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