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China's Twitter-Rival Weibo Files $500 Million IPO

ReutersMar 15, 2014, 03:20 IST

Thomson ReutersA man visits Sina's Weibo microblogging site in Shanghai

SAN FRANCISCO (Reuters) - Twitter-like messaging service Weibo Corp filed on Friday to raise $500 million via a U.S. initial public offering, as Chinese companies flock to the American market to take advantage of soaring valuations.

The messaging service owned by China's Sina Corp hired Goldman Sachs and Credit Suisse to manage its U.S. debut, which it said would boost brand recognition and help retain talent.

Its proposed $500 million target is an estimate worked out solely for the purposes of calculating registration fees.

(Reporting by San Francisco Newsroom. Editing by Andre Grenon)