Related News
Weibo shares jump in market debut
Chinese social media company Weibo Corp.'s shares soared in their US market debut yesterday.
Weibo was launched four years ago by Chinese online media company Sina Corp. Weibo provides a Twitter-like service that allows users to post a feed of up to 140 Chinese characters to share with others. Users can also attach multimedia, such as photos and videos, to their posts.
The company has 61.4 million average daily active users, according to its filing with the US Securities and Exchange Commission.
Weibo raised US$285.6 million, pricing 16.8 million American depository shares at US$17 each. That's a smaller amount than anticipated. Weibo had projected an offering of 20 million shares priced between US$17 and US$19.
Its shares rose 19 percent to close at US$20.24 yesterday.
Weibo plans to use the IPO's proceeds to repay loans to its majority owner Sina, and invest the rest in its business. Alibaba Group invested in the company in 2013 and is expected to hold a 32 percent stake in the company following the offering.
Alibaba, a Chinese e-commerce giant, has also said it plans to go public on a US stock exchange.
US shares of the Weibo, which is incorporated in the Cayman Islands but conducts business in China, are trading on the Nasdaq under the symbol "WB."
- About Us
- |
- Terms of Use
- |
- RSS
- |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证:沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证:31120180004
- |
- 网络视听许可证:0909346
- |
- 广播电视节目制作许可证:沪字第354号
- |
- 增值电信业务经营许可证:沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.