Shares of Chinese social networking giant Weibo tumbled more than 9% on Tuesday, as its operator was fined three million yuan ($471,151) by regulators.
The Cyberspace Administration of China announced on its official WeChat account that it fined Weibo's operator because some accounts and content has violated relevant laws and regulations.Beijing has been engaging in an ongoing regulatory crackdown against its tech giants.
Weibo has faced 44 fines totaling 14.3 million yuan in the period from January to November this year, according to the regulator.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. Responding to the fine, Weibo said it will put in place the necessary rectification, exercise its responsibility, and keep improving its governance, according to a CNBC translation.
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