Sina Corp, aChinese internet giant and the owner of the Weibo platform has cut out its shares in The US and is planning to go all alone.This move makes it the newest firm which back outs from the Wall Street.This is because the relations between Beijing and Washington has become sour over time.
This is expected that SINA CORP will stop trading
on the NASDAQ exchange where it has been trading since 2000. This is because its board is in the agreement of combining itself with a group Run by its chief executive. The firm values at $2.59 billion.
The companies associated in the country USA are required to come up with their audit papers 2 USA accountants. This move of USA could mean the removal of the Chinese forces out of USA.
And as Chinese forces could be moved out of USA this could lead to their entry in the Hong Kong or Shanghai.
Huge offerings are already being launched
in Hong Kong in the last year buy some e-commerce platforms like Alibaba and.com. These 2 platforms are traded in New York. Do financial sector of Alibaba might consider plans of considering mega duel IPO in the 2 cities SINA CORP.
In June one of the prominent chipmakers of China Which is SMIS was banished.
Also one major incident took place this week and it was that the US came up with some new restrictions related to export and they were imposed on the already troubled manufacturers. This exploited its Hong Kong stocks.
There is already a restriction imposed by the US president on Us firms relating to the business they can do with telecoms Titan Huawei.
The President of SINA CORP USA has also asked
the owner of the Chinese popular video app Tik tok grant all its us operations to an America based company commending its security concerns
As per the new statement quoted on Monday it is expected that the sign a agreement might consider its merging with the new wave mmxvi limited which is a company registered in the Cayman Islands and controlled by the CEO of Sina called Charles Chao.
The deal expects the new wave pay $43.30 per share
in comparison to the old amount of $41 which was offered in June. The company SINA CORP said that it can be expected the merger might close within the first 4 months of 2022.
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