SINA CEO, Charles Chao, invested $456 million in 11 million shares of SINA.com at $41.49 per share was the announcement by the company back made on June 1, 2015.
Investors were so enthused by that announcement that in the two weeks following the announcement they had bid the shares up from $40.73, which was the closing price the day before the announcement, to a high of $61.25, peak price reached before the Chinese markets collapsed.
Ever since that peak, SINA has been a slow ride lower and today they are trading below where Mr. Chao invested in the company and he is looking at a paper loss of around $15 million at the moment.
Having said that , SINA has about $22 per ADS in cash and is again looking like a compelling opportunity although jumping in with both feet is not warranted given whats happening in China the last month or so.
Stay tuned.
