HONG KONG (AP) — Chinese internet company Sina Corp. plans to spin off its Twitter-like microblog service, Weibo, in a U.S. initial public offering to raise $500 million, a person with knowledge of the deal said Tuesday.

The person, who requested anonymity because they weren’t authorized to speak publicly about the deal, said investment banks Goldman Sachs and Credit Suisse have been hired to manage the IPO in New York.