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BUSINESS & TECH

China’s Twitter Finds Riches in Star Power

By Chen Mengfan and Yang Ge
By becoming a platform for online stars, Weibo’s stock has risen about fivefold over the last two years to become one of China’s most valuable internet companies, boasting a market value of about $22 billion. Photo: IC
By becoming a platform for online stars, Weibo’s stock has risen about fivefold over the last two years to become one of China’s most valuable internet companies, boasting a market value of about $22 billion. Photo: IC

A resurgent Weibo Corp., often called the Twitter of China, is finding an increasingly cozy relationship with the thousands of online celebrities using its service to rake in billions of dollars from adoring fans.

Those self-styled web-based stars, from authors to comedians to current affairs commentators, are expected to rake in a hefty 20.7 billion yuan ($3.14 billlion) this year, and Weibo is hoping to raise that to 30 billion yuan next year, officials said at a company event to honor those online personalities this week.

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