China slapped social media platform Weibo Corp (NASDAQ: WB) with a 3 million yuan ($0.47 million) fine by China's internet regulator for repeatedly publishing illegal information,
- The Cyberspace Administration of China (CAC) alleged a violation of a cybersecurity law on the protection of minors and other laws.
- The company, which operates a platform similar to Twitter Inc (NYSE:TWTR), was ordered to "immediately rectify and deal with relevant responsible persons seriously."
- Beijing's local cyberspace regulator imposed 44 penalties on Weibo totaling 14.3 million yuan for the year to November.
- Weibo "sincerely accepts criticism" from the regulator and has established a workgroup responding to the penalty.
- Earlier this month, the CAC penalized Douban, a popular site for reviewing movies, 1.5 million yuan citing "unlawful release of information."
- Price Action: WB shares traded lower by 3.61% at $28.80 in the premarket session on the last check Tuesday.