Chinese Twitter-like social network, Weibo, is raising $700 million to fund acquisitions.
The Beijing-based company which is worth $21 billion, announced that it will offer up to $700 million in convertible senior notes in order to finance working capital needs and potential acquisitions of complementary businesses.
Weibo currently has 159 million daily users and 361 million monthly and according to unaudited figures released recently, its most quarterly profit reached a record $101.1 million up from a then-record $73.5 million in the previous quarter.
The company credited its surging video and mobile ads business for the revenue jumps, with the Weibo platform rapidly standing out as a platform for entertainment and celebrity news for young generations in China.
Weibo is backed by parent firm Sina and e-commerce giant Alibaba which is 70 percent of the company.
