BEIJING, Dec. 11, 2012 /PRNewswire/ -- SINA Corporation (" Sina") ( Nasdaq: SINA), a leading online media company serving China and the global Chinese communities, and AutoNavi Holdings Limited ("AutoNavi") ( Nasdaq: AMAP), a leading provider of digital map content and navigation and location-based solutions in China, today jointly announced a strategic partnership to integrate and enhance each other's social, location and mobile ("SoLoMo") offerings. As a result of this partnership, AMAP, AutoNavi's mobile map application, users will be able to sign on using Weibo Connect and access content directly from SINA Weibo. SINA Weibo users will also have access to the content and functionality of AMAP. The companies expect such content and product integration will enhance the social networking and navigational aspects of each other's mobile offerings."Over 70% of SINA Weibo users access the social media platform at least partially via mobile devices," said Gaofei Wang, Vice President and General Manager of SINA Mobile. "LBS (location based services) and mapping services will play a key role in Weibo's mobile strategy, and we are excited to be partnering with AutoNavi to leverage their expertise in these areas.""In teaming up with Sina, we are proud to provide our mapping and location-based services to over 400 million Sina Weibo users, while at the same time integrating Sina Weibo's social content and SNS features into AMAP," said Mr. Congwu Cheng, chief executive officer of AutoNavi. "We believe our collaboration with Sina Weibo will benefit both of our users and we look forward to future cooperation between our two companies as we continue to bring new features and functionalities to our users."About SINAWe are an online media company serving China and the global Chinese communities. Our digital media network of SINA.com (portal), SINA.cn (mobile portal) and Weibo.com (social media) enable Internet users to access professional media and user generated content in multi-media formats from the web and mobile devices and share their interests to friends and acquaintances.SINA.com offers distinct and targeted professional content on each of its region specific websites and a range of complementary offerings. SINA.cn provides information and entertainment content from SINA portal customized for WAP users. Based on an open-platform architecture to host organically developed and third-party applications, Weibo.com is a form of social media, featuring microblogging services and social networking services that allow users to connect and share information anywhere, anytime and with anyone on our platform.Through these businesses and properties and other business lines, we offer an array of services including mobile value added services ("MVAS"), online video, music streaming, online games, photo sharing, blog, email, classified listings, fee-based services, e-commerce and enterprise services. We generate the majority of our revenues from online brand advertising, MVAS and fee-based services.]About AutoNavi AutoNavi Holdings Limited (Nasdaq:AMAP) is a leading provider of digital map content and navigation and location-based solutions in China. At the core of its business is a comprehensive nationwide digital map database that covers approximately 3.6 million kilometers of roadway and over 20 million points of interest across China. Through its digital map database and proprietary technology platform, AutoNavi provides comprehensive, integrated navigation and location-based solutions optimized for the Chinese market and users, including automotive navigation solutions, mobile location-based solutions and Internet location-based solutions, and public sector and enterprise applications. For more information on AutoNavi, please visit http://www.autonavi.com.Forward Looking Statements This press release contains forward-looking statements made under the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. SINA and AutoNavi may also make written or oral forward-looking statements in their respective reports filed with or furnished to the U.S. Securities and Exchange Commission, in their respective annual report to shareholders, in press releases and other written materials and in oral statements made by their respective officers, directors or employees to third parties. Statements that are not historical facts, including statements about the companies' beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include the risk factors detailed in the companies' respective annual report on Form 20-F as well as in their other filings with the Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and neither SINA nor AutoNavi undertakes any duty to update such information, except as required under applicable law.For investor and media inquiries please contact:SINAInvestor RelationsSINA CorporationPhone: +86-10-8262-8888 x 3112Email: email@example.comAutoNaviIn China:Serena ShiAutoNavi Holdings LimitedTel: +86-10-8410-7883E-mail: firstname.lastname@example.orgDerek MitchellOgilvy Financial, BeijingTel: +86-10-8520-3073E-mail: email@example.comIn the U.S.:Jessica Barist CohenOgilvy Financial, New YorkTel: +1-646-460-9989E-mail: firstname.lastname@example.org SOURCE SINA Corporation
Shares of AutoNavi Holdings (AMAP) are higher after it was announced that the Chinese digital mapping and navigation firm agreed to be acquired by e-commerce firm Alibaba Group Holding in a deal valuing the company at about $1.5 billion.