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
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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.