Chinese Social Networking Giant “Weibo” Shares Tumbled More Than 9%

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

The Cyberspace Administration of China said on its official WeChat account that it fined Weibo’s operator BJ Weimeng Innovation and Technology Company because some accounts and content violated relevant laws and regulations.

Weibo has faced 44 fines totaling 14.3 million yuan ($2.24 million) in the period from January to November this year, according to the regulator.

Since Weibo’s secondary listing in Hong Kong last week, the stock has lost over 10%. Its Nasdaq-listed shares tumbled 6% overnight on Wall Street, and plunged over 26% year-to-date.

Beijing has been engaging in an ongoing regulatory crackdown on its tech giants, which have dominated the country’s internet space.

Among the latest developments, Chinese companies listed in the U.S. have been facing political pressure to list nearer to home,amid rising concerns that some will have to delist from the U.S.

– CNBC

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