YUMC - Weibo slumps after SEC adds it to delisting list

Weibo (NASDAQ:WB) shares plunged sharply in mid-day trading on Wednesday after the Securities and Exchange Commission added the Chinese tech company to the list of companies on its Holding Foreign Companies Accountable Act. Shares of Weibo, which is akin to Twitter, fell more than 3% to $26.17 following the news. Also included on the list are biotech company Beigene (BGNE), Yum China (YUMC), Zai Lab (ZLAB), ACM Research (ACMR) and HUTCHMED (China) Ltd. (HCM), all of which were added on March 8, 2022. Chinese government officials recently told U.S.-listed Chinese tech firms to prepare for more audit disclosure from U.S. regulators Earlier this month, Weibo (WB) posted fourth-quarter results that topped Wall Street estimates.

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Weibo slumps after SEC adds it to delisting list