NEW YORK (TheStreet) -- Investors shouldn't forget Sina (SINA) amid all of the hoopla surrounding JD.com's (JD) initial public offering this week.
Congratulations are definitely in order for JD.com, the Chinese e-commerce company that price its shares at $19 each, above the expected range of $16-$18, and then saw them close Thursday's session even higher, at $20.90.
This strength contrasted markedly with the sharp falls suffered by two other Chinese Internet stocks: Sina and Weibo (WB).
Sina has a fully diluted 54% percent stake in Weibo, which China's second largest micro-blogging site. Sina's shares have performed poorly so far during 2014, falling about 50% from their January high.
Both Sina and the recently listed Weibo reported first-quarter results after the close Wednesday. Although revenue grew 38% and 161%, respectively, second-quarter guidance failed to match analysts' expectations.
A decision by the Chinese government to revoke some literature publishing and online video transmission licenses caused uncertainty for Sina while Weibo -- just like Twitter (TWTR) in its latest quarterly announcement -- struggled to show as rapid a monetization of its micro-blogging service as hoped.
Sina's stake in Weibo is currently worth slightly more than $2 billion. Although there is certainly a very active debate about the valuation of micro-blogging stocks (for example, Twitter) it is also worth noting that just prior to Weibo's listing, Alibaba -- part-owned by Yahoo! (YHOO) and poised for its own IPO in the U.S. -- took up an option to increase its own Weibo stake to 30%. Alibaba sees much greater value than the market currently does.