Sina Weibo has signed a potentially huge deal with one of Europe's hottest tech startups

Socialbakers, the social media marketing management company, is working on a new product with Sina Weibo, the gigantic Chinese microblog platform that has over 500 million users.

Socialbakers CEO Jan Rezab announced the deal this morning at Engage 2015, the company's big Prague-based conference. About 1,000 people - mostly fro the marketing and media business - are attending the meeting this year.

"It's a joint product with Sina Weibo, we're making a Facebook Insight product for Sina Weibo, we're going to build it together," Rezab told attendees. The product will join a new update to Socialbakers' analytics dashboard, which will feature analytics for Instagram and social video.

There were few other details available, although Rezab promised they were forthcoming.

But the Sina Weibo deal suggests that Socialbakers is trying to open up a huge new business in Asia. The company currently has about 330 employees and perhaps $40 million in revenue, according to Business Insider's ranking of hottest ad tech startups. The company is widely expected to be considering an IPO in the next couple of years.

Socialbakers has about 2,700 clients across the globe but most of them are focused on managing their brands in Western-facing social networks like Facebook and Twitter.