Sina to Float Chinese Social Network in New York
Sina Corporation has reportedly hired Goldman Sachs and Credit Suisse to manage an initial public offering (IPO) of its popular Chinese Twitter-like site. It boasts 60 million daily active users, but its position in China is precarious. Weibo, after all, is a popular forum for political discussion and dissent, and a government crackdown over the past two years has led to its membership falling by 9 percent. Sina hopes to emulate the success of Twitter’s IPO last November, but Western investors may be wary of involvement with such a heavily censored network.