Chinese twitter-like social media platform Weibo has been placed among a group of stocks facing delisting from US exchanges by the US Securities and Exchange Commission, increasing the number of Chinese firms flagged for failing to meet financial disclosure requirements, reports Nikkei Asia.
Nasdaq-listed Weibo becomes the sixth Chinese corporation cited by the SEC for possible delisting under a 2020 law on financial disclosures, according to Wednesday’s announcement. Yum China Holdings, which operates KFC chicken restaurants in China, was among the five others named earlier this month. Weibo will “continue to monitor market developments and evaluate all strategic options,” the company said Thursday.
Weibo is a miniblog app that has been called China’s answer to Twitter. It is one of the biggest social media platforms on the planet, with 573 million monthly active users. The company conducted a secondary listing, in Hong Kong, in December.
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