EFEShanghai, China

Social media platform Weibo, the Chinese equivalent of Twitter, aims to raise $385 million in a Hong Kong secondary listing, to debut on Dec. 8.

In a statement sent to the Hong Kong Stock Exchange on Thursday night, Weibo said it will offer 11 million shares at HK$272.8 ($35) per unit.

Forty-five percent of the net proceeds will be used to grow the user base and "enhance our content ecosystem," 25 percent to research and development to "enhance our user experience and monetization capabilities," 20 percent to strategic alliances, investments and acquisitions, and the remaining 10 percent to working capital.

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