Chinese regulators ordered Weibo Corp (ADR) (NASDAQ:WB) and other social media sites to shut down audio-visual services Wednesday.
The State Administration of Press, Publication, Radio, Film and Television said Weibo was operating without the proper license, publishing content not in-line with government regulations, and promoting negative comments.
The news sent Weibo shares down 11 percent in the pre-market session.
Other Chinese social media stocks quickly followed including SINA Corp (NASDAQ:SINA), which fell 7.6 percent, and Momo Inc (ADR) (NASDAQ:MOMO), down 4.4 percent.
Alibaba Group Holdings Ltd (NYSE:BABA) also nudged downward 0.8 percent. The e-commerce giant holds a major stake in Weibo.
Related Links:
25 Stocks Moving In Thursday's Pre-Market Session
A Peek Into The Markets: U.S. Stock Futures Edge Lower Ahead Of Jobless Claims Report
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
