Report: Sina Weibo is planning to go public on the New York Stock Exchange

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Sina Weibo is planning to go public on the New York Stock Exchange. It wasn’t too long ago that Twitter went public. Sina is planning to raise around $500 million in a public listing, according to The Financial Times. Sina reportedly hired Goldman Sachs and Credit Suisse to oversee the IPO, which is expected to happen in the second quarter.¬†Sina Weibo claims that they have around 60.2 million daily active users on the service, which is an 11.2% year-on-year increase.

Unfortunately, there are signs of less engagement in response to the Chinese government’s efforts to minimize influence as a free thought platform. There was a report by the China Internet Network Information Center (CNNIC) that showed the number of total microblogging users in China fell by 27.8 million users and usage was declined by 9.2%.

Sina is also facing a lot of competition from messaging service WeChat. Sina Weibo started to offer shopping and payment services after Alibaba invested $586 million into the service.

[Source: TheNextWeb]

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