Sina.com, one of the largest Internet portals in China launched a mini-blog service that is similar to Twitter about a year ago. Weibo grew to about 50 million users instantly. Users include politicians and celebrities.
Now Sina.com wants people to build apps from Weibo and they are launching a two billion yuan ($301 million U.S.) fund for the app development.
IDG Capital and Sequoia Capital is also supporting the fund. One of the major reasons why Weibo grew so quickly is because China had banned Twitter and Facebook last year. Weibo is closely monitored by the government in China.