According to the news, Weibo hired investment banks to arrange a secondary listing in Hong Kong, or raise $700 million

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Tencent technology news on February 23, according to two people familiar with the matter, Sina Weibo has hired Goldman Sachs, Credit Suisse and CLSA to prepare for its second listing in Hong Kong.
Sina Weibo plans to go public again in the second half of 2021 and could raise up to $700m, people familiar with the matter said. So far, the company has also joined Alibaba, Jingdong and other Chinese companies listed in the United States. They have previously chosen to list in Hong Kong for a second time.
People familiar with the matter also said that sina Weibo, which is listed on Nasdaq, has a market value of $13.2 billion and is supported by technology giant Alibaba. The company is considering selling about 5% of its expanded share capital in Hong Kong to expand its investor base.
Sina Weibo didn’t immediately respond to requests for comment. Goldman Sachs, Credit Suisse and CLSA declined to comment.
According to refinitiv, since Alibaba completed its US $12.9 billion secondary listing at the end of 2019, the scale of secondary listing in Hong Kong has reached US $34 billion. Last year, e-commerce Jingdong went public last year and raised $4.5 billion, while Netease raised $3.1 billion.
Other Chinese companies planning a second listing in Hong Kong include popular video site B, search engine giant Baidu and online travel giant Ctrip.
Sina Weibo was listed in 2014, and its share price has risen 42% so far this year, outperforming the NASDAQ golden dragon China Index. The index tracks Chinese companies listed in the US, up 26% over the same period.
Sina Weibo reported that after fierce competition from competitors, advertising and marketing revenue (its core source of revenue) was $417m in the third quarter, flat from a year earlier. Tiktok, micro-blog’s competitors include short video applications of byte run out operation, and the online video company Kwai. (Tencent technology reviser / Jinlu)