'China's Twitter' to list in US

13:28 • 15.03.14
Science/tech

China's largest Twitter-like service Weibo has unveiled plans to sell shares on the US stock market, BBC News reported.

Weibo, owned by Chinese internet giant Sina, is looking to raise $500m (£300m) via the share sale.

However, the firm did not give details of the number of shares it plans to sell or the price range.

According to papers filed with the US regulators, it had 129.1 million monthly active users in December and generated revenues of $188m in 2013.

"A microcosm of Chinese society, Weibo has attracted a wide range of users, including ordinary people, celebrities and other public figures, as well as organisations such as media outlets, businesses, government agencies and charities," the firm said in its filing.
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China's internet market has grown to become the world's biggest with more than 500 million users.

With major global social networking firms such as Facebook and Twitter blocked in the country, domestic companies have benefitted the most from this growth.

The popularity of services such as Weibo has also been driven in part by the fact that they gave users a platform to share unfiltered information.

As more people have got on the social media bandwagon, revenues at firms operating these services have also risen.

Weibo said its revenues nearly tripled in 2013 from a year earlier, as more companies advertised on the platform in an attempt to
attract perspective customers.

The firm said it expects the trend to continue.

"We expect our advertising and marketing revenues to increase in the foreseeable future as we continue to introduce new advertising and marketing solutions and attract more customers," it said.
 

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