CRI听力:Weibo Unveils Estimated IPO Terms

Social-media service Weibo, known as "the Twitter of China," has unveiled estimated terms for an initial public offering in the United States.

It has set an IPO price range between 17 and 19 US dollars.

Weibo estimates it will receive net proceeds from the IPO, as well as a concurrent private placement from e-commerce giant Alibaba Group, of about 377 million dollars.

Weibo intends to use the proceeds to enhance its brand recognition, retain talented employees by providing equity incentives and obtain additional capital.

It also intends to use about 250 million US dollars to repay loans to its owner Sina.

Weibo's revenue nearly doubled last year to 188 million US dollars, but the company still lost 38 million.

In terms of users, Weibo is about half the size of Twitter.