Weibo, China’s biggest microblogging outlet, is seeking as much as US$380 million in an initial public offering, joining a slew of Chinese Internet companies looking to list newly issued shares in the US.
The company plans to offer 20 million shares for $17 to $19 apiece, according to a regulatory filing Saturday. At the top of the offering range the company would have a market value of over $3.4 billion, excluding the underwriters option to buy more shares, the filing shows. Weibo, based in Beijing, plans to use some of the proceeds from the offering to repay loans to parent Sina, which currently has a 78 per cent stake.
In the first quarter, China-based companies announced more than $2.5bn of U. IPOs, data compiled by Bloomberg show. JD.com, the Chinese retailing website that just received an investment from Asia’s largest Internet company Tencent Holdings has filed to raise $1.5bn and Leju Holdings, an online real-estate company, said Saturday that it is seeking as much as $212m in an IPO.
Alibaba Group Holding, China’s biggest e-commerce company, agreed in April to buy an 18 per cent stake in Weibo for $586m, and plans to exercise an option to raise that stake to 30 per cent, according to the filing. Alibaba is also preparing to go public in the US, the company has said.
Weibo’s proceeds from the IPO and Alibaba’s investment will be $377.2m, according to the filing. Sina will have 80 per cent of the voting power after the sale, while Alibaba will have 15 per cent.
At $3.4bn Weibo is asking for a value of about 18 times 2013 sales of $188m. Revenue surged to that amount, from $65.9m last year, the filing shows. Twitter, the San Francisco-based microblogging service with more than 200 million users, has a market value of $24.5bn, or about 30 times sales. Twitter has gained 66 per cent since its November debut.
Goldman Sachs and Credit Suisse are managing the offering. Weibo plans to list its shares on the Nasdaq Stock Market under the symbol WB.
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
if you go
The flights
Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes.
The hotels
Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes.
When to visit
March-May and September-November
Visas
Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.
The biog:
Languages: Arabic, Farsi, Hindi, basic Russian
Favourite food: Pizza
Best food on the road: rice
Favourite colour: silver
Favourite bike: Gold Wing, Honda
Favourite biking destination: Canada
THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
COMPANY%20PROFILE
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Shubh Mangal Saavdhan
Directed by: RS Prasanna
Starring: Ayushmann Khurrana, Bhumi Pednekar
Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
More from Neighbourhood Watch
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
FIGHT%20CARD
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
Company%20profile
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