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China’s regulator fines Weibo operator, causing a stir in shares

China’s Weibo application on mobile phones.

Brent Lewin | Bloomberg | beautiful pictures

Hong Kong-listed shares of Chinese social media giant Weibo fell more than 9% on Tuesday, as its operator was fined three million yuan ($471,151) by regulators.

The Cyberspace Administration of China said on its official WeChat account that it has fined Weibo operator of Technology and Innovation Company BJ Weimeng for some accounts and content that violate laws and regulations. related determination.

Weibo faced 44 fines totaling 14.3 million yuan ($2.24 million) between January and November this year, according to the regulator.

Are from Weibo sublist in Hong Kong Last week, the stock lost more than 10%. Its Nasdaq-listed shares are down 6% overnight on Wall Street and down more than 26% year-to-date.

Reacting to the fine, Weibo said it will take necessary corrective measures, fulfill its responsibilities and continue to improve its governance, according to a translation by CNBC.

Read more about China from CNBC Pro

Chinese ride-hailing giant Didi said earlier this month that it will begin delisting from the New York Stock Exchange and plan to list in Hong Kong. Regulators are said to want Chinese ride-hailing giant Didi to delist from the New York Stock Exchange over concerns about the leak of sensitive data.

As tensions between the US and China grow, former US President Donald Trump has taken steps to eliminate US investment in Chinese companies, especially those believed to be accused of having ties to the Chinese military.

– Iris Wang of CNBC, Evelyn Cheng contributed to this report.

https://www.cnbc.com/2021/12/14/chinas-regulator-fines-weibo-operator-sending-shares-tumbling.html China’s regulator fines Weibo operator, causing a stir in shares

Emma James

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