Weibo Sells Fewer Shares Than Expected in IPO
    2014-04-17 16:42:52     CRIENGLISH.com      Web Editor: Sun Wanming
Sina Weibo has raised 286-million US dollars in its initial public offering in New York.The figure is well short of market expectations.

The file photo shows the logo of Sina Weibo, China's Twitter-like service.  [Photo: tech.qq.com] 

Sina Weibo has raised 286-million US dollars in its initial public offering in New York.

The figure is well short of market expectations.

From its initial IPO price, Weibo had been valued at around 3.4-billion US dollars.

Weibo has sold its shares at the bottom of its intial price range of 17-US dollars.

The company has sold 16.8 million shares, fewer than the 20-million expected.

Weibo's parent company, Sina, has been moving to make the service profitable with a cautious rollout of advertising on the platform.

Weibo generated a profit of 22-million US dollars in the fourth quarter, but lost money overall last year.

Sina still owns more than half of the Weibo shares and nearly 80-percent of its voting rights.

The Chinese version of Twitter, launched in 2009, has 144-million monthly active users.

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