Mar 25, 2022 02:56 AM

Weibo Joins List of Chinese Stocks That May Be Kicked Off U.S Exchanges

Weibo has 249 million daily active users.
Weibo has 249 million daily active users.

The U.S. Securities and Exchange Commission Wednesday added Chinese social media giant Weibo Corp. to a list of companies that are out of compliance with American audit requirements and face being kicked off U.S. stock markets.

Weibo, China’s Twitter-like platform and a majority-owned subsidiary of internet giant Sina Corp., became the sixth Chinese company and the first internet platform on the list. The Securities and Exchange Commission (SEC) March 8 provisionally identified five other Chinese companies whose audit working papers couldn’t be inspected by U.S. regulators, triggering one of the steepest sell-offs of U.S.-traded Chinese stocks since the global financial crisis of 2008.

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