Market Overview

China Cracks Down On Weibo; Chinese Social Media Stocks Tumble

Share:
China Cracks Down On Weibo; Chinese Social Media Stocks Tumble

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

Image: bfishdaow, Flickr

 

Related Articles (SINA + WB)

View Comments and Join the Discussion!

Posted-In: ChinaNews Legal Pre-Market Outlook Movers Tech Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com