SINA Announces Dismissal of Securities Class Action Lawsuit

10 October 2006

SINA Corporation (Nasdaq: SINA), a leading online media company and mobile value-added service (MVAS) provider for China and for the global Chinese communities, today announced that the United States District Court for the Southern District of New York has dismissed, without leave to amend, a consolidated securities class action complaint filed against the Company and certain of its directors and officers.

As previously reported in the Company's SEC filings, in February 2005, multiple purported securities class action complaints were filed against the Company and certain officers and directors of the Company in the United States District Court for the Southern District of New York, following the Company's announcement of anticipated financial results for the first quarter of 2005 ending on March 31, 2005. The complaints sought unspecified damages on alleged violations of federal securities laws during the period from October 26, 2004 to February 7, 2005. The complaints alleged violations of the federal securities laws through the issuance of false or misleading statements during the class period covered. These complaints were subsequently consolidated, and the lead plaintiff filed an amended consolidated complaint.

On September 25, 2006, Judge Buchwald issued an order granting the defendants' motion to dismiss the amended consolidated complaint in its entirety, without leave to amend. In the dismissal order, Judge Buchwald held that "the complaint altogether fails to support the conclusion that [SINA] acted with intent to deceive or defraud the public or that they were reckless in this regard."

SINA Corporation and its directors and officers were represented in the matter by Robert P. Varian and Jonathan B. Gaskin of the law firm of Orrick, Herrington & Sutcliffe LLP.

About SINA

SINA Corporation (NASDAQ: SINA) is a leading online media company and value-added information service (VAS) provider for China and for global Chinese communities. With a branded network of localized web sites targeting Greater China and overseas Chinese, SINA provides services through five major business lines including SINA.com (online news and content), SINA Mobile (mobile value-added services), SINA Online (community-based services and games), SINA.net (search and enterprise services) and SINA E-Commerce (online shopping). Together these provide an array of services including region- focused online portals, mobile value-added services, search and directory, interest-based and community-building channels, free and premium email, online games, virtual ISP, classified listings, fee-based services, e-commerce and enterprise e-solutions.

Source: prnewswire

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