Weibo, the Chinese social network after the sanctions collapsed by more than 9% on the Hong Kong Stock Exchange
There social platform most used in China, Weibo, is been fined by the regulator of Internet in China for the publication of illegal information, in violation of the Child Protection Act and other laws and regulations. The Chinese Twitter, controlled by the censors, ordered to “immediately rectify and deal seriously with the relevant responsible persons”, explains in a note the CyberSpace Administration of China, and China’s internet regulator has enforced a fine from three million yuan (418 thousand euros) to the social network.
From the beginning of the year until last month, the Cyberspace Administration imposed 44 sanctions on Weibo for a total of 14.3 million yuan (€ 1.99 million). Web platforms “must carry out their main responsibilities seriously ‘”, reads the note, “improve information security management systems” and “strengthen the management of information released by users”, and not provide a platform for “illegal information”.
There fine in Weibo is the latest in a series of sanctions imposed on tech groups in China, subjected to a crackdown since last summer to favor a “civilized” internet. The Weibo title, which went public in Hong Kong last week, collapsed by more than 9% on news of the fine inflicted by the Internet regulator, and now travels down by 5.59%.
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