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China’s version of Twitter files for IPO

AFP-JIJI

Weibo Corp., the Chinese microblogging service often compared with Twitter, filed Friday for a U.S. stock offering seeking to raise $500 million.

The move will allow the popular Chinese-language social network to spin off from the Internet giant Sina, according to documents filed with the U.S. Securities and Exchange Commission.

The filing said Weibo had 129.1 million monthly active users in December and 61.4 million average daily active users.

Separately, U.S. media reported that a huge stock offering planned by Chinese e-commerce giant Alibaba is being prepared for New York.

The Wall Street Journal and The New York Times, citing unnamed sources, said Alibaba chose New York after ruling out Hong Kong and London for the initial public offering.

The reports did not indicate whether the IPO will be on the Nasdaq or New York Stock Exchange.