Business & Investment

China’s Weibo is hiring a bank for a second listing in Hong Kong, sources say Reuters

© Reuters. File Photo: The Weibo Corporation sign can be seen on the NASDAQ Market Site in Times Square on the first day of an initial public offering (IPO) on the NASDAQ stock market in New York.

Julie Chu and Scott Murdoch

Hong Kong (Reuters)-China’s social media platform Weibo (NASDAQ :) Corp has appointed Goldman Sachs (NYSE :). Credit suisse (SIX :) and CLSA will work on a second listing in Hong Kong scheduled for late 2021, two sources who are directly aware of the issue said.

Listing on China’s largest microblogging platform has joined the wave of US-listed Chinese companies selling shares in Hong Kong, potentially raising up to $ 700 million, one of them said.

Nasdaq listed company. With a market capitalization of $ 13.2 billion, it is backed by technology giants. Alibaba (NYSE :) is considering selling about 5% of its expanded equity capital in Hong Kong to expand its investor base, one source said.

I asked not to give it a name because the information was not disclosed.

Weibo did not immediately respond to the request for comment, and Goldman Sachs, Credit Suisse, and CLSA declined the comment.

The listing in Hong Kong adds Weibo to Chinese companies trading stock in New York seeking to return to an exchange close to their home against the backdrop of political tensions between the United States and China.

According to Refinitiv data, Alibaba’s second listing in Hong Kong has been $ 34 billion since the $ 12.9 billion volatility in late 2019. Last year, e-tailer JD (NASDAQ :). com has raised $ 4.5 billion and game developer NetEase (NASDAQ :) Inc has raised $ 3.1 billion.

Other Chinese companies planning such a list include popular video site Bilibili (NASDAQ :), search engine giant Baidu Inc (NASDAQ :), and online travel giant Ctrip.

Launched in 2014, Weibo has risen 42% so far this year, tracking Chinese companies listed on the US exchange and surpassing the Nasdaq Golden Dragon China Index, which rose 26% over the same period.

The Beijing-based company received 400 million in advertising and marketing revenue in the third quarter, following fierce competition from rivals such as Bytedance, which runs the popular short video app Douyin. Reported $ 17 million. Online video company Kuaishou.

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China’s Weibo is hiring a bank for a second listing in Hong Kong, sources say Reuters

https://www.investing.com/news/stock-market-news/chinas-weibo-hires-banks-for-hong-kong-secondary-listing-sources-say-2426443 China’s Weibo is hiring a bank for a second listing in Hong Kong, sources say Reuters

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