Chinese media giant Sina Corp.\u2019s (NASDAQ: SINA) stock price traded sharply lower on Thursday after reporting revenue and earnings for the 1st quarter. The company reported EPS of 40 cents a share vs the 42 cents expected by the market. Sina\u2019s quarterly sales of $472.50 were $1.3 million below the consensus forecast, but 7.8% higher than the same quarter last year. The stock price has been under pressure since the beginning of April and was already down nearly 30% in the past 6 weeks before today\u2019s news. For some time now analysts have been pointing out that the company\u2019s market value was less than the combined value of its cash and investment holdings. That didn't stop the stock price falling a further 14% at one point on Thursday. Weibo Lowers Revenue Guidance, Dragging Sina With It Sina\u2019s main subsidiary Weibo managed to beat forecasts for earnings and revenue but guided 2nd quarter revenue 9% down from where analysts had it pegged. Weibo\u2019s share price also fell as much as 14% on Thursday. Despite the selloff in Weibo, Sina\u2019s 46% stake in the company is worth more than 1.5 times its own market cap. In addition to the Weibo holding, Sina owns three other substantial businesses and has $2.1 billion in cash and equivalents. Sina itself posted a 6% year-over-year increase in advertising revenue, and an 18% rise in non-advertising revenue. The increase in non-ad revenue is promising, but the segment still contributes less than 20% of total sales. Gross margins improved slightly, from 75 to 76%. Is the Selloff Overdone? Sina\u2019s stock price is now trading at a new 52-week low and 66% below its 2018 high. It appears to have been caught in a perfect storm with an earnings and revenue miss and a disappointing outlook for Weibo at a time when global markets are lower, and investors are steering clear of Chinese stocks. Even if earnings growth going forward were to hover around 10%, the current valuation would not be excessive. Given the possibility of a recovery in growth and the fact that it is trading for well below the value of its assets, it looks like a bargain. Sina is now a Sentiment Play Regardless of whether Sina is cheap or not, sentiment is driving the price and will continue to do so. Investors are staying clear of Chinese stocks as long as the trade war continues to escalate. For short-term traders, the stock price is very oversold and is probably primed for a bounce. Long-term investors wanting any sense of certainty may want to wait for sentiment towards Chinese stocks to turn. For those with nerves of steel, the current levels may be the opportunity they have been waiting for.