Weibo looks to raise $385m in Hong Kong secondary listing

The logo of Sina Corp.'s Sina Weibo microblog service is displayed on an Apple Inc. iPad and iPhone in an arranged photograph in Hong Kong, China, on Wednesday, Feb. 5, 2014. Photographer: Brent Lewin/Bloomberg

Chinese social media firm Weibo Corp plans to price its shares at HK$272.8 ($35.01) each to raise $385 million in its Hong Kong secondary listing, said three sources with direct knowledge of the matter.

The sources could not be identified as the information has not yet been made public. Weibo did not immediately respond to a request for comment.

Weibo‘s US shares endured a torrid night on Wednesday as they were caught up in the broad selloff across the equities market which unfolded on fears about the Omicron coronavirus variant.

The stock closed down 9.5% at its lowest in almost a year.

Hong Kong’s indicative pricing was a 2.7% discount to Weibo‘s $36 closing price in New York trading on Wednesday.

The company is selling 5.5 million primary shares and Sina Corporation is selling 5.5 million secondary shares to take the total size of the deal to 11 million shares.

The stock will start trading on the Hong Kong Stock Exchange on Dec. 8, according to Weibo‘s listing documents.

Weibo, the Chinese-equivalent of Twitter, has 566 million monthly average users, according to the listing documents lodged with the Hong Kong Stock Exchange.

Its U.S.-listed stock has experienced a volatile year like most foreign listed Chinese stocks and is down more than 12% for the year.

Weibo‘s current market capitalisation is $8.25 billion. In February, when Reuters reported the appointment of banks to work on the Hong Kong listing, Weibo was worth $13.2 billion.

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.