Weibo Shares Spiral Lower After Fine From Chinese Regulator
Stock has fallen four of the last five days since its debut
Investors remain sensitive to regulatory warnings on tech
Bloomberg News
Updated on
China’s Weibo Corp. slumped further below their Hong Kong listing price on Tuesday after regulators fined the Twitter-like website and reprimanded its executives over the site’s content.
The stock tumbled 9.6% to HK$219.80 at the close, which is 19% below its initial public offer price last week of HK$272.80. Shares of the firm have fallen four of the past five days since the debut.
