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  "notes": "Includes sensitivity analysis tables for both aggregate and equity value.",
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      "text": "Discounted cash flow analysis based on the following: Valuation date as of Sep 30, 2020; WACC mid-point of 11.7% based on CAPM method; Perpetual growth rate of 3%; 15.0% China qualified corporate income tax rate; Mid-year convention; SINA's stake.",
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      "text": "Source: Company management projections. Notes: 1. China's long-term inflation rate is 2.3% (Oxford Economics). 2. Pro forma ownership stake taking account of stock-based compensations of Weibo. 3. Based on estimated realizable value of LT investments. 4. Based on SINA's current 44.3% stake.",
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