Chinese social media firm Weibo cleared for Hong Kong secondary listing

Chinese social media company Weibo Corporation has been approved by the Hong Kong Stock Exchange’s listing committee to sell shares in the city, according to regulatory filings, giving it a secondary listing alongside New York.

Weibo did not specify how much China’s largest microblogging platform is looking to raise in the secondary listing, nor specify a timetable for the sale.

The filings were part of a post-committee hearing information pack published on the Hong Kong Stock Exchange’s website, indicating Weibo had been given the approval to press on with the listing.

Sources have previously told Reuters the deal would be worth about $700 million.

The final size of the deal though has yet to be determined, according to two people with direct knowledge of the matter, who declined to be named as they were not permitted to speak to media.

Weibo declined to comment.

Its New York-listed stock is up 1.88% for 2021 to date, and it has a market capitalisation of $9.5 billion. In February, when Reuters reported the appointment of banks to work on the Hong Kong listing, Weibo was worth $13.2 billion.

Chinese e-commerce giant Alibaba Group holds 7.14% of the New York stock.

In July Reuters reported that Weibo was in talks to go private with the help of a Shanghai-based state-owned company, in an effort to help Alibaba divest. After the report, Weibo‘s chairman, Charles Chao, said he had held no such discussions.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.