Weibo dipped nearly 5% in premarket trading as it was fined 14.3 million yuan

Weibo dipped nearly 5% in premarket trading as it was fined 14.3 million yuan.Recently, the person in charge of the State Internet Information Office interviewed the principal person in charge and editor-in-chief of Sina Weibo. In view of the fact that Sina Weibo and its account have repeatedly appeared information prohibited by laws and regulations from publishing or transmitting recently, and the circumstances are serious, according to the Cyber Security Law of the People's Republic of China, the Law of the People's Republic of China on the Protection of Minors and other laws and regulations, it is ordered to immediately rectify and seriously deal with relevant responsible persons. Beijing Internet Information Office imposed an administrative penalty of RMB 3 million on Beijing Weimeng Chuangke Network Technology Co., Ltd., the main operator of Sina Weibo. From January to November, 2021, the State Internet Information Office instructed Weibo Internet Information Office to impose 44 disposal penalties on Sina Weibo, and imposed a fine of 500,000 yuan for many times, with a total fine of 14.3 million yuan.

The company says it sincerely accepts the criticism from the competent department, conscientiously implements the rectification requirements, resolutely fulfills the main responsibility, and continuously improves the ecological governance level. According to the requirements of the competent department, it will set up a rectification implementation working group.