BEIJING, Dec. 2, 2021 /PRNewswire/ -- Weibo Corporation
("Weibo" or the "Company") (Nasdaq: WB), a leading social media
platform in China, today announced
the pricing of the 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 same number of 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 (the "Hong Kong Public Offering") and
an international offering (the "International Offering").
The final offer price for both the International Offering and
the Hong Kong Public Offering (the "Offer Price") has been set as
HK$272.80 per Offer Share. Based on
the ratio of one Class A ordinary share per Nasdaq-listed American
depositary shares (the "ADSs"), the Offer Price translates to
approximately US$35.01 per ADS based
on an exchange rate of HK$7.7915 to
US$1.00.
Subject to approval from The Stock Exchange of Hong Kong Limited
(the "Hong Kong Stock Exchange"), the Class A ordinary shares of
the Company are expected to begin trading on the Main Board of the
Hong Kong Stock Exchange on Wednesday,
December 8, 2021 under the stock code "9898." The Global
Offering is expected to close on the same day, subject to customary
closing conditions.
In addition, the Selling Shareholder has granted an
over-allotment option to the international underwriters,
exercisable from the date on which our Class A ordinary shares are
listed on the Hong Kong Stock Exchange until January 1, 2022, being the 30th day after the
last day for lodging applications under the Hong Kong Public
Offering, to require the Selling Shareholder to sell up to an
aggregate of 1,650,000 additional Class A ordinary shares of the
Company (to be converted from the same number of Class B ordinary
shares) at the Offer Price.
The gross proceeds to the Company from the Global Offering,
before deducting underwriting fees and the offering expenses, are
expected to be approximately HK$1,500.4
million. The Company will not receive any proceeds from the
sale of the Class A ordinary shares to be offered by the Selling
Shareholder.
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.
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
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 final
prospectus supplement will be filed with the SEC and will be
available on the SEC's website at: http://www.sec.gov. When
available, copies of the final prospectus supplement and the
accompanying prospectus relating to the offering may also be
obtained from Goldman Sachs & Co. L.L.C., 200 West Street,
New York, NY 10282-2198,
Attention: Prospectus Department (1-866-471-2526), or E-Mail:
Prospectus-Ny@gs.com, Credit Suisse (Hong
Kong) Limited, Attention: Prospectus Department, or E-mail:
newyork.prospectus@credit-suisse.com, CLSA Limited, Attention:
Project Wave team, or E-mail: ProjectWave@clsa.com and China
International Capital Corporation Hong Kong Securities Limited,
Attention: Capital Markets Department, or E-mail:
g_prospectus@cicc.com.cn.
This press release shall not constitute an offer to sell or the
solicitation of an offer or an invitation to buy any securities,
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 offering, before deciding whether or not to invest in the
Company. This press release has not been reviewed or approved by
Hong Kong Stock Exchange or the Securities and Futures Commission
of Hong Kong.
The price of the Offer Shares of the Company may be stabilized
in accordance with the Securities and Futures (Price Stabilizing)
Rules (Chapter 571W of the Laws of Hong
Kong). 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) have been 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.
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SOURCE Weibo Corporation