要做出改变,现状不可持续、无法接受。”

The proxy fight came to an end on Friday afternoon, after a group of about 20 shareholders and company executives gathered in a conference room on the 42nd floor of a high-rise in Hong Kong.


During the 25-minute meeting, a representative for Aristeia was given the opportunity to make a statement, according to two people who were present but who asked not to be named because they were not authorized to speak publicly.


Sina — which controls Weibo, one of China’s biggest social media platforms — seemed an unlikely target for an activist campaign. It has seen its share price soar over the past year as investors piled into technology stocks hoping to get a piece of China’s internet growth.


But the New York-traded internet company found itself in the cross hairs of Aristeia earlier this year when the shareholder accused Sina of “failing to hold itself to the standards expected of U.S.-listed public company boards.” Aristeia pushed Sina to consider a sale or merger of Sina or Weibo.


Sina’s operations include online entertainment and news. But its most valuable asset is a 46 percent controlling stake in Weibo, which is listed separately. The separate listing helped to trigger the proxy fight. Even as Sina’s shares jumped by nearly three-quarters this year, Weibo’s shares have more than doubled. Weibo is now more than twice as valuable as Sina.


The campaign was seen as a rare test of the power that American shareholders have in Chinese companies that are listed in the United States. It also touched a nerve for some investors who have complained about fewer shareholder rights in Chinese companies that are incorporated in business-friendly countries like the Cayman Islands. These investors have expressed frustration that some companies appear to be managed for the sole benefit of top executives.


“The bottom line is that Sina’s poor corporate governance, lack of substantive engagement with its shareholders and substantial valuation discount need to be addressed,” Mr. Lynch said, adding that Aristeia would continue to “pursue all avenues” to “further the goals of maximizing shareholder value and enhancing corporate governance.”


Responding to this criticism, Mr. Chao said on Friday, “We will continue engaging constructively with our shareholders toward our common goal of long-term value creation.”