Business

Chinese microblogging service Weibo plans public offering

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Sina Corp., one of China’s biggest Internet portals, is preparing an initial public offering in the United States for Weibo, its Twitter-like microblogging service, according to people close to the matter.

The offering, which has not been formally announced, could raise up to $500 million later this year. Goldman Sachs and Credit Suisse have been selected to underwrite the offering, according to the people.

Goldman Sachs and Credit Suisse declined to comment Monday, and a Sina representative could not be reached for comment.

Over the last two years, China’s big three Internet companies — Alibaba, Baidu and Tencent — have spent several billion dollars acquiring Chinese startups and international online game companies.

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