China's Twitter Weibo filed for an initial public offering Friday.
The Beijing-based social media company intends to list on the New York Stock Exchange and is looking to raise $500 million.
Weibo, owned by Sina Corp. (, was )profitable for the first time in the last three months of 2013, raking in $3 million. The results were boosted by a 163% surge in ad revenues to $56 million.
Most of the company's revenue comes from ads since it does not charge users, except for VIP memberships.
Weibo has been growing -- active daily users numbered 61.4 million at the end of December, up from 58.9 million in September.