You can now read 5 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

Red Sox Live

3

1

▼  7th Inning 1 outs

Chinese microblogging service Weibo plans public offering

SHANGHAI — Sina Corp., one of China’s biggest Internet portals, is preparing an initial public offering in the United States for Weibo, its Twitter-like microblogging service, according to people close to the matter.

The offering, which has not been formally announced, could raise up to $500 million later this year. Goldman Sachs and Credit Suisse have been selected to underwrite the offering, according to the people.

Continue reading below

Goldman Sachs and Credit Suisse declined to comment Monday, and a Sina representative could not be reached for comment.

Over the last two years, China’s big three Internet companies — Alibaba, Baidu, and Tencent — have spent several billion dollars acquiring Chinese startups and international online game companies.

Later this year, two of China’s biggest e-commerce companies, Alibaba and JD.com, are expected to go public in the United States. The Alibaba offering, which has not been completed, could be the biggest stock offering in history, valuing the company at more than $100 billion.

Last year, Alibaba paid $586 million to buy an 18 percent stake in Sina Weibo, valuing the company at $3.3 billion. The other 71 percent stake is held by Sina. Some analysts project that Sina’s Weibo unit could be worth $5 billion, even more than its parent, which is listed on the Nasdaq.

Loading comments...
Want each day's news headlines delivered fresh to your
inbox every morning? Just connect with us
in one of the following ways:
or
Please enter a valid email
BostonGlobe.com will never post anything without asking.
Privacy Policy
Subscriber Log In

You have reached the limit of 5 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com