Chinese Twitter clone wants to raise $500 million in an IPO

Sina Weibo, the Chinese social network that looks and works a lot like Twitter, has started the process of going public in the United States. The micro-blogging platform is looking to raise up to $500 million in an initial public offering, though as with any IPO this is subject to change. Twitter itself began trading as a public company back in November. Weibo is smaller than Twitter, with 129 million monthly active users compared with 241 million for the U.S. outfit, though it is some three years younger.