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Weibo IPO below expectations, raises $285.6 mn

Sina Weibo sold fewer shares than expected in its US IPO which was priced below expectations ahead of a Thursday listing that takes place after tech selloffs on Wall Street. The firm, often described as China's version of Twitter, sold 16.8 million US depositary shares, according to Dow Jones Newswires, while a person familiar with the deal told AFP each share was priced at $17. That means it raised $285.6 million before the sale of any additional shares to underwriters.

'Chinese Twitter' firm Weibo to go public in US

Sina Weibo, widely known as China's version of Twitter, is to go public in the United States Thursday at a price below expectations after a recent sell-off in technology stocks. The microblogging subsidiary of Chinese Internet behemoth Sina was to make its debut on the Nasdaq exchange under the symbol "WB" in an initial public offering (IPO) expected to raise at least $340 million.

Weibo IPO below expectations, raises $285.6 mn

Sina Weibo has sold fewer shares than expected in its US IPO which has been priced below expectations, a report said Thursday, ahead of its listing which takes place after selloffs on Wall Street. The Beijing-based firm, often described as China's version of Twitter, sold 16.8 million US depositary shares at $17, raising $285.6 million before the sale of any additional shares to underwriters, Dow Jones Newswires said, quoting two people familiar with the deal.

Jan-March foreign direct investment in China up 5.5%

Foreign direct investment (FDI) into China increased 5.5 percent in the first three months of the year despite faltering in March, the government said Thursday, though outbound investment slumped. FDI, which excludes investment in financial sectors, totalled $31.55 billion in the March quarter, the commerce ministry said in a statement. However, investment in March declined 1.47 percent to $12.24 billion, it said. "Major Asian countries' and regions' investment in China generally maintained a steady growth momentum," ministry spokesman Shen Danyang said.

IBM's quarterly revenue sinks to 5-year low as hardware sales fall

By Supantha Mukherjee and Soham Chatterjee (Reuters) - IBM Corp, the world's biggest technology services company, reported its lowest quarterly revenue in five years on Wednesday, as Big Blue struggles with falling demand for its hardware and faces challenges in growth markets like China. Shares of IBM fell as much as 4 percent to $188.20 in after-hours trade. Revenue for the Armonk, NY-based firm fell 4 percent to $22.5 billion in the first quarter, below analysts' average estimate of $22.91 billion.

Weibo valued at $3.46 billion after bottom-end IPO pricing

(Reuters) - China's Weibo Corp will be valued at a lower-than-expected $3.46 billion when it goes public on the Nasdaq on Thursday, amidst concerns about the microblogging service's slowing user growth and the country's highly censored media environment. The Twitter-like microblogging service, owned by web portal Sina Corp, sold 16.8 million American Depositary Shares (ADSs) for $17 apiece, raising $285.6 million, an underwriter told Reuters. The company had planned to sell 20 million ADSs at between $17 and $19 per share.

Mutual fund sales total $7.73B in March; industry AUM now at $1.059 trillion

TORONTO - The Investment Funds Institute of Canada says net sales of mutual funds in March totalled $7.73 billion, with net sales for the first three months of the year reaching $22.6 billion. By category, long-term fund net sales were $7.87 billion in March, with year-to-date net sales at $23.8 billion as of the end of last month, while money market fund net redemptions were $142.6 million for the month, with year-to-date net redemptions at $1.14 billion.

Online dating service Zoosk, which claims 26M members, files for IPO worth up to $100 million

NEW YORK, N.Y. - Online dating service Zoosk is filing for an initial public offering worth as much as $100 million. The company says its Behavioral Matchmaking engine gathers data about users as they send messages and accept connections. That allows it to offer better connections. Zoosk says its app was the highest-grossing dating app on the iPhone in the U.S. in 2013. Zoosk did not say how many shares it might sell. The San Francisco company wants to list its shares on the New York Stock Exchange under the symbol "ZSK."

Most actively traded companies on the TSX, TSX Venture Exchange

TORONTO - Some of the most active companies traded Wednesday on the Toronto Stock Exchange and the TSX Venture Exchange: Toronto Stock Exchange (14,446.52 up 142.60 points):

Bank of America swings to loss from profit, hurt by legal charges

CHARLOTTE, N.C. - Bank of America said Wednesday that it swung to a loss in the first quarter, hurt by $6 billion in legal charges. A LOSS: The Charlotte, N.C., bank reported a loss applicable to common shareholders of $514 million, compared with a profit of $1.11 billion a year earlier. The loss amounted to 5 cents a share. A year earlier, the bank earned 10 cents a share.
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