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Social Networks: China Weibo needs a second listing on the Stock Exchange

Posted November 29, 2021, 8:29 AM

Beijing takes another step towards takeovers of Chinese technology , on foot strong competition with Washington . Chinese social network Weibo announced on Monday that it is considering a second listing on the Hong Kong Stock Exchange. Listed on the American Nasdaq since 2014, the Twitter equivalent in China has indicated that it wants to sell 11 million shares at a unit price of 388 Hong Kong dollars, or 485 million euros.

In recent months, Baidu search engine or the e-commerce giant Alibaba they have already nationalized their funding by making a second listing on the stock exchange. For a long time to encourage fundraising in the United States to develop, Chinese tech nuggets are now turning more and more to national funding. China is thus pushing its lump sums to seek financing alternatively on its stock exchange (now Hong Kong, Shanghai, Shenzhen or Beijing), which pursues a less stringent surveillance and restraint policy than in the United States.

Economic nationalism

At the same time, Beijing is working on stricter conditions for foreign listing of its companies. China, which fears the transfer of sensitive data abroad, wants a thorough examination of the risks of cybersecurity in advance.

According to financial intelligence agency Bloomberg, Didi, which is the equivalent of Uber in China, was asked by Chinese authorities to do so withdrawal from wall street , where the group has been listed since this summer. Didi, who is in charge of the driver – to – car (VTC) car booking market in his country, has been focused since July on an administrative investigation into his private data collection.

In the context of economic nationalism, the communist regime has just opened a new Stock Exchange in Beijing. Aimed at SMEs, especially those active in new technologies.

Avec AFP

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