Logo of Phnom Penh Post newspaper Phnom Penh Post - China’s Weibo seeks to raise $547M with listing in Hong Kong

China’s Weibo seeks to raise $547M with listing in Hong Kong

Content image - Phnom Penh Post
Weibo, which launched in 2009 and is among the earliest social media platforms in China, said it had 566 million monthly active users as of June. AFP

China’s Weibo seeks to raise $547M with listing in Hong Kong

US-listed Chinese microblogging platform Weibo is seeking to raise up to $547 million in a share offer in Hong Kong, documents showed on November 29, the latest China tech company to list closer to home as tensions with the US rise.

Several US-listed Chinese tech firms such as Alibaba have held initial public offerings in Hong Kong over the past two years as the US has stepped up scrutiny of Chinese companies.

Listing in Hong Kong is seen as a hedge against the risk of being removed from US exchanges and a way of accessing an investor base closer to their home markets.

China also has been encouraging its big tech players to list either in Hong Kong or Shanghai.

On November 29, Nasdaq-listed Weibo – China’s answer to Twitter – said in a filing that it plans to sell 11 million shares for as much as HK$388 (US$49.75) each.

Shares are expected to start trading on December 8.

Weibo, which launched in 2009 and is among the earliest social media platforms in China, had 566 million monthly active users as of June, it said in a filing.

Its shares have traded on the Nasdaq since 2014.

Weibo is among the most widely-used social media platforms in China, where authorities have blocked major international players such as Facebook.

Weibo said it plans to use the funds raised from its Hong Kong listing to grow its user base and for research and development.

But it cautioned that it is “subject to changing laws and regulations regarding regulatory matters, corporate governance and public disclosure” that have increased both its costs and risks of non-compliance.

In recent months, Chinese regulators have launched a wide-ranging clampdown on tech companies like Alibaba, Tencent and Meituan – clipping the wings of major internet firms that wield heavy influence over consumers’ daily lives.

MOST VIEWED

  • Research key to Kanitha’s rep for expertise

    Sok Kanitha is used to weighing in on controversial issues using a confident approach that signals expertise and authority, and a recent video she made was no exception. Her “Episode 342: The History of NATO” video went live on January 16, 2023 and immediately shot to 30,000 likes and 3,500

  • Cambodia maintains 'Kun Khmer' stance despite Thailand’s boycott threat

    Cambodia has taken the position that it will use the term "Kun Khmer" to refer to the sport of kickboxing at the upcoming Southeast Asian (SEA) Games, and has removed the term Muay from all references to the sport. Despite strong reactions from the Thai

  • Artificial insemination takes herd from 7 to 700

    Some farms breed local cows or even import bulls from a broad for the purpose of breeding heavier livestock for meat production. One Tbong Khnum farmer has found a more efficient way. Hout Leang employs artificial insemination to fertilise local cows. Thanks to imported “straws”

  • Chinese group tours return to Cambodia starting Feb 6

    Cambodia is among 20 countries selected by Beijing for a pilot programme allowing travel agencies to provide international group tours as well as flight and hotel packages to Chinese citizens, following a three-year ban. As the days tick down until the programme kicks off on February 6,

  • Capital-Poipet express rail project making headway

    The preliminary results of a feasibility study to upgrade the Phnom Penh-Poipet railway into Cambodia’s first express railway indicate that the project would cost more than $4 billion and would take around four years to complete. The study was carried out by China Road and

  • Thai boxers to join SEA Games’ Kun Khmer event

    The Cambodian SEA Games Organising Committee (CAMSOC) – together with the Kun Khmer International Federation (KKIF) and Khmer Boxing Federation – have achieved a “great success” by including Kun Khmer in the upcoming biennial multi-sports event on its home soil for the first time, said a senior