Chinese social media firm Weibo Corp plans to price its shares at HK$272.8 ($35.01) each to raise $385 million in its Hong Kong secondary listing, said three sources with direct knowledge of the matter.

The company is selling 5.5 million primary shares and Sina Corporation is selling 5.5 million secondary shares to take the total size of the deal to 11 million shares. Weibo, the Chinese-equivalent of Twitter, has 566 million monthly average users, according to the listing documents lodged with the Hong Kong Stock Exchange. In February, when Reuters reported the appointment of banks to work on the Hong Kong listing, Weibo was worth $13.2 billion.

Weibo Looks To Raise $385M In Hong Kong Secondary Listing

Weibo Looks To Raise $385M In Hong Kong Secondary Listing

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