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Sina Weibo to Issue $750 Million in Bonds

By Ding Yi / Jul 02, 2020 12:04 PM / Finance

Photo: VCG

Photo: VCG

Sina Weibo, a Twitter-like social media platform in China, is issuing $750 million in bonds, becoming the latest Chinese internet major to take advantage of positive sentiment to raise big funds from international investors this year.

After deducting underwriting discounts, commissions and offering expenses, Sina Weibo will raise approximately $740 million through the issuance, which will be used for general corporate purposes, according to a filing to the U.S. Securities and Exchange Commission Wednesday.

Bearing an annual interest rate of 3.4% and due in 2030, the bonds are expected to be listed on the Singapore Exchange Securities Trading Ltd.

Goldman Sachs (Asia) L.L.C. and China International Capital Corp. are the sole bookrunner and co-manager of the offering respectively, Sina Weibo said.

Last month, Sina Weibo was named and shamed by the Cyberspace Administration of China, the country’s internet watchdog, for “disturbing online order” and “posting illegal information in violation of regulations.”

Weibo’s offering follows other similar large fund-raisings by big Chinese internet companies this year. In April Baidu sold $1 billion in notes, while a month later Tencent raised $6 billion in what was Asia’s largest such corporate debt offer so far this year at that time.

Contact reporter Ding Yi (yiding@caixin.com)

Related: Trending in China: Weibo Reopens Trending Topics List But Some People Ask: Are We Better Off Without It?


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