Weibo (WB US): Lukewarm Interest for HK Listing, but Good Setup for Long-Term Growth
Equity Bottom-Up
241 Views, 08 Dec 2021 04:02
Roger has highlighted this Insight as a Top Pick
EXECUTIVE SUMMARY
Weibo Corp (WB US) announced its Hong Kong offering price at HK$ 272.80 per share, roughly in-line with current trading price of US-listed ADR but lower than initial expectation.
The lukewarm interest from investors underscores the regulatory headwind around one of China largest social media platform, which is unprecedented in our view.
We want to reiterate our bullish view on Weibo, who has amassed 521 million monthly active users. Weibo Corp (WB US) is traded at forward 15x consensus P/E.