Notwithstanding the macro risks present in the Chinese economy, our price estimate for SINA stands at $46.30. This represents more than 20% premium to the current market price. We believe there are several positives in the company’s business. Firstly, its Weibo platform continues to command high popularity in the Chinese market, which is recording higher levels of engagement. Secondly, Sina has been able to effectively transition itself onto the mobile platform, where revenues are growing at a solid pace. Thirdly, the company’s efforts to attract smaller businesses and expand into vertical areas (such as finance) could mitigate some of its risks in the coming future, in our view.