Weibo, 'China's Twitter,' files for $632 million IPO in US
Published on Mar 15, 2014 6:13 AM
NEW YORK (AFP) - Weibo, the Chinese microblogging service often compared with Twitter, filed on Friday for a US stock offering seeking to raise US$500 million (S$632.3 million).
The move will allow the popular Chinese-language social network to spin off from the Internet giant Sina, according to documents filed with the US Securities and Exchange Commission.
The filing said Weibo had 129.1 million monthly active users in December and 61.4 million average daily active users.
"A microcosm of Chinese society, Weibo has attracted a wide range of users, including ordinary people, celebrities and other public figures, as well as organizations such as media outlets, businesses, government agencies and charities," the SEC filing said.
To continue reading, log in if you are a subscriber
If you are not a subscriber, you can get instant, unlimited access here