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Weibo to reach Hong Kong market as Didi pulls up stakes in U.S.

Squeezed by Beijing and Washington, China tech companies seek new sanctuary

Weibo, which had 573 million monthly active users as of Sept. 30, has lost half its U.S. market value since July.    © Reuters

HONG KONG -- Chinese social network operator Weibo Corp. is set to make its market debut in Hong Kong on Wednesday after raising $177.37 million in its first sale in the city.

The censored Chinese equivalent of Twitter, Weibo priced its shares at HK$272.80 each, far below the maximum indicated price of HK$388 but 9% above where they closed on Monday in New York.

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