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China’s Weibo shares decrease 9% after regulator slaps excellent on amicable media giant’s operator

Hong Kong-listed shares of Chinese amicable networking hulk Weibo tumbled some-more than 9% on Tuesday, as a user was fined 3 million yuan ($471,151) by regulators.

The Cyberspace Administration of China pronounced on a central WeChat comment that it fined Weibo’s user BJ Weimeng Innovation and Technology Company since some accounts and calm disregarded applicable laws and regulations.

Weibo has faced 44 fines totaling 14.3 million yuan ($2.24 million) in a duration from Jan to Nov this year, according to a regulator.

Since Weibo’s delegate inventory in Hong Kong final week, a batch has mislaid over 10%. Its Nasdaq-listed shares tumbled 6% overnight on Wall Street, and plunged over 26% year-to-date.

Responding to a fine, Weibo pronounced it will put in place a required rectification, practice a responsibility, and keep improving a governance, according to a CNBC translation.

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Chinese ride-hailing hulk Didi pronounced progressing this month that it will start delisting from a New York Stock Exchange, and make skeleton to list in Hong Kong instead. Regulators reportedly wish Chinese ride-hailing hulk Didi to delist from a New York Stock Exchange since of concerns about steam of supportive data.

As tensions between a U.S. and China grew, former U.S. President Donald Trump took stairs toward stealing U.S. investment in Chinese companies, generally those deemed to have purported ties to a Chinese military.

— CNBC’s Iris Wang, Evelyn Cheng contributed to this report.

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