China's Twitter ' Weibo' to list on US stock market
London: China's largest Twitter-like service Weibo is reportedly set to list on the United States' stock market.
Backed by Chinese Internet giant Sina, Weibo is looking to raise 500 million dollars via the share sale.
According to the BBC, the papers filed with the US regulators pointed that Weibo had 129.1 million monthly active users in December and generated revenues of 188 million in 2013.
As major social networking firms such as Facebook and Twitter have been blocked in China, domestic companies have benefitted the most from this growth.
Weibo said that its revenues nearly tripled in 2013 from a year earlier, as more companies advertised on the platform in an attempt to attract perspective customers.
The firm said that it expects its advertising and marketing revenue s to increase in the foreseeable future as they continue to introduce new advertising and marketing solutions and attract more customers.
The firm is yet to announce the details surrounding the number of shares it plans to sell or the price range, the report added.