(Yicai Global) Nov. 19 -- Social media giant Weibo, which runs China’s biggest microblogging platform, has secured permission for a secondary listing of shares in Hong Kong.

The Hong Kong Stock Exchange announced the approval via its website yesterday. Goldman Sachs, Credit Suisse, Credit Lyonnais Securities Asia, and China International Capital Corporation are Weibo’s sponsors.

Weibo, which landed on the Nasdaq in April 2014, did not disclose the amount to be raised from the listing. The proceeds will be used to expand its user base, increase user participation, improve the content ecosystem, enhance user experience and monetization capabilities, as well as on strategic alliances, investments, and acquisitions.

Weibo’s Nasdaq-listed shares [NASDAQ: WB] ended 3.7 percent down at USD41.76 yesterday, giving it a market cap of USD9.5 billion.

Advertising and marketing accounted for 88 percent of Weibo’s revenue last year and 86 percent in the first half of this year. A small portion of income comes from paid services such as VIP membership fees.

Weibo reported an over five-fold increase in net profit to USD182 million in the quarter ended Sept. 30 from the same period last year. Revenue jumped 30 percent to USD607.4 million.

The platform’s monthly active users reached 573 million in September, surpassing its previous record of 550 million last March. Mobile monthly active users made up 94 percent of the total. The number of average daily users was 248 million.

Chinese internet giant Sina controls Weibo with a 44.4 percent stake, equal to 70.6 percent of the voting rights. Chinese e-commerce behemoth Alibaba Group Holding has 29.6 percent of the shares, and 15.7 percent of the voting rights.

Editor: Futura Costaglione