China’s Twitter-Like Weibo Raises USD385 Million in Hong Kong Listing
Xu Wei
DATE:  Dec 03 2021
/ SOURCE:  Yicai
China’s Twitter-Like Weibo Raises USD385 Million in Hong Kong Listing China’s Twitter-Like Weibo Raises USD385 Million in Hong Kong Listing

(Yicai Global) Dec. 3 -- China’s most popular micro-blogging platform Weibo has raised HKD3 billion (USD385 million) in its Hong Kong secondary listing.

The Twitter-like platform sold 5.5 million new shares and its major shareholder Sina sold 5.5 million existing shares priced at HKD272.80 each, the Beijing-based company said yesterday.

Weibo, which landed on the Nasdaq in April 2014, will debut on the Hong Kong Stock Exchange’s main board on Dec. 8. The sponsors are Goldman Sachs, Credit Suisse, Credit Lyonnais Securities Asia, and China International Capital Corporation.

The proceeds of the share sale will be used to continue to grow Weibo’s user base and user engagement, enhance its content ecosystem, selectively pursue strategic alliances, investments, and acquisitions, improve its user experience and monetization capabilities through research and development, supplement working capital, and other general corporate purposes.

Chinese internet giant Sina controls Weibo with a 44.4 percent stake, equal to 70.6 percent of the voting rights. Alibaba Group Holding owns 29.6 percent for 15.7 percent of the voting rights.

Weibo’s Nasdaq-listed shares [NASDAQ: WB] closed 4.6 percent down at USD34.36 apiece yesterday.

Editor: Futura Costaglione

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Keywords:   Issue Shares,HK,Global Offer,Weibo