BEIJING, Nov. 26, 2021 /PRNewswire/ -- Weibo
Corporation ("Weibo" or the "Company") (Nasdaq: WB), a leading
social media platform in China,
today announced the launch of its global offering (the "Global
Offering") of an aggregate of 11,000,000 Class A ordinary shares of
the Company. Weibo is offering 5,500,000 Class A ordinary shares of
the Company (the "New Shares") and Sina Corporation (the "Selling
Shareholder") is offering 5,500,000 Class A ordinary shares of the
Company, which are to be converted from the Class B ordinary shares
of the Company prior to the listing of Weibo's Class A ordinary
shares on the Hong Kong Stock Exchange as defined below (the "Sale
Shares," and together with New Shares, the "Offer Shares"). The
Global Offering comprises of a Hong
Kong public offering of initially 1,100,000 Class A ordinary
shares commencing on November 29,
2021, Hong Kong time (the
"Hong Kong Public Offering") and an international offering of
initially 9,900,000 Class A ordinary shares commencing today
(including 5,500,000 Sale Shares) (the "International Offering"),
and listing of Weibo's Class A ordinary shares on the Main Board of
The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock
Exchange") under the stock code "9898."
The Company's American depositary shares (the "ADSs"), each
representing one Class A ordinary share of the Company, will
continue to be listed and traded on the Nasdaq Global Select Market
("Nasdaq"). Investors in the Global Offering will only be able to
purchase Class A ordinary shares and will not be able to take
delivery of ADSs. Upon listing in Hong
Kong, the Class A ordinary shares listed on the Hong Kong
Stock Exchange will be fully fungible with the ADSs listed on
Nasdaq.
The initial number of Class A ordinary shares under each of the
Hong Kong Public Offering and the International Offering represents
approximately 10% and 90% of the total number of Class A ordinary
shares initially available under the Global Offering, respectively,
subject to re-allocation and over-allotment. Subject to the level
of oversubscription in the Hong Kong Public Offering and pursuant
to the claw back mechanism as described in the prospectus to be
issued by the Company in Hong Kong
dated November 29, 2021, the total
number of Class A ordinary shares available under the Hong Kong
Public Offering could be adjusted to up to a maximum of 5,500,000
Class A ordinary shares, representing approximately 50% of the
Class A ordinary shares initially available under the Global
Offering. In addition, the Selling Shareholder expects to grant the
international underwriters an over-allotment option to require it
to sell up to an additional 1,650,000 Class A ordinary shares of
the Company (to be converted from Class B ordinary shares) in the
International Offering, representing approximately 15% of the total
number of Class A ordinary shares initially available under the
Global Offering.
The offer price for the Hong Kong Public Offering (the "Hong
Kong Offer Price") will be no more than HK$388.00 per Class A ordinary share, or
US$49.80 per ordinary share
(equivalent to US$49.80 per ADS) (the
"Maximum Hong Kong Offer Price"). The offer price for the
International Offering tranche of the Global Offering (the
"International Offer Price") may be set higher than, or the same
as, the Maximum Hong Kong Offer Price. The Company will set the
International Offer Price on or about December 2, 2021, Hong
Kong time, by taking into consideration, among other
factors, the closing price of the ADSs on the Nasdaq on the last
trading day on or before December 2,
2021 and investor demand during the marketing process. The
final Hong Kong Offer Price will be set at the lower of the final
International Offer Price and the Maximum Hong Kong Offer Price.
The shares will be traded in board lots of 20 Class A ordinary
shares.
The Company plans to use the net proceeds from the Global
Offering for continuing to grow its user base and user engagement,
and enhance its content ecosystem, for research and development to
enhance its user experience and monetization capabilities, for
selectively pursuing strategic alliances, investments and
acquisitions, and for working capital and general corporate
purposes. The Company will not receive any proceeds from the sale
of the Class A ordinary shares to be offered by the Selling
Shareholder.
Goldman Sachs (Asia) L.L.C.,
Credit Suisse (Hong Kong) Limited,
CLSA Capital Markets Limited and China International Capital
Corporation Hong Kong Securities Limited are the Joint Sponsors.
Goldman Sachs (Asia) L.L.C.,
Credit Suisse (Hong Kong) Limited,
CLSA Limited and China International Capital Corporation Hong Kong
Securities Limited are Joint Representatives, Joint Global
Coordinators, Joint Bookrunners and Joint Lead Managers for the
proposed Global Offering.
The International Offering is being made only by means of a
preliminary prospectus supplement dated November 26, 2021 and the accompanying prospectus
included in an automatic shelf registration statement on Form F-3
filed with the U.S. Securities and Exchange Commission (the "SEC")
on November 26, 2021, which
automatically became effective upon filing. The registration
statement on Form F-3 and the preliminary prospectus supplement are
available at the SEC website at: http://www.sec.gov.
The proposed Global Offering is subject to market and other
conditions, and there can be no assurance as to whether or when the
Global Offering may be completed, or as to the actual size or terms
of the Global Offering. This press release shall not constitute an
offer to sell or the solicitation of an offer or an invitation to
buy any securities of the Company, nor shall there be any offer or
sale of these securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
the registration or qualification under the securities laws of any
such state or other jurisdiction. This press release does not
constitute a prospectus (including as defined under the laws of
Hong Kong) and potential investors
should read the prospectus of the Company for detailed information
about the Company and the proposed Global Offering, before deciding
whether or not to invest in the Company. This press release has not
been reviewed or approved by The Stock Exchange of Hong Kong
Limited or the Securities and Futures Commission of Hong Kong.
The price of the Class A ordinary shares of the Company may be
stabilized in accordance with the Securities and Futures (Price
Stabilization) Rules. The details of the intended stabilization and
how it will be regulated under the Securities and Futures Ordinance
(Chapter 571 of the laws of Hong
Kong) will be contained in the prospectus of the Company
dated November 29, 2021.
About Weibo
Weibo is a leading social media for people to create, discover
and distribute content. Weibo combines the means of public
self-expression in real time with a powerful platform for social
interaction, content aggregation and content distribution. Any user
can create and post a feed and attach multi-media and long-form
content. User relationships on Weibo may be asymmetric; any user
can follow any other user and add comments to a feed while
reposting. This simple, asymmetric and distributed nature of Weibo
allows an original feed to become a live viral conversation
stream.
Weibo enables its advertising and marketing customers to promote
their brands, products and services to users. Weibo offers a wide
range of advertising and marketing solutions to companies of all
sizes. The Company generates a substantial majority of its revenues
from the sale of advertising and marketing services, including the
sale of social display advertisement and promoted marketing
offerings. Designed with a "mobile first" philosophy, Weibo
displays content in a simple information feed format and offers
native advertisement that conform to the information feed on our
platform. To support the mobile format, we have developed and
continuously refining our social interest graph recommendation
engine, which enables our customers to perform people marketing and
target audiences based on user demographics, social relationships,
interests and behaviors, to achieve greater relevance, engagement
and marketing effectiveness.
Safe Harbor Statement
This press release contains forward-looking statements that
relate to, among other things, Weibo's expected financial
performance and strategic and operational plans (as described,
without limitation, in the "Business Outlook" section and in
quotations from management in this press release. Weibo may also
make forward-looking statements in the Company's periodic reports
to the SEC, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
statements about the Company's beliefs and expectations, are
forward-looking statements. These forward-looking statements can be
identified by terminology, such as "will," "expects,"
"anticipates," "future," "intends," "plans," "believes,"
"confidence," "estimates" and similar statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
important factors could cause actual results to differ materially
from those contained in any forward-looking statement. Potential
risks and uncertainties include, but are not limited to, Weibo's
limited operating history in certain new businesses; failure to
grow active user base and the level of user engagement; the
uncertain regulatory landscape in China; fluctuations in the Company's quarterly
operating results; the Company's reliance on advertising and
marketing sales for a majority of its revenues; failure to
successfully develop, introduce, drive adoption of or monetize new
features and products; failure to compete effectively for
advertising and marketing spending; failure to successfully
integrate acquired businesses; risks associated with the Company's
investments, including equity pick-up and impairment; failure to
compete successfully against new entrants and established industry
competitors; changes in the macro-economic environment, including
the depreciation of the Renminbi; and adverse changes in economic
and political policies of the PRC government and its impact on the
Chinese economy. Further information regarding these and other
risks is included in Weibo's annual report on Form 20-Fs and other
filings with the SEC and the prospectus registered in Hong Kong. All information provided in this
press release is current as of the date hereof, and Weibo assumes
no obligation to update such information, except as required under
applicable law.
Contacts
Investors Relations
Weibo Corporation
Tel: +86-10-5898-3336
Email: ir@staff.weibo.com
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SOURCE Weibo Corporation