Here Come China’s Tech Giants: Weibo, Alibaba to IPO in U.S.

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Watch out, Twitter and Facebook. Your Chinese rival is coming to your shores — and specifically mentioned you as the competition.

Weibo, China’s enormously popular microblogging service, filed for its U.S. IPO Friday. The service, being spun off by its parent company Sina Corp, is looking to raise around $500 million from the public offering. The company reported a $188 million revenue figure for Weibo in 2013, which is nearly double Weibo’s revenue for 2012. Its losses have shrunk to $30 million a year.

Although Weibo’s 241 million monthly active users are nearly all inside China, the company listed a variety of international services as its rivals. Weibo faces “increasing competition from global social media and social networking services, such as Twitter and Facebook,” the filing said. Read more…

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