Weibo announces pricing for its global offering
BEIJING, December 2, 2021 / PRNewswire / – Weibo Corporation (“Weibo” or the “Company”) (Nasdaq: WB), a leading social media platform in China, today announced the price of the global offer (the “Global Offer”) of a total of 11,000,000 Class A common shares of the Company. Weibo is offering 5,500,000 Class A common shares of the Company (the “New Shares”) and Sina Corporation (the “Selling Shareholder”) is offering 5,500,000 Class A common shares of the Company, which are to be converted from of the same number B ordinary shares of the Company before the listing of the class A ordinary shares of Weibo on the Hong Kong Stock Exchange as defined below (the “Selling Shares” and together with the New shares, the “Shares of offer ”). The Global Offer includes a Hong Kong public offering (the “Hong Kong Public Offering”) and an international offering (the “International Offering”).
The final offer price of the International Offer and the Hong Kong Public Offer (the “Offer Price”) was set at HK $ 272.80 per Offer Share. Based on the ratio of one Class A common share per US depositary share listed on the Nasdaq (the “ADS”), the offer price translates to approximately US $ 35.01 by ADS on the basis of an exchange rate of 7.7915 HK $ To $ 1.00.
Subject to the approval of the Hong Kong Stock Exchange Limited (the “Hong Kong Stock Exchange”), the Class A common shares of the Company are expected to commence trading on the main board of the Hong Kong Stock Exchange on Wednesday, December 8, 2021 under the stock code “9898”. The Global Offer 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 our Class A common shares are listed on the Hong Kong Stock Exchange until January 1, 2022, being the 30th day after the last day of filing of the applications under the Hong Kong public offering, to require the selling shareholder to sell up to a total of 1,650,000 Class A common shares of the Company (to be converted from the same number of class A shares B ordinary shares) at the Offer Price.
The gross proceeds that the Company will derive from the Global Offer, before deduction of underwriting fees and offering costs, is expected to be approximately HK $ 1,500.4 million. The Company will not receive any proceeds from the sale of the Class A common shares offered by the selling shareholder.
The Company plans to use the net proceeds of the Global Offering to further develop its user base and engagement, and enhance its content ecosystem, for research and development to enhance its user experience and capabilities. monetization, to selectively pursue strategic alliances, investments and acquisitions, as well as for working capital and general business needs.
Goldman Sachs (Asia) LLC, Credit Suisse (Hong Kong) Limited, CLSA Capital Markets Limited and China International Capital Corporation Hong Kong Securities Limited are the co-sponsors. Goldman Sachs (Asia) LLC, Credit Suisse (Hong Kong) Limited, CLSA Limited and China International Capital Corporation Hong Kong Securities Limited are Joint Representatives, Joint Global Coordinators, Joint Bookkeepers and Joint Leaders for the Global Offering.
The International Offer is being made only by means of a provisional prospectus supplement dated November 26, 2021 and the accompanying prospectus included in an automatic registration statement on Form F-3 filed with the United States Securities and Exchange Commission (the “SEC”) on November 26, 2021, which automatically came into effect upon filing. The registration statement on Form F-3 and the preliminary prospectus supplement are available on the SEC’s 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 Offer may also be obtained from Goldman Sachs & Co. LLC, 200 West Street, New York, New York State 10282-2198, Attention: Prospectus Department (1-866-471-2526), or E-Mail: [email protected], Swiss credit (Hong Kong) Limited, Attention: Prospectus Service, or E-mail: [email protected], CLSA Limited, Attention: Wave project team, or E-mail: [email protected] and China International Capital Corporation Hong Kong Securities Limited, Attention: Capital Markets Department, or E-mail: [email protected].
This press release does not constitute an offer to sell or the solicitation of an offer or an invitation to buy any securities, and there will be no offer or sale of any such securities in any state or other jurisdiction in which such an offer , solicitation or sale would be illegal prior to 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 by the laws of Hong Kong) and potential investors should read the Company’s prospectus for detailed information about the Company and the proposed offer, before deciding whether or not to invest in the Company. This press release has not been reviewed or approved by the Hong Kong Stock Exchange or the Securities and Futures Commission of Hong Kong.
The price of the Offered 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). Details of the envisaged stabilization and how it will be regulated under the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) were contained in the Company’s prospectus dated November 29, 2021.
Weibo is one of the leading social media for people to create, discover, and distribute content. Weibo combines the means of public expression in real time with a powerful platform for social interaction, content aggregation and content distribution. Any user can create and post a stream and attach multimedia and long content. User relationships on Weibo can be asymmetrical; any user can follow any other user and add comments to a news feed while reposting. This simple, asymmetrical, and distributed nature of Weibo allows an original feed to become a live viral conversation feed.
Weibo enables its advertising and marketing clients to promote their brands, products and services to users. Weibo offers a wide range of advertising and marketing solutions for businesses of all sizes. The Company generates a substantial majority of its revenue from the sale of advertising and marketing services, including the sale of social media advertising and promotional marketing offers. Designed with a “mobile first” philosophy, Weibo displays content in a simple news feed format and delivers native advertising that conforms to the news feed on our platform. To support the mobile format, we have continuously developed and refined our Social Interest Graph recommendation engine, which enables our clients to market to people and target audiences based on user demographics, social relationships, interests and behaviors, to achieve increased relevance, engagement and marketing. efficiency.
Safe Harbor Declaration
This press release contains forward-looking statements relating, among other things, to Weibo’s expected financial performance and strategic and operational plans (as described, without limitation, in the “Business Outlook” section and in management quotes. 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 any Third party beliefs and expectations are forward-looking statements. These forward-looking statements may be identified by words such as “will”, “expects”, “anticipates”, “the future”, “l ‘intention,’ “plans,” “,” confidence, “” estimates “and similar statements. Forward-looking statements involve inherent risks and uncertainties. A certain name b of material factors may cause actual results to differ from those contained in any forward-looking statement. Potential risks and uncertainties include, without limitation, Weibo’s limited operating history in certain new businesses; the inability to develop the active user base and level of user engagement; the uncertain regulatory landscape China; fluctuations in the Company’s quarterly operating results; the Company’s dependence on advertising and marketing sales for the majority of its revenues; failure to successfully develop, introduce, foster adoption or monetize new features and products; the inability to compete effectively for advertising and marketing expenses; failure of successful integration of acquired businesses; risks associated with the Company’s investments, including trade-in and write-down of shares; the inability to compete successfully with new entrants and established competitors in the industry; changes in the macroeconomic environment, including the depreciation of the renminbi; and the adverse changes in the 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-F and other documents filed 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 by applicable law.
SOURCE Weibo Corporation