In November 2013, we issued $800,000,000 principal amount of convertible senior notes due 2018. The notes bore interest at a rate of 1.00% per year, payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2014. On December 1, 2016, a number of holders exercised their option rights under the indenture to require us to repurchase their notes at a price equal to 100% of the principal amount of the notes plus accrued and unpaid interest to but excluding the repurchase date. We paid $646.9 million in cash to repurchase such notes. The remaining notes were fully repaid in December 2018.
On April 17, 2014, our subsidiary, Weibo listed its American depositary shares, each representing one Class A ordinary share of Weibo (the “Weibo ADSs”), on the Nasdaq Global Select Market in connection with an initial public offering of Weibo. Weibo offered a total of 19,320,000 Weibo ADSs, representing 19,320,000 Class A ordinary shares, in connection with its initial public offering.
As approved by our board of directors in August 2016 and May 2017, respectively, we completed a distribution of Weibo Class A ordinary shares to our shareholders in October 2016 and an additional distribution in July 2017 in the form of a dividend, on a pro rata basis, of one Weibo Class A ordinary share for each ten of our ordinary shares outstanding as of September 12, 2016 and as of June 7, 2017, respectively. We distributed a total of 7,088,116 Weibo shares in October 2016, and 7,142,148 Weibo shares in July 2017. Following the distribution of Weibo shares in July 2017, our total equity stake in Weibo decreased to approximately 46% (or approximately 72% by voting power) of Weibo’s total outstanding shares.
In October 2017, Weibo issued $900 million principal amount of convertible senior notes due 2022 (the “2022 Notes”). The 2022 Notes bear interest at a rate of 1.25% per year, payable semiannually in arrears on May 15 and November 15 of each year, beginning on May 15, 2018. Holders of the 2022 Notes may convert their notes, at their option, in integral multiples of US$1,000 principal amount, at any time prior to the close of business on November 11, 2022. The 2022 Notes will mature on November 15, 2022. The 2022 Notes will be convertible into our ADSs, at the option of the holders, based on an initial conversion rate of 7.5038 ADSs per $1,000 principal amount of notes.
In July 2019, Weibo issued $800 million principal amount of senior notes due 2024. The 2024 Notes (the “2024 Notes”). The 2024 Notes were issued at par value and bear interest rate at a rate of 3.50% per year, payable semiannually in arrears on January 5 and July 5 of each year, beginning on January 5, 2020. The 2024 Notes will mature on July 5, 2024, unless previously repurchased or redeemed in accordance with their terms prior to the maturity.
SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC on www.sec.gov. You can also find information on our website http://corp.sina.com.cn.
B. Business Overview
Overview
We are a leading online media company serving China and the global Chinese communities. Our SINA media properties, including SINA mobile apps, mobile portal and SINA.com, and Weibo (social media) enable internet users to access professional media and UGC in multi-media formats from personal computers and mobile devices and share their interests with friends and acquaintances. We also provide Fintech services to address the underserved financing demand of internet users in China.
SINA Media (Portal). SINA media business, which is conducted through our media properties of SINA mobile apps, mobile portal and SINA websites, provides internet users with diverse news information, entertainment contents and professional media contents. We provide a wide range of media contents customized for mobile users through mobile applications, such as SINA News, SINA Finance and SINA Sports, as well as through our mobile portal, SINA.cn. We also offer distinct and targeted professional content and a full range of complementary offerings through the main homepage of SINA websites, SINA.com and each of its region-specific websites.
Weibo. Weibo is a leading social media platform for people to create, distribute and discover content. It provides an unprecedented and simple way for people and organizations to publicly express themselves in real time, interact with others on a massive global platform and stay connected with the world. Weibo serves a wide range of users including ordinary people, celebrities and other public figures, as well as media outlets, businesses, government agencies, charities and other organizations, making it a microcosm of Chinese society.
Fintech Services. We offer Fintech services, which mainly consist of online loan facilitation service and online payment service. Our online loan facilitation service connects borrowers with lenders and facilitate the execution of loan transactions. For our online payment service, we have developed an online payment system, which connects to banks' websites, that enables merchants to conduct online transactions with their end customers or vendors.