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The Nasdaq exchange before Weibo began trading on April 17, 2014 in New York City.
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Shares of Chinese social media platform
Weibo
fell by more than 9% Tuesday in Hong Kong after the company was fined by the Cyberspace Administration of China (CAC) for allegedly publishing illegal information.
The CAC said Weibo had violated a cybersecurity law on the protection of minors and other laws, without providing further details. It fined the group 3 million yuan ($471,000.)
Weibo, sometimes dubbed the Chinese Twitter, said in a statement that it “sincerely accepts criticism” from Chinese authorities.
According to the CAC, Weibo has been slapped this year with 44 fines for a total of 14.3 million yuan, between January and November.
Weibo’s Nasdaq-listed shares (ticker: WB) have fallen by 54% since their August high. And its Hong-Kong listed stock (9898.HK) is down 13% since the company’s secondary listing last week.
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