Sina Corp. Weibo unit is valued at $5.1 billion by analysts after posting its first profit as China’s largest Twitter-like microblogging platform is said to seek an initial public offering in the U.S.
Sina Weibo may be valued between $3.3 billion to $7 billion, according to 10 analysts surveyed by Bloomberg News. Using the midpoint of estimates for analysts providing a range, Sina Weibo may be worth $5.1 billion.
Sina Weibo earned a profit in the fourth quarter for the first time, as the business attracted more companies to buy advertisements on the platform. Sina Weibo is working closer with China’s largest e-commerce company Alibaba Group Holding Ltd. to fend of competition from Tencent Holdings Ltd. WeChat messaging application.
Sina could raise $500 million in an IPO in the U.S. and has hired Credit Suisse Group AG and Goldman Sachs Group Inc., according to people familiar with the matter.
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