BEIJING (IT-Times) – Chinese social media platform Weibo is planning a second listing of its shares on the Hong Kong stock exchange amid tensions between China and the US.
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The short message service Weibo Corp. (Nasdaq: WB) is now planning a second IPO in Hong Kong after the US, reported Bloomberg first. Weibo is China’s largest micro-blogging service and is designed in a similar way to Twitter.
Weibo is scheduled to go public in Hong Kong this year and draw new investors’ attention to the Chinese Internet company. In the USA, Weibo is currently valued at around 13 billion US dollars on the stock exchange.
The company has introduced American Depositary Receipts (ADRs) on the US computer exchange Nasdaq, each of which represents original Weibo shares.
In addition to Weibo, Chinese companies that are already listed in the USA, such as the two e-commerce platforms Alibaba Group Holding Ltd. and JD.com Inc. as well as the online gaming provider NetEase Inc. went public in Hong Kong.
A secondary listing in Hong Kong is a hedge against the risk of being excluded from the US stock exchanges, as the telecommunications carriers China Mobile, China Unicom and China Telecom have already seen.
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