CHINA: SINA BUYS MEMESTAR FOR $20.8 MN PRICETAG.(SINA Corporation, an information service provider)(Brief Article)

IPR Strategic Business Information Database, January, 2003

SINA Corporation, an information service provider for China and for global Chinese communities, announced today that it has entered into a definitive agreement to acquire MeMeStar, an independent Chinese mobile value-added service provider for a total purchase price of $20.8 million in cash and SINA shares.

According to company release, SINA expects to double its wireless revenue, add two million paying subscribers, triple its nation-wide sales force for wireless business, and expand its overall service offerings as a result of the acquisition. Pending regulatory approval, the transaction is expected to be completed in the first quarter of 2003.