Weibo slips as SEC adds platform to watchlist

Chinese social media platform Weibo (9898) has been added to a delisting watchlist by the US regulator, making it the sixth domestic firm on the list, while US ally India has halted companies from listing overseas.

Shares of Weibo lost 1.71 percent in Hong Kong while its US-listed shares, once fell 10 percent during trade before closing 0.6 percent lower on Wednesday.

Weibo could submit a defense by April 13 if it believes it has been incorrectly identified, the US Securities and Exchange Commission said. The SEC had earlier named five firms including Yum China (9987) that are at risk of being delisted.

Meanwhile, India has frozen plans to allow local firms to list overseas as it seeks to bolster its own capital markets, government officials and industry sources said, in a blow to foreign funds and stock exchanges seeking to tap into the country's tech boom.

New Delhi's decision marks a sudden reversal in policy after officials said late last year that the new rules for overseas listings would be announced in February.