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Typically, Sina (SINA) has been a proxy for holding Weibo (WB). Sina has long traded at a discount to the value of its 45.6% stake in Weibo. This discount has been in place even though this is a controlling stake and Sina also has other net financial assets making the discount larger still.
Taking into account the Weibo stake alone, Sina trades at a ~41% discount to Weibo. Also taking into account the rest of the net financial assets, this discount is as much as ~57%.