Weibo, China's largest Twitter-like service has filed yesterday to raise $500 million via share sale on the US stock market. It hired Goldman Sachs and Credit Suisse to manage the initial public offering.
Owned by Sina Corporation, Weibo has over 129 million monthly active users and generated $188 million profits in 2013.
Internet market in China is booming with more than 500 million users. Major social media sites such as Facebook and Twitter are not allowed in the country which benefits local firms.
"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", Weibo said in its filing.
This is an exciting trend to see in the world's fastest growing major economy.
Owned by Sina Corporation, Weibo has over 129 million monthly active users and generated $188 million profits in 2013.
Internet market in China is booming with more than 500 million users. Major social media sites such as Facebook and Twitter are not allowed in the country which benefits local firms.
"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", Weibo said in its filing.
This is an exciting trend to see in the world's fastest growing major economy.
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