Weibo Corporation, a leading social media platform in China, today provides an update on its status under the Holding Foreign Companies Accountable Act (the "HFCAA").

On March 23, 2022, in connection with its implementation of the HFCAA, the U.S. Securities and Exchange Commission (the "SEC") provisionally named the Company as a Commission-Identified Issuer, following the Company's filing of its annual report on Form 20-F for the fiscal year ended December 31, 2021 (the "2021 Form 20-F") with the SEC on March 10, 2022. The SEC estimated that 273 registrants might be identified under the Act as part of its review of registrants in calendar year 2020.

The SEC’s move is based on the Holding Foreign Companies Accountable Act (HFCAA) passed by the U.S. Congress in December 2020. The law puts forward additional information disclosure requirements for foreign companies listed domestically: if a listed company in the country employs an accounting firm in a jurisdiction outside the U.S. to issue audit reports for it, it may be recognized by the SEC as a “Commission-Identified Issuer,” because the accounting firm cannot be reviewed by the Public Company Accounting Oversight Board (PCAOB). If a company is listed as a “recognized issuer” for three consecutive years, the SEC will prohibit the company’s shares from trading on U.S. exchanges or in other forms within the country.

Weibo operates microblogging website Sina Weibo, which is often regarded as the Twitter of China. The platform has approximately 573 million monthly active users as of the third quarter of 2021, according to market and consumer database Statista.

Weibo’s stock is listed on the Nasdaq.

On Thursday, Weibo issued a statement acknowledging its HFCAA designation. “The company will continue to monitor market developments and evaluate all strategic options,” Weibo said.

The PCAOB has been engaged in talks with authorities in the People’s Republic of China (PRC) regarding audit access but said speculation about a final agreement between the two sides is “premature.”

Do you want to get a Sina Webo Accounts to pay close attention to celebrity, including Weibo Account of Miles Wei, Xu Kai, Xiao Zhan, Wan Peng, Chen Xiao and more? There is a chance for you to get Cheap Weibo Accounts at https://www.z2u.com/sina-weibo/accounts-5-12395 now, including Phone Verified Account PVA, Weibo Account without Phone Number, Bulk, business, Verified Weibo Company Account, weibo international account, and Sina Webo Account with followers!