Weibo, China's Version Of Twitter, Reportedly Aims For A Listing On A US Exchange To Raise $500 Million For Owner, Sina Corp.

Sina Corp (NASDAQ:SINA), an Internet company based out of Shanghai, is planning to raise about $500 million by listing its social media platform, Weibo, in the U.S., news reports said Monday. Weibo, which is similar to microblogging site, Twitter (NYSE:TWTR), is expected to face a tough and crowded market once it is listed in the U.S., where it would directly compete with Facebook (NASDAQ:FB), Twitter and Google's (NASDAQ:GOOG) Google Plus service.