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Weak start for Weibo US share sale Weibo shares surge on US debut, despite low opening price
(about 7 hours later)
China's largest Twitter-like service, Weibo, has had a lukewarm reception on the first day of its listing on the US stock market. Shares in China's Weibo, a Twitter-like service, rose by almost 20% on their first day of trading on the US stock market, after a lukewarm start.
The flotation on the Nasdaq stock exchange raised a less-than-expected $286m (£170m). The company's flotation on the Nasdaq stock exchange had initially raised a less-than-expected $286m (£170m).
The stock was priced at the lower end of expectations, as Weibo is not currently making a profit. However, investors flocked to the shares, and they ended the day at $20.24, after opening at $17.
Its number of active users fell after China's censors strengthened control of online discussions last year. The number of Weibo users fell after China's censors strengthened control of online discussions last year.
The China Internet Network Information Center said in its annual report that almost 28 million people abandoned Weibo in 2013.The China Internet Network Information Center said in its annual report that almost 28 million people abandoned Weibo in 2013.
It can only be used by Chinese citizens who verify their account with a mobile phone number.It can only be used by Chinese citizens who verify their account with a mobile phone number.
The sale is a big test of demand for Chinese internet stocks ahead of an anticipated listing by Weibo's co-owner, the Alibaba group.The sale is a big test of demand for Chinese internet stocks ahead of an anticipated listing by Weibo's co-owner, the Alibaba group.
China's internet market has grown to become the world's biggest with more than 500 million users.China's internet market has grown to become the world's biggest with more than 500 million users.
With major global social networking firms such as Facebook and Twitter blocked in the country, domestic companies have benefited the most from this growth.With major global social networking firms such as Facebook and Twitter blocked in the country, domestic companies have benefited the most from this growth.
However, the growing popularity of social media platforms has also attracted the attention of authorities who have moved swiftly to silence voices online.However, the growing popularity of social media platforms has also attracted the attention of authorities who have moved swiftly to silence voices online.