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Weibo, NetEase’s Cloud Village set to raise nearly US$1 billion between them in Hong Kong IPOs
- Weibo, the ‘Twitter of China’, kicks off its Hong Kong offering as it seeks to raise up to US$547.3 million
- NetEase’s music streaming unit prices its Hong Kong IPO at midpoint of marketed range, raising US$421 million
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Two Chinese internet companies are set to raise close to US$1 billion between them in Hong Kong initial public offerings.
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Microblogging platform Weibo, and NetEase-backed music streaming site Cloud Village are racing to complete their fundraising ahead of the long year-end holiday.
Weibo, often dubbed the Twitter of China, is selling 11 million shares at a maximum price of HK$388 each (US$49.75), which could help it raise up to US$547.3 million ahead of what would be its secondary listing on Hong Kong’s main board.
The maximum offer price represents a 16 per cent premium to its Nasdaq-listed American depositary receipt (ADR) closing price at US$42.79 (HK$333.69) last Friday. Each ADR represents one ordinary share, and its Hong Kong shares will be fully fungible to its ADRs.
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Chinese social media site Weibo suspends K-pop fan accounts, including BTS follower’s page
Chinese social media site Weibo suspends K-pop fan accounts, including BTS follower’s page
The Hong Kong stock sale will end on Thursday, when the final offer price will also be determined. Trading on the Hong Kong bourse, under stock code “9898” is scheduled to begin next Wednesday, December 8.
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