Weibo Seeks $547 Million in Secondary Offering in Hong Kong

Alibaba-backed Chinese social media company Weibo Corp. is seeking as much as HK$4.27 billion ($547 million) in a secondary listing in Hong Kong.

The Nasdaq-listed company is selling 11 million shares at up to HK$388 apiece, according to a term sheet filed to the Hong Kong Stock Exchange on Monday. Final pricing will be announced on Thursday and shares are set to start trading on Dec. 8, the filing said, with an overallotment option allowing underwriters to buy a further 1.65 million shares that could be worth roughly HK$640 million.