Chinese social media company Weibo Corp. has filed plans for a potential offering of its shares in the U.S.
Weibo was launched four years ago by parent company Sina as a microblogging service. The Twitter-like service allows users to post a feed of up to 140 Chinese characters to share with others, as well as attaching multimedia or other longer-form content to their post.
Weibo has not determined the exact scope of its initial public offering. Its filing indicates that it plans to raise $500 million, but that is an estimate worked out solely for the purposes of calculating registration fees and may change.
Weibo plans to use proceeds from the offering to repay loans to Sina, which is a majority owner, and invest the rest in its business.