Partly due to some operationalization obstacles, most of the empirical attempts in respect to microblog’s agendasetting role ended up qualitatively in quest of quantitative support. Is microblog agenda simply performing as another form of public agenda or deeply embedded in the agendabuilding process of mass media? Regarding 2012 election of Chief Executive in Hong Kong as the focus event, this study takes advantage of content analysis and crosslagged correlation analysis to probe into the intermedia agendasetting flow between Sina Weibo and newspaper on both agendasetting levels. Results showed that microblog and newspaper set agenda for the counterpart alternately as the focus event progresses and moreover, when the campaign comes to its crescendo and climax, interactivity and reciprocities between two sides become more intensive that they influence each other on both agendasetting levels. In other words, microblog agenda seems not only another online form of public agenda, but also fully capable of setting agenda for mass media.