Shearman & Sterling represented Goldman Sachs (Asia) L.L.C. and Credit Suisse Securities (USA) LLC as lead underwriters in connection with the initial public offering of Weibo Corporation. Morgan Stanley & Co. International plc, Piper Jaffray & Co. and China Renaissance Securities (Hong Kong) Limited also participated as co-managers in the offering. Weibo priced its offering at $17.00 per American Depositary Share on April 16, 2014, and offered 19,320,000 American Depositary Shares, each representing one Class A Ordinary Share, for an aggregate offering value of $328.4 million, including the overallotment option.
Weibo is a leading social media platform for people to create, distribute and discover Chinese-language content. By providing an unprecedented and simple way for Chinese people and organizations to publicly express themselves in real time, interact with others on a massive global platform and stay connected with the world, Weibo has had a profound social impact in China. Weibo has the strong backing of China tech giants SINA Corporation and the Alibaba Group, both of whom are significant shareholders in Weibo.
The Shearman & Sterling team included partners Russell Sacks (New York-Financial Institutions Advisory & Financial Regulatory) and Larry Crouch (Palo Alto-Tax); counsel Kevin Zhang (Hong Kong-Capital Markets) and Eileen O’Pray (Palo Alto-Tax); and associates Wei Fang (Beijing-Capital Markets), Nathan Mee, Antonio Herrera Cuevas (both San Francisco-Capital Markets), Jennifer Morton, Jenny Ding (both New York-Financial Institutions Advisory & Financial Regulatory) and Joe Tucci (Palo Alto-Tax).