Shanghai, China.--(PRNewswire)—July 6, 2004--SINA Corporation (Nasdaq:SINA), a leading online media company and value-added information service provider for China and for global Chinese communities, announced today that it has entered into a definitive agreement to acquire Davidhill Capital Inc. and its UC instant messaging technology platform.

　　Launched in 2002, the UC instant messaging service allows users to communicate in real-time over the Internet and mobile phone networks, via text messages, images and voice. UC also provides community services such as chat rooms, online games, alumni clubs, online karaoke and other entertainment services. Based on a highly scalable technology platform, the UC instant messaging service has approximately 80 million registered user accounts and approximately 200,000 peak simultaneous online user accounts.

　　SINA will pay US$15 million in cash and shares as the first installment and an additional contingent payment of up to US$21 million in cash and shares in the next year based on growth performance levels.

　　"The addition of UC’s instant messaging service to SINA’s service offerings will enhance our users’ community experience," said Wang Yan, CEO of SINA. "With this acquisition, SINA aims to extend its existing portfolio of web-based and mobile services to users who use instant messaging as their primary online activity. In addition, UC’s instant messaging platform is ideal for providing value-added services such as online casual games, dating and avatar-based communities.”

　　The transaction is subject to customary closing conditions including regulatory approvals and is expected to close in the third quarter of 2004.

　　About SINA

　　SINA Corporation (NASDAQ: SINA) is a leading online media company and value-added information service (VAS) provider for China and for global Chinese communities. With a branded network of localized web sites targeting Greater China and overseas Chinese, SINA provides services through five major business lines including SINA.com (online news and content), SINA Mobile (mobile value-added services), SINA Online (community-based services and games), SINA.net (search and enterprise services) and SINA E-Commerce (online shopping and travel). Together these provide an array of services including region-focused online portals, mobile value-added services, search and directory, interest-based and community-building channels, free and premium email, online games, virtual ISP, classified listings, fee-based services, e-commerce and enterprise e-solutions.

　　To learn more about SINA, please logon to our corporate web site at corp.sina.com

　　Safe Harbor Statement

　　This announcement contains forward-looking statements. We may also make written or oral forward-looking statements in our periodic reports to the Securities and Exchange commission on forms 10-K, 10-Q, 8-K, etc., in our annual report to shareholders, in our proxy statements, in our offering circulars and prospectuses, in press releases and other written materials and in oral statements made by our officers, directors or employees to third parties. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements are based on current plans, estimates and projections, and therefore you should not place undue reliance on them. Forward-looking statements involve inherent risks and uncertainties. We caution you that 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 historical losses, its limited operating history, the uncertain regulatory landscape in the People's Republic of China, fluctuations in quarterly operating results, the Company's reliance on its mobile content value added services and online advertising sales for a majority of its revenues, the Company’s reliance on mobile operators in China to provide wireless short messaging service, any failure to successfully develop and introduce new products and any failure to successfully integrate acquired businesses. Further information regarding these and other risks is included in SINA's prospectus, 10K, 10Q and in its other filings with the Securities and Exchange Commission.