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Sina losses double on IPO charge

First-quarter losses at Weibo and parent Sina double on charge for Chinese microblog's IPO

HONG KONG (AP) -- Chinese Internet portal Sina says first-quarter losses more than doubled as it booked a $40 million charge stemming from the stock listing of its Weibo microblog unit.

Sina Corp. said late Wednesday that it lost $33.2 million in the January-March period, up from $13.2 million a year earlier.

Weibo said separately that its first-quarter loss also more than doubled, to $47.4 million, because of the same non-cash charge.

Sina spun off its Twitter-like microblog site Weibo in April in a U.S. initial public offering that raised a less-than-expected $285.6 million.

The company also said it's modifying its online publication and video channels after the Chinese government revoked two of the company's licenses and fined it in May for indecent content.