Weibo’s done half the job that Twitter has in turning its microblogging users into earnings. That may explain why the Chinese company is seeking as little as half the valuation in its initial public offering.

Weibo, owned by Sina Corp. and Alibaba Group Holding Ltd., plans to offer 20 million American depositary shares for $17 to $19 apiece, according to an April 4 regulatory filing. The deal is scheduled to be priced in New York today, according to data compiled by Bloomberg.

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