SINA (SINA) Rips Higher on Weibo Virtual Currency Plans
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Shares of SINA (Nasdaq: SINA) are surging higher Wednesday on reports the company will launch a virtual currency for its Weibo service in the third quarter.
Reuters noted analysts believes the move would be significant as the company seeks to monetize the site and expand into a full-fledged social network to compete with Renren Inc. (Nasdaq: RENN) and Tencent Holding's QQZone.
"This is a no-brainer for Sina as it tries unobtrusive, non-advertising-based ways to monetize Weibo," Michael Clendenin of RedTech Advisors was quoted as saying.
Shares of SINA are up 8.9% to $114.50 intraday Wednesday.
Reuters noted analysts believes the move would be significant as the company seeks to monetize the site and expand into a full-fledged social network to compete with Renren Inc. (Nasdaq: RENN) and Tencent Holding's QQZone.
"This is a no-brainer for Sina as it tries unobtrusive, non-advertising-based ways to monetize Weibo," Michael Clendenin of RedTech Advisors was quoted as saying.
Shares of SINA are up 8.9% to $114.50 intraday Wednesday.
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