Skadden, Shearman win mandates for Weibo's US IPO
Skadden Arps Slate Meagher & Flom and Shearman & Sterling have snared roles on the upcoming US IPO of Chinese microblogging site, Weibo. News of the hotly anticipated listing emerged last week, with media reports estimating that it would take place in the second quarter of this year and raise around $500m.
March 02, 2014 at 11:29 PM
2 minute read
Skadden Arps Slate Meagher & Flom and Shearman & Sterling have snared roles on the upcoming US IPO of Chinese microblogging site, Weibo.
News of the hotly-anticipated listing emerged last week, with media reports estimating that it would take place in the second quarter of this year and raise around $500m.
Skadden is understood to be acting for the issuer on the deal, with Hong Kong corporate partner Julie Gao leading a team.
Gao has been involved in the IPOs and US listings of nearly 40 China-based companies in recent years, including 21Vianet Group, Renren and Baidu.
Shearman & Sterling is thought to be acting for the underwriting banks on the flotation, with corporate partner Alan Seem leading a group from the firm's Palo Alto office.
As the former head of Shearman & Sterling's Asia capital markets group and previous managing partner in Beijing, Seem has also been involved in a large number of transactions by Chinese companies and remains active in the firm's China practice.
According to Reuters, banks hired for the IPO include Credit Suisse and Goldman Sachs.
Both Skadden and Shearman declined to comment.
Weibo, known colloquially as China's version of Twitter, is owned by Sina corporation and is one of the most popular sites in the country, estimated to be accessed regularly by around 30% of all Chinese internet users.
Other China-based internet companies which have looked to the US to raise funds recently include e-commerce giant JD.com, which filed for a $1.5bn US IPO in January and rival Alibaba, which is also expected to go public in the US during 2014.
Related: Simpson and Kirkland lead as Alibaba eyes AutoNavi buyout
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