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China-based Sina planning New York IPO for Weibo microblog

HONG KONG--Chinese Internet company Sina plans to spin off its Twitter-like microblog service, Weibo, in a U.S. initial public offering to raise US$500 million.

A person with knowledge of the deal said Tuesday that the company plans an IPO in New York.

The person, who requested anonymity because they weren't authorized to speak publicly about the deal, said Goldman Sachs and Credit Suisse have been hired to manage the stock listing.

The plans were first reported by the Financial Times on Monday.

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