Why Are Weibo Shares Trading Higher Premarket?

Weibo Corp WB and selling shareholder Sina Corp priced the Twitter Inc TWTR-like website's Hong Kong second listing at HK$272.80 each. The offer price implies a 2.8% discount to December 1 closing price.
Weibo is offering 5.5 million new shares in the Hong Kong offering. Sina is selling 5.5 million existing shares.
Based on the ratio of one share per ADS, the offer price translates to $35.01 per ADS.
The gross proceeds are HK$1.5 billion. Weibo will not receive any sale proceeds from the selling shareholder.
Weibo looks to utilize the offering proceeds to grow its user base and user engagement, enhance its content ecosystem, improve its user experience and monetization capabilities, strategic alliances, investments and acquisitions, working capital, and general corporate purposes.
The stock will likely begin trading on the Hong Kong Stock Exchange on December 8 under the stock code "9898."
Price Action: WB shares traded higher by 3.92% at $37.41 in the premarket session on the last check Thursday.