Weibo to Guide Hong Kong Offering Price at HK$272.80 a Share

Weibo priced shares in a Hong Kong secondary listing at HK$272.80 and is set to raise $385 million.

(Bloomberg) — Weibo Corp. and its shareholder Sina Corp. priced shares in the Twitter-like website’s Hong Kong secondary listing at HK$272.80 each, raising about HK$3 billion ($385 million) despite Beijing’s latest market-dampening regulatory moves.

The price represents a discount of about 2.8% to Wednesday’s $36 close in New York.

The Chinese social media company sold 5.5 million new shares in the Hong Kong offering, while Sina sold 5.5 million existing shares. The sellers set a maximum price of HK$388 for the portion of the deal being marketed to Hong Kong’s retail investors.