Subscribe free to our newsletters via your
. 24/7 Space News .




INTERNET SPACE
Sina Weibo, 'China's Twitter,' files for IPO in US
by Staff Writers
New York (AFP) March 15, 2014


New York set to win huge Alibaba IPO: reports
New York (AFP) March 14, 2014 - The huge stock offering planned by Chinese e-commerce giant Alibaba is being prepared for New York, media reports said Friday.

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

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

Alibaba was not immediately available for comment.

The company's stock market listing was expected to raise about $10 billion, which would make it the technology industry's largest IPO since Facebook's in 2012.

The Journal said that an IPO filing could come as soon as April, which could allow trading to begin by the third quarter.

The report said up to five banks may be given lead underwriting roles.

Last year, talks between the world's largest online retailer and the Hong Kong Stock Exchange broke down in part because the city's listing rules prevented Alibaba's founder Jack Ma and senior management retaining some control over the board of directors.

Alibaba was hoping the exchange would adopt an alternative class share structure to give select minority shareholders extra control over the board, but the city's bourse refused to shift from its current mechanism of one share, one vote.

Alibaba operates China's most popular e-shopping platform, Taobao, which has more than 90 percent of the online market for consumer-to-consumer transactions.

Taobao has more than 800 million product listings and over 500 million users.

Some reports say Alibaba is also preparing a US e-commerce site.

Weibo Corp., the Chinese microblogging service often compared with Twitter, filed Friday for a US 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 US 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.

The company did not indicate whether Weibo would file its IPO on the Nasdaq or New York Stock Exchange.

The lead underwriters will be Goldman Sachs Asia and Credit Suisse.

- 'A cultural phenomenon' -

"A microcosm of Chinese society, Weibo has attracted a wide range of users, including ordinary people, celebrities and other public figures, as well as organizations such as media outlets, businesses, government agencies and charities," the SEC filing said.

"Weibo has become a cultural phenomenon in China.

"Weibo allows people to be heard publicly and exposed to the rich ideas, cultures and experiences of the broader world," it added.

"Media outlets use Weibo as a source of news and a distribution channel for their headline news. Government agencies and officials use Weibo as an official communication channel for disseminating timely information and gauging public opinion to improve public services."

The filing said Weibo's initial public offering (IPO) will be part of a "carve-out from Sina," but that Sina would "continue to provide us with certain support services" after it becomes independent.

"We will use approximately $250 million of the net proceeds we receive from this offering to repay loans we owe to SINA," the document read.

"We intend to use the remainder to invest in technology, infrastructure and product development, to expand sales and marketing efforts, and for working capital and other general corporate purposes."

- 'China's Twitter' -

Weibo was launched in August 2009 with a business model reminiscent of that of Twitter.

Weibo reported revenues for 2013 of $188 million, triple the level of 2012, but has continually lost money, like its US counterpart, with accumulated losses of $274.9 million as of December 31.

Despite Weibo's vast popularity in China, its ascent has hit a few speed bumps recently due to a social media crackdown by Beijing and the rise of rival Tencent's mobile app, WeChat.

A January report by the China Internet Network Information Center showed that the total number of Weibo users dropped nine percent year-on-year, to 281 million at the end of 2013 from 308.6 million a year earlier.

Weibo said it would work to increase the number of users and monetization as it strives for profitability.

For a comparison, Twitter's high-flying Wall Street debut in November drew attention to the growing power of social media, but it also raised concerns about a potential bubble in the sector.

The US microblogging service's shares soared after debuting at $26 in the initial public offering, but dropped the following day to slightly more than $40.

At the close of trading on the New York Stock Exchange, Twitter shares stood at $51.92.

- Enter Alibaba -

Separately, US 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 would be on the Nasdaq or New York Stock Exchange.

Alibaba was not immediately available for comment.

The company's stock market listing was expected to raise about $10 billion, which would make it the technology industry's largest IPO since Facebook's in 2012.

The Journal said that an IPO filing could come as soon as April, which could allow trading to begin by the third quarter.

The report said up to five banks may be given lead underwriting roles.

Alibaba operates China's most popular e-shopping platform, Taobao, which has more than 90 percent of the online market for consumer-to-consumer transactions.

Taobao has more than 800 million product listings and over 500 million users.

gc-soe-rl-fms/lto

.


Related Links
Satellite-based Internet technologies






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





INTERNET SPACE
Move over '123456': passwords go high-tech too
Hanover, Germany (AFP) March 13, 2014
Internet users may before long have a secure solution to the modern plague of passwords, in which they can use visual patterns or even their own body parts to identify themselves. Developers at the world's biggest high-tech fair, CeBIT, say that one of the biggest frustrations of having a smartphone and a computer is memorising dozens of sufficiently airtight passwords for all their devices ... read more


INTERNET SPACE
Spacesuits And Moon Notes Among The Stars At Bonhams NYC Auction

Russia to launch three lunar rovers from 2016 to 2019

Control circuit malfunction troubles China's Yutu

China's Lunar Lander Still Operational

INTERNET SPACE
NASA Orbiter Safe After Unplanned Computer Swap

Mars name-a-crater scheme runs into trouble

Concerns and Considerations with the Naming of Mars Craters

Lava floods the ancient plains of Mars

INTERNET SPACE
Global patent filings jump 5.1% in 2013: WIPO

Jack Kinzler, savior of Skylab, dies at 94

London makes new push to rival Silicon Valley

First space tourists to fly around Mars and Venus in 2021

INTERNET SPACE
"Space Odyssey": China's aspiration in future space exploration

China to launch first "space shuttle bus" this year

China expects to launch cargo ship into space around 2016

China capable of exploring Mars

INTERNET SPACE
Japanese astronaut becomes ISS commander

Station Crew Preps for Return to Earth, Repairs Recycling System

NASA says US-Russia space ties 'normal'

Cancer Targeted Treatments from Space Station Discoveries

INTERNET SPACE
ASTRA 5B delivered for integration on Ariane 5 launcher

Launcher assembly begins for Ariane 5 Flight VA218

ILS And ISS Reshetnev Announce Proton Dual Launch Agreement

Arianespace in spotlight at Satellite 2014: expects another record-breaking year

INTERNET SPACE
UK joins the planet hunt with Europe's PLATO mission

X-ray laser FLASH spies deep into giant gas planets

Crashing Comets Explain Surprise Gas Clump Around Young Star

Every red dwarf star has at least one planet

INTERNET SPACE
Getting rid of bad vibrations

A brake for spinning molecules

Researchers Describe Oxygen's Different Shapes

MUSE Envisions Mining "Big Code" to Improve Software Reliability and Construction




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service.