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What changed in WEIBO Corp's 20-F — 2023 vs 2024

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Paragraph-level year-over-year comparison of WEIBO Corp's 2023 and 2024 20-F annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.

+681 added−632 removedSource: 20-F (2025-04-15) vs 20-F (2024-04-25)

Top changes in WEIBO Corp's 2024 20-F

681 paragraphs added · 632 removed · 528 edited across 5 sections

Item 3. Legal Proceedings

Legal Proceedings — active lawsuits and investigations

248 edited+85 added−39 removed771 unchanged
Biggest changeCondensed Consolidating Statements of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2023 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Third party revenues — ​ 123,869 ​ 104,292 ​ 1,531,675 ​ — ​ 1,759,836 Intercompany revenue (1) ​ — ​ — ​ 714,835 ​ — ​ (714,835) ​ — Total revenues — ​ 123,869 ​ 819,127 ​ 1,531,675 ​ (714,835) ​ 1,759,836 Intercompany costs and expenses — ​ — ​ — ​ (714,835) ​ 714,835 ​ — Other cost and expenses (105,764) ​ (107,858) ​ (357,333) ​ (715,947) ​ — ​ (1,286,902) Total costs and expenses (105,764) ​ (107,858) ​ (357,333) ​ (1,430,782) ​ 714,835 ​ (1,286,902) Share of income (loss) of subsidiaries (2) 529,304 ​ 504,505 ​ — ​ — ​ (1,033,809) ​ — Income (loss) of the VIE (3) — ​ — ​ 25,343 ​ — ​ (25,343) ​ — Income (loss) from non-operations ​ (80,942) ​ 59,649 ​ 73,723 ​ (22,582) ​ — ​ 29,848 Income (loss) before income tax expenses ​ 342,598 ​ 580,165 ​ 560,860 ​ 78,311 ​ (1,059,152) ​ 502,782 Less: income tax expenses ​ — ​ 50,862 ​ 56,355 ​ 38,070 ​ — ​ 145,287 Net income (loss) ​ 342,598 ​ 529,303 ​ 504,505 ​ 40,241 ​ (1,059,152) ​ 357,495 Less: net income (loss) attributable to non-controlling interests and redeemable non-controlling interests — ​ (1) ​ — ​ 2,096 ​ — ​ 2,095 Less: accretion to redeemable non-controlling interests ​ — ​ — ​ — ​ 12,802 ​ — ​ 12,802 Net income (loss) attributable to Weibo’s Shareholders 342,598 ​ 529,304 ​ 504,505 ​ 25,343 ​ (1,059,152) ​ 342,598 ​ 11 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2022 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Third party revenues — ​ 181,689 ​ 114,058 ​ 1,540,585 ​ — ​ 1,836,332 Intercompany revenue (1) ​ — ​ — ​ 745,150 ​ — ​ (745,150) ​ — Total revenues — ​ 181,689 ​ 859,208 ​ 1,540,585 ​ (745,150) ​ 1,836,332 Intercompany costs and expenses — ​ — ​ — ​ (745,150) ​ 745,150 ​ — Other cost and expenses (115,870) ​ (81,511) ​ (473,352) ​ (685,131) ​ — ​ (1,355,864) Total costs and expenses (115,870) ​ (81,511) ​ (473,352) ​ (1,430,281) ​ 745,150 ​ (1,355,864) Share of income (loss) of subsidiaries (2) 305,672 ​ 393,327 ​ — ​ — ​ (698,999) ​ — Income (loss) of the VIE (3) — ​ — ​ (18,356) ​ — ​ 18,356 ​ — Income (loss) from non-operations ​ (104,247) ​ (189,320) ​ 46,054 ​ (104,869) ​ — ​ (352,382) Income (loss) before income tax expenses ​ 85,555 ​ 304,185 ​ 413,554 ​ 5,435 ​ (680,643) ​ 128,086 Less: income tax expenses (benefits) ​ — ​ (1,486) ​ 20,227 ​ 11,536 ​ — ​ 30,277 Net income (loss) ​ 85,555 ​ 305,671 ​ 393,327 ​ (6,101) ​ (680,643) ​ 97,809 Less: net income (loss) attributable to non-controlling interests and redeemable non-controlling interests — ​ (1) ​ — ​ 12,255 ​ — ​ 12,254 Net income (loss) attributable to Weibo's Shareholders 85,555 ​ 305,672 ​ 393,327 ​ (18,356) ​ (680,643) ​ 85,555 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2021 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Third party revenues 830 ​ 232,857 ​ 202,102 ​ 1,821,294 ​ — ​ 2,257,083 Intercompany revenue (1) ​ — ​ — ​ 1,026,210 ​ — ​ (1,026,210) ​ — Total revenues 830 ​ 232,857 ​ 1,228,312 ​ 1,821,294 ​ (1,026,210) ​ 2,257,083 Intercompany costs and expenses — ​ — ​ — ​ (1,026,210) ​ 1,026,210 ​ — Other cost and expenses (91,572) ​ (109,613) ​ (623,559) ​ (734,927) ​ — ​ (1,559,671) Total costs and expenses (91,572) ​ (109,613) ​ (623,559) ​ (1,761,137) ​ 1,026,210 ​ (1,559,671) Share of income (loss) of subsidiaries (2) 568,738 ​ 548,021 ​ — ​ — ​ (1,116,759) ​ — Income (loss) of the VIE (3) — ​ — ​ (36,406) ​ — ​ 36,406 ​ — Income (loss) from non-operations ​ (49,677) ​ (79,862) ​ 52,556 ​ (69,711) ​ — ​ (146,694) Income (loss) before income tax expenses ​ 428,319 ​ 591,403 ​ 620,903 ​ (9,554) ​ (1,080,353) ​ 550,718 Less: income tax expenses ​ — ​ 22,621 ​ 72,882 ​ 43,338 ​ — ​ 138,841 Net income (loss) ​ 428,319 ​ 568,782 ​ 548,021 ​ (52,892) ​ (1,080,353) ​ 411,877 Less: net income (loss) attributable to non-controlling interests and redeemable non-controlling interests — ​ 44 ​ — ​ (16,486) ​ — ​ (16,442) Net income (loss) attributable to Weibo’s shareholders 428,319 ​ 568,738 ​ 548,021 ​ (36,406) ​ (1,080,353) ​ 428,319 ​ 12 Table of Contents Condensed Consolidating Statements of Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Cash and cash equivalents ​ 223,009 ​ 986,234 ​ 749,906 ​ 625,486 ​ — ​ 2,584,635 Short-term investments ​ 595,256 ​ 9,909 ​ — ​ 35,870 ​ — ​ 641,035 Accounts receivable ​ — ​ 13,637 ​ 711 ​ 426,420 ​ — ​ 440,768 Prepaid expenses and other current assets ​ 84 ​ 123,588 ​ 70,652 ​ 165,557 ​ — ​ 359,881 Amount due from Group companies (4) ​ 1,438,558 ​ (275) ​ 2,143,046 ​ — ​ (3,581,329) ​ — Amount due from SINA ​ 384,263 ​ 48,940 ​ 40,275 ​ 12,919 ​ — ​ 486,397 Investment in subsidiaries (2) ​ 3,381,059 ​ 3,076,279 ​ — ​ — ​ (6,457,338) ​ — Net assets of the VIEs (3) ​ — ​ — ​ (86,751) ​ — ​ 86,751 ​ — Property and equipment, net ​ — ​ 166,125 ​ 52,817 ​ 1,721 ​ — ​ 220,663 Operating lease assets ​ — ​ 127,930 ​ 19,254 ​ 23,082 ​ — ​ 170,266 Intangible assets, net ​ — ​ 209 ​ — ​ 133,920 ​ — ​ 134,129 Goodwill ​ — ​ — ​ — ​ 166,436 ​ — ​ 166,436 Long-term investments ​ — ​ 990,722 ​ 62,946 ​ 266,718 ​ — ​ 1,320,386 Other non-current assets 65,835 ​ 109,256 ​ 377,976 ​ 202,695 ​ — ​ 755,762 Total assets 6,088,064 ​ 5,652,554 ​ 3,430,832 ​ 2,060,824 ​ (9,951,916) ​ 7,280,358 Accounts payable — ​ 8,764 ​ 33,956 ​ 118,773 ​ — ​ 161,493 Accrued and other liabilities 37,037 ​ 28,795 ​ 209,803 ​ 380,810 ​ — ​ 656,445 Income taxes payable — 3,028 ​ 59,492 31,987 — 94,507 Deferred revenues — ​ 3,414 ​ 29,519 ​ 42,254 ​ — ​ 75,187 Amount due to Group companies (4) ​ — ​ 2,187,362 ​ — ​ 1,393,967 ​ (3,581,329) ​ — Operating lease liability — ​ 8,398 ​ 19,056 ​ 25,791 ​ — ​ 53,245 Deferred tax liability — ​ 33,692 ​ 2,727 ​ 29,732 ​ — ​ 66,151 Unsecured senior notes 1,543,020 ​ — ​ — ​ — ​ — ​ 1,543,020 Convertible senior notes 317,625 ​ — ​ — ​ — ​ — ​ 317,625 Long-term loans ​ 791,647 ​ — ​ — ​ — ​ — ​ 791,647 Other non-current liabilities — ​ — ​ — ​ 3,422 ​ — ​ 3,422 Total liabilities 2,689,329 ​ 2,273,453 ​ 354,553 ​ 2,026,736 ​ (3,581,329) ​ 3,762,742 Redeemable non-controlling interests — ​ — ​ — ​ 68,728 ​ — ​ 68,728 Total shareholders’ equity 3,398,735 ​ 3,379,101 ​ 3,076,279 ​ (34,640) ​ (6,370,587) ​ 3,448,888 Total liabilities, redeemable non-controlling interests and shareholders’ equity 6,088,064 ​ 5,652,554 ​ 3,430,832 ​ 2,060,824 ​ (9,951,916) ​ 7,280,358 ​ 13 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Cash and cash equivalents ​ 1,079,259 ​ 414,914 ​ 539,017 ​ 657,578 ​ — ​ 2,690,768 Short-term investments ​ 250,396 ​ 939 ​ 175,271 ​ 53,822 ​ — ​ 480,428 Accounts receivable ​ — ​ 34,877 ​ 483 ​ 467,083 ​ — ​ 502,443 Prepaid expenses and other current assets ​ 2,349 ​ 152,937 ​ 56,700 ​ 179,516 ​ — ​ 391,502 Amount due from Group companies (4) ​ 1,032,725 ​ (1,976) ​ 2,000,049 ​ — ​ (3,030,798) ​ — Amount due from SINA ​ 391,124 ​ 45,437 ​ 32,648 ​ 17,908 ​ — ​ 487,117 Investment in subsidiaries (2) ​ 3,029,289 ​ 3,066,174 ​ — ​ — ​ (6,095,463) ​ — Net assets of the VIEs (3) ​ — ​ — ​ (96,649) ​ — ​ 96,649 ​ — Property and equipment, net ​ — ​ 180,224 ​ 67,688 ​ 1,641 ​ — ​ 249,553 Operating lease assets ​ — ​ 137,228 ​ 27,364 ​ 25,776 ​ — ​ 190,368 Intangible assets, net ​ — ​ 216 ​ — ​ 124,856 ​ — ​ 125,072 Goodwill ​ — ​ — ​ — ​ 120,151 ​ — ​ 120,151 Long-term investments ​ — ​ 602,503 ​ 63,704 ​ 327,423 ​ — ​ 993,630 Other non-current assets 1,000 ​ 55,936 ​ 545,986 ​ 295,500 ​ — ​ 898,422 Total assets 5,786,142 ​ 4,689,409 ​ 3,412,261 ​ 2,271,254 ​ (9,029,612) ​ 7,129,454 Accounts payable — ​ 7,244 ​ 56,516 ​ 97,269 ​ — ​ 161,029 Accrued and other liabilities 34,320 ​ 269,108 ​ 204,577 ​ 405,979 ​ — ​ 913,984 Income taxes payable — ​ 5,957 ​ 24,270 ​ 25,055 ​ — ​ 55,282 Deferred revenues ​ — ​ 3,699 ​ 30,817 ​ 45,433 ​ — ​ 79,949 Amount due to Group companies (4) — ​ 1,354,299 ​ — ​ 1,676,499 ​ (3,030,798) ​ — Operating lease liability — ​ 11,330 ​ 27,318 ​ 26,756 ​ — ​ 65,404 Deferred tax liability — ​ 10,440 ​ 2,589 ​ 28,665 ​ — ​ 41,694 Unsecured senior notes 1,540,717 ​ — ​ — ​ — ​ — ​ 1,540,717 Long-term loans 880,855 ​ — ​ — ​ — ​ — ​ 880,855 Total liabilities 2,455,892 ​ 1,662,077 ​ 346,087 ​ 2,305,656 ​ (3,030,798) ​ 3,738,914 Redeemable non-controlling interests — ​ — ​ — ​ 45,795 ​ — ​ 45,795 Total shareholders’ equity 3,330,250 ​ 3,027,332 ​ 3,066,174 ​ (80,197) ​ (5,998,814) ​ 3,344,745 Total liabilities, redeemable non-controlling interests and shareholders’ equity 5,786,142 ​ 4,689,409 ​ 3,412,261 ​ 2,271,254 ​ (9,029,612) ​ 7,129,454 ​ 14 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2021 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Cash and cash equivalents 1,027,431 ​ 327,291 ​ 885,438 ​ 183,543 ​ — ​ 2,423,703 Short-term investments ​ 500,225 ​ 100,365 ​ — ​ 110,472 ​ — ​ 711,062 Accounts receivable — ​ 68,242 ​ 4,569 ​ 650,278 ​ — ​ 723,089 Prepaid expenses and other current assets 54,980 ​ 137,333 ​ 97,691 ​ 160,722 ​ — ​ 450,726 Amount due from Group companies (4) 1,054,147 ​ (3,145) ​ 1,607,529 ​ — ​ (2,658,531) ​ — Amount due from SINA 327,178 ​ 3,440 ​ 127,371 ​ 36,211 ​ — ​ 494,200 Investment in subsidiaries (2) 3,106,184 ​ 3,063,879 ​ — ​ — ​ (6,170,063) ​ — Net assets of the VIEs (3) — ​ — ​ (90,419) ​ — ​ 90,419 ​ — Property and equipment, net — ​ 517 ​ 66,067 ​ 1,812 ​ — ​ 68,396 Operating lease assets — ​ 1,586 ​ 30,884 ​ 28,049 ​ — ​ 60,519 Intangible assets, net — ​ — ​ — ​ 166,930 ​ — ​ 166,930 Goodwill — ​ — ​ — ​ 130,405 ​ — ​ 130,405 Long-term investments — ​ 698,909 ​ 68,820 ​ 439,922 ​ — ​ 1,207,651 Other non-current assets 1,000 ​ 15,584 ​ 714,249 ​ 352,008 ​ — ​ 1,082,841 Total assets 6,071,145 ​ 4,414,001 ​ 3,512,199 ​ 2,260,352 ​ (8,738,175) ​ 7,519,522 Accounts payable — ​ 7,068 ​ 61,077 ​ 129,498 ​ — ​ 197,643 Accrued and other liabilities 41,935 ​ 57,992 ​ 240,240 ​ 480,866 ​ — ​ 821,033 Income taxes payable — ​ 19,958 ​ 82,907 ​ 41,882 ​ — ​ 144,747 Deferred revenues 433 ​ 2,240 ​ 31,115 ​ 57,348 ​ — ​ 91,136 Amount due to Group companies (4) — ​ 1,196,289 ​ — ​ 1,462,242 ​ (2,658,531) ​ — Operating lease liability — ​ 1,503 ​ 30,436 ​ 28,022 ​ — ​ 59,961 Deferred tax liability ​ — ​ 24,721 ​ 2,545 ​ 39,637 ​ — ​ 66,903 Convertible debt 896,541 ​ — ​ — ​ — ​ — ​ 896,541 Unsecured senior notes 1,538,415 ​ — ​ — ​ — ​ — ​ 1,538,415 Other non-current liabilities — ​ 1 ​ — ​ 15,122 ​ — ​ 15,123 Total liabilities 2,477,324 ​ 1,309,772 ​ 448,320 ​ 2,254,617 ​ (2,658,531) ​ 3,831,502 Redeemable non-controlling interests — ​ — ​ — ​ 66,622 ​ — ​ 66,622 Total shareholders’ equity 3,593,821 ​ 3,104,229 ​ 3,063,879 ​ (60,887) ​ (6,079,644) ​ 3,621,398 Total liabilities, redeemable non-controlling interests and shareholders’ equity 6,071,145 ​ 4,414,001 ​ 3,512,199 ​ 2,260,352 ​ (8,738,175) ​ 7,519,522 ​ Condensed Consolidating Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2023 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Net cash provided by (used in) operating activities (5) (84,940) ​ 288,381 ​ 715,565 ​ 159,891 ​ (406,077) ​ 672,820 Repayment from (loans to) Group companies (402,093) ​ — ​ (151,153) ​ — ​ 553,246 ​ — Other investing activities (395,778) ​ (499,033) ​ 69,846 ​ 88,119 ​ — ​ (736,846) Net cash provided by (used in) investing activities (797,871) ​ (499,033) ​ (81,307) ​ 88,119 ​ 553,246 ​ (736,846) Borrowings (repayment) under loan from Group companies — ​ 808,664 ​ — ​ (255,418) ​ (553,246) ​ — Cash dividend paid to intra-Group companies ​ — ​ — ​ (406,077) ​ — ​ 406,077 ​ — Other financing activities 26,561 ​ — ​ — ​ (4,871) ​ — ​ 21,690 Net cash provided by (used in) financing activities 26,561 ​ 808,664 ​ (406,077) ​ (260,289) ​ (147,169) ​ 21,690 ​ 15 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2022 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Net cash provided by (used in) operating activities (5) ​ (35,216) ​ 144,331 ​ 591,431 ​ (136,442) ​ — ​ 564,104 Repayment from (loans to) Group companies ​ 210 ​ — ​ (232,344) ​ 376,962 ​ (144,828) ​ — Other investing activities ​ 239,545 ​ (40,141) ​ (265,620) ​ 33,202 ​ — ​ (33,014) Net cash provided by(used in) investing activities ​ 239,755 ​ (40,141) ​ (497,964) ​ 410,164 ​ (144,828) ​ (33,014) Borrowings (repayment) under loan from Group companies ​ — ​ (210) ​ (376,962) ​ 232,344 ​ 144,828 ​ — Other financing activities ​ (85,735) ​ — ​ — ​ (5,406) ​ — ​ (91,141) Net cash provided by(used in) financing activities ​ (85,735) ​ (210) ​ (376,962) ​ 226,938 ​ 144,828 ​ (91,141) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2021 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Net cash provided by (used in) operating activities (5) (29,381) ​ 26,029 ​ 481,432 ​ 335,940 ​ — ​ 814,020 Loans to Group companies ​ (287,285) ​ — ​ (156,997) ​ — ​ 444,282 ​ — Other investing activities 872,207 ​ (227,893) ​ (484,877) ​ (583,397) ​ — ​ (423,960) Net cash provided by (used in) investing activities 584,922 ​ (227,893) ​ (641,874) ​ (583,397) ​ 444,282 ​ (423,960) Borrowings under loan from Group companies ​ — ​ 287,285 ​ — ​ 156,997 ​ (444,282) ​ — Other financing activities 189,442 ​ — ​ — ​ — ​ — ​ 189,442 Net cash provided by (used in) financing activities 189,442 ​ 287,285 ​ — ​ 156,997 ​ (444,282) ​ 189,442 * Weibo Technology is treated as the primary beneficiary of the VIEs for accounting purposes only.
Biggest changeCondensed Consolidating Statements of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2024 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Third party revenues — ​ 118,977 ​ 123,422 ​ 1,512,278 ​ — ​ 1,754,677 Intercompany revenue (1) ​ — ​ 15,420 ​ 712,383 ​ — ​ (727,803) ​ — Total revenues — ​ 134,397 ​ 835,805 ​ 1,512,278 ​ (727,803) ​ 1,754,677 Intercompany costs and expenses — ​ — ​ (8,986) ​ (718,817) ​ 727,803 ​ — Other cost and expenses (74,291) ​ (109,382) ​ (377,740) ​ (698,940) ​ — ​ (1,260,353) Total costs and expenses (74,291) ​ (109,382) ​ (386,726) ​ (1,417,757) ​ 727,803 ​ (1,260,353) Share of income (loss) of subsidiaries (2) 438,191 ​ 445,403 ​ — ​ — ​ (883,594) ​ — Income (loss) of the VIE (3) — ​ — ​ 8,220 ​ — ​ (8,220) ​ — Income (loss) from non-operations ​ (63,099) ​ (2,553) ​ 41,347 ​ (49,364) ​ — ​ (73,669) Income (loss) before income tax expenses ​ 300,801 ​ 467,865 ​ 498,646 ​ 45,157 ​ (891,814) ​ 420,655 Less: income tax expenses ​ — ​ 29,666 ​ 53,243 ​ 27,641 ​ — ​ 110,550 Net income (loss) ​ 300,801 ​ 438,199 ​ 445,403 ​ 17,516 ​ (891,814) ​ 310,105 Less: net income attributable to non-controlling interests and redeemable non-controlling interests — ​ 8 ​ — ​ 2,548 ​ — ​ 2,556 Less: accretion to redeemable non-controlling interests ​ — ​ — ​ — ​ 6,748 ​ — ​ 6,748 Net income (loss) attributable to Weibo’s Shareholders 300,801 ​ 438,191 ​ 445,403 ​ 8,220 ​ (891,814) ​ 300,801 ​ 12 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2023 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Third party revenues — ​ 123,869 ​ 104,292 ​ 1,531,675 ​ — ​ 1,759,836 Intercompany revenue (1) ​ — ​ — ​ 714,835 ​ — ​ (714,835) ​ — Total revenues — ​ 123,869 ​ 819,127 ​ 1,531,675 ​ (714,835) ​ 1,759,836 Intercompany costs and expenses — ​ — ​ — ​ (714,835) ​ 714,835 ​ — Other cost and expenses (105,764) ​ (107,858) ​ (357,333) ​ (715,947) ​ — ​ (1,286,902) Total costs and expenses (105,764) ​ (107,858) ​ (357,333) ​ (1,430,782) ​ 714,835 ​ (1,286,902) Share of income (loss) of subsidiaries (2) 529,304 ​ 504,505 ​ — ​ — ​ (1,033,809) ​ — Income (loss) of the VIE (3) — ​ — ​ 25,343 ​ — ​ (25,343) ​ — Income (loss) from non-operations ​ (80,942) ​ 59,649 ​ 73,723 ​ (22,582) ​ — ​ 29,848 Income (loss) before income tax expenses ​ 342,598 ​ 580,165 ​ 560,860 ​ 78,311 ​ (1,059,152) ​ 502,782 Less: income tax expenses ​ — ​ 50,862 ​ 56,355 ​ 38,070 ​ — ​ 145,287 Net income (loss) ​ 342,598 ​ 529,303 ​ 504,505 ​ 40,241 ​ (1,059,152) ​ 357,495 Less: net income (loss) attributable to non-controlling interests and redeemable non-controlling interests — ​ (1) ​ — ​ 2,096 ​ — ​ 2,095 Less: accretion to redeemable non-controlling interests ​ — ​ — ​ — ​ 12,802 ​ — ​ 12,802 Net income (loss) attributable to Weibo’s Shareholders 342,598 ​ 529,304 ​ 504,505 ​ 25,343 ​ (1,059,152) ​ 342,598 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2022 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Third party revenues — ​ 181,689 ​ 114,058 ​ 1,540,585 ​ — ​ 1,836,332 Intercompany revenue (1) ​ — ​ — ​ 745,150 ​ — ​ (745,150) ​ — Total revenues — ​ 181,689 ​ 859,208 ​ 1,540,585 ​ (745,150) ​ 1,836,332 Intercompany costs and expenses — ​ — ​ — ​ (745,150) ​ 745,150 ​ — Other cost and expenses (115,870) ​ (81,511) ​ (473,352) ​ (685,131) ​ — ​ (1,355,864) Total costs and expenses (115,870) ​ (81,511) ​ (473,352) ​ (1,430,281) ​ 745,150 ​ (1,355,864) Share of income (loss) of subsidiaries (2) 305,672 ​ 393,327 ​ — ​ — ​ (698,999) ​ — Income (loss) of the VIE (3) — ​ — ​ (18,356) ​ — ​ 18,356 ​ — Income (loss) from non-operations ​ (104,247) ​ (189,320) ​ 46,054 ​ (104,869) ​ — ​ (352,382) Income (loss) before income tax expenses ​ 85,555 ​ 304,185 ​ 413,554 ​ 5,435 ​ (680,643) ​ 128,086 Less: income tax expenses (benefits) ​ — ​ (1,486) ​ 20,227 ​ 11,536 ​ — ​ 30,277 Net income (loss) ​ 85,555 ​ 305,671 ​ 393,327 ​ (6,101) ​ (680,643) ​ 97,809 Less: net income (loss) attributable to non-controlling interests and redeemable non-controlling interests — ​ (1) ​ — ​ 12,255 ​ — ​ 12,254 Net income (loss) attributable to Weibo’s Shareholders 85,555 ​ 305,672 ​ 393,327 ​ (18,356) ​ (680,643) ​ 85,555 ​ 13 Table of Contents Condensed Consolidating Statements of Balance Sheets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2024 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Cash and cash equivalents ​ 92,884 ​ 821,991 ​ 297,195 ​ 678,562 ​ — ​ 1,890,632 Short-term investments ​ 157,998 ​ 207,084 ​ — ​ 94,770 ​ — ​ 459,852 Accounts receivable ​ — ​ 21,369 ​ 3,031 ​ 315,354 ​ — ​ 339,754 Prepaid expenses and other current assets ​ 95 ​ 134,595 ​ 45,898 ​ 168,186 ​ — ​ 348,774 Amount due from Group companies (4) ​ 857,541 ​ — ​ 2,530,307 ​ — ​ (3,387,848) ​ — Amount due from (to) SINA ​ 369,550 ​ 40,757 ​ 44,819 ​ (2,357) ​ — ​ 452,769 Investment in subsidiaries (2) ​ 3,743,949 ​ 3,018,699 ​ — ​ — ​ (6,762,648) ​ — Net assets of the VIEs (3) ​ — ​ — ​ (89,645) ​ — ​ 89,645 ​ — Property and equipment, net ​ — ​ 154,723 ​ 59,035 ​ 1,276 ​ — ​ 215,034 Operating lease assets ​ — ​ 119,956 ​ 13,839 ​ 20,922 ​ — ​ 154,717 Intangible assets, net ​ — ​ 204 ​ — ​ 109,577 ​ — ​ 109,781 Goodwill ​ — ​ — ​ — ​ 162,223 ​ — ​ 162,223 Long-term investments ​ — ​ 1,090,046 ​ 61,011 ​ 238,142 ​ — ​ 1,389,199 Other non-current assets 142,351 ​ 283,711 ​ 389,111 ​ 166,591 ​ — ​ 981,764 Total assets 5,364,368 ​ 5,893,135 ​ 3,354,601 ​ 1,953,246 ​ (10,060,851) ​ 6,504,499 Accounts payable — ​ 10,901 ​ 33,500 ​ 114,034 ​ — ​ 158,435 Accrued and other liabilities 20,821 ​ 25,068 ​ 205,110 ​ 389,208 ​ — ​ 640,207 Income taxes payable — ​ 4,575 ​ 52,676 ​ 27,439 ​ — ​ 84,690 Deferred revenues — ​ 5,827 ​ 28,749 ​ 38,066 ​ — ​ 72,642 Amount due to Group companies (4) ​ — ​ 2,062,700 ​ — ​ 1,325,148 ​ (3,387,848) ​ — Operating lease liability — ​ 6,145 ​ 13,293 ​ 25,304 ​ — ​ 44,742 Deferred tax liability — ​ 35,920 ​ 2,574 ​ 22,558 ​ — ​ 61,052 Unsecured senior notes 744,662 ​ — ​ — ​ — ​ — ​ 744,662 Convertible senior notes 320,803 ​ — ​ — ​ — ​ — ​ 320,803 Long-term loans ​ 795,311 ​ — ​ — ​ — ​ — ​ 795,311 Other non-current liabilities — ​ — ​ — ​ 3,069 ​ — ​ 3,069 Total liabilities 1,881,597 ​ 2,151,136 ​ 335,902 ​ 1,944,826 ​ (3,387,848) ​ 2,925,613 Redeemable non-controlling interests — ​ — ​ — ​ 45,103 ​ — ​ 45,103 Total shareholders’ equity 3,482,771 ​ 3,741,999 ​ 3,018,699 ​ (36,683) ​ (6,673,003) ​ 3,533,783 Total liabilities, redeemable non-controlling interests and shareholders’ equity 5,364,368 ​ 5,893,135 ​ 3,354,601 ​ 1,953,246 ​ (10,060,851) ​ 6,504,499 ​ 14 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2023 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Cash and cash equivalents ​ 223,009 ​ 986,234 ​ 749,906 ​ 625,486 ​ — ​ 2,584,635 Short-term investments ​ 595,256 ​ 9,909 ​ — ​ 35,870 ​ — ​ 641,035 Accounts receivable ​ — ​ 13,637 ​ 711 ​ 426,420 ​ — ​ 440,768 Prepaid expenses and other current assets ​ 84 ​ 123,588 ​ 70,652 ​ 165,557 ​ — ​ 359,881 Amount due from Group companies (4) ​ 1,438,558 ​ (275) ​ 2,143,046 ​ — ​ (3,581,329) ​ — Amount due from SINA ​ 384,263 ​ 48,940 ​ 40,275 ​ 12,919 ​ — ​ 486,397 Investment in subsidiaries (2) ​ 3,381,059 ​ 3,076,279 ​ — ​ — ​ (6,457,338) ​ — Net assets of the VIEs (3) ​ — ​ — ​ (86,751) ​ — ​ 86,751 ​ — Property and equipment, net ​ — ​ 166,125 ​ 52,817 ​ 1,721 ​ — ​ 220,663 Operating lease assets ​ — ​ 127,930 ​ 19,254 ​ 23,082 ​ — ​ 170,266 Intangible assets, net ​ — ​ 209 ​ — ​ 133,920 ​ — ​ 134,129 Goodwill ​ — ​ — ​ — ​ 166,436 ​ — ​ 166,436 Long-term investments ​ — ​ 990,722 ​ 62,946 ​ 266,718 ​ — ​ 1,320,386 Other non-current assets 65,835 ​ 109,256 ​ 377,976 ​ 202,695 ​ — ​ 755,762 Total assets 6,088,064 ​ 5,652,554 ​ 3,430,832 ​ 2,060,824 ​ (9,951,916) ​ 7,280,358 Accounts payable — ​ 8,764 ​ 33,956 ​ 118,773 ​ — ​ 161,493 Accrued and other liabilities 37,037 ​ 28,795 ​ 209,803 ​ 380,810 ​ — ​ 656,445 Income taxes payable — 3,028 ​ 59,492 31,987 — 94,507 Deferred revenues — ​ 3,414 ​ 29,519 ​ 42,254 ​ — ​ 75,187 Amount due to Group companies (4) ​ — ​ 2,187,362 ​ — ​ 1,393,967 ​ (3,581,329) ​ — Operating lease liability — ​ 8,398 ​ 19,056 ​ 25,791 ​ — ​ 53,245 Deferred tax liability — ​ 33,692 ​ 2,727 ​ 29,732 ​ — ​ 66,151 Unsecured senior notes 1,543,020 ​ — ​ — ​ — ​ — ​ 1,543,020 Convertible senior notes 317,625 ​ — ​ — ​ — ​ — ​ 317,625 Long-term loans ​ 791,647 ​ — ​ — ​ — ​ — ​ 791,647 Other non-current liabilities — ​ — ​ — ​ 3,422 ​ — ​ 3,422 Total liabilities 2,689,329 ​ 2,273,453 ​ 354,553 ​ 2,026,736 ​ (3,581,329) ​ 3,762,742 Redeemable non-controlling interests — ​ — ​ — ​ 68,728 ​ — ​ 68,728 Total shareholders’ equity 3,398,735 ​ 3,379,101 ​ 3,076,279 ​ (34,640) ​ (6,370,587) ​ 3,448,888 Total liabilities, redeemable non-controlling interests and shareholders’ equity 6,088,064 ​ 5,652,554 ​ 3,430,832 ​ 2,060,824 ​ (9,951,916) ​ 7,280,358 ​ 15 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2022 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Cash and cash equivalents ​ 1,079,259 ​ 414,914 ​ 539,017 ​ 657,578 ​ — ​ 2,690,768 Short-term investments ​ 250,396 ​ 939 ​ 175,271 ​ 53,822 ​ — ​ 480,428 Accounts receivable ​ — ​ 34,877 ​ 483 ​ 467,083 ​ — ​ 502,443 Prepaid expenses and other current assets ​ 2,349 ​ 152,937 ​ 56,700 ​ 179,516 ​ — ​ 391,502 Amount due from Group companies (4) ​ 1,032,725 ​ (1,976) ​ 2,000,049 ​ — ​ (3,030,798) ​ — Amount due from SINA ​ 391,124 ​ 45,437 ​ 32,648 ​ 17,908 ​ — ​ 487,117 Investment in subsidiaries (2) ​ 3,029,289 ​ 3,066,174 ​ — ​ — ​ (6,095,463) ​ — Net assets of the VIEs (3) ​ — ​ — ​ (96,649) ​ — ​ 96,649 ​ — Property and equipment, net ​ — ​ 180,224 ​ 67,688 ​ 1,641 ​ — ​ 249,553 Operating lease assets ​ — ​ 137,228 ​ 27,364 ​ 25,776 ​ — ​ 190,368 Intangible assets, net ​ — ​ 216 ​ — ​ 124,856 ​ — ​ 125,072 Goodwill ​ — ​ — ​ — ​ 120,151 ​ — ​ 120,151 Long-term investments ​ — ​ 602,503 ​ 63,704 ​ 327,423 ​ — ​ 993,630 Other non-current assets 1,000 ​ 55,936 ​ 545,986 ​ 295,500 ​ — ​ 898,422 Total assets 5,786,142 ​ 4,689,409 ​ 3,412,261 ​ 2,271,254 ​ (9,029,612) ​ 7,129,454 Accounts payable — ​ 7,244 ​ 56,516 ​ 97,269 ​ — ​ 161,029 Accrued and other liabilities 34,320 ​ 269,108 ​ 204,577 ​ 405,979 ​ — ​ 913,984 Income taxes payable — ​ 5,957 ​ 24,270 ​ 25,055 ​ — ​ 55,282 Deferred revenues ​ — ​ 3,699 ​ 30,817 ​ 45,433 ​ — ​ 79,949 Amount due to Group companies (4) — ​ 1,354,299 ​ — ​ 1,676,499 ​ (3,030,798) ​ — Operating lease liability — ​ 11,330 ​ 27,318 ​ 26,756 ​ — ​ 65,404 Deferred tax liability — ​ 10,440 ​ 2,589 ​ 28,665 ​ — ​ 41,694 Unsecured senior notes 1,540,717 ​ — ​ — ​ — ​ — ​ 1,540,717 Long-term loans 880,855 ​ — ​ — ​ — ​ — ​ 880,855 Total liabilities 2,455,892 ​ 1,662,077 ​ 346,087 ​ 2,305,656 ​ (3,030,798) ​ 3,738,914 Redeemable non-controlling interests — ​ — ​ — ​ 45,795 ​ — ​ 45,795 Total shareholders’ equity 3,330,250 ​ 3,027,332 ​ 3,066,174 ​ (80,197) ​ (5,998,814) ​ 3,344,745 Total liabilities, redeemable non-controlling interests and shareholders’ equity 5,786,142 ​ 4,689,409 ​ 3,412,261 ​ 2,271,254 ​ (9,029,612) ​ 7,129,454 ​ Condensed Consolidating Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2024 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Net cash provided by (used in) operating activities (5) (82,831) ​ 468,047 ​ 453,647 ​ 202,668 ​ (401,633) ​ 639,898 Repayment from (loans to) Group companies 581,013 ​ — ​ (456,565) ​ — ​ (124,448) ​ — Other investing activities 367,400 ​ (501,900) ​ (36,524) ​ (75,876) ​ — ​ (246,900) Net cash provided by (used in) investing activities 948,413 ​ (501,900) ​ (493,089) ​ (75,876) ​ (124,448) ​ (246,900) Borrowings (repayment) under loan from Group companies — ​ (101,461) ​ — ​ (22,987) ​ 124,448 ​ — Cash dividend paid to intra-Group companies ​ — ​ — ​ (401,633) ​ — ​ 401,633 ​ — Other financing activities (995,707) ​ — ​ — ​ (33,732) ​ — ​ (1,029,439) Net cash provided by (used in) financing activities (995,707) ​ (101,461) ​ (401,633) ​ (56,719) ​ 526,081 ​ (1,029,439) ​ 16 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2023 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Net cash provided by (used in) operating activities (5) ​ (84,940) ​ 288,381 ​ 715,565 ​ 159,891 ​ (406,077) ​ 672,820 Repayment from (loans to) Group companies ​ (402,093) ​ — ​ (151,153) ​ — ​ 553,246 ​ — Other investing activities ​ (395,778) ​ (499,033) ​ 69,846 ​ 88,119 ​ — ​ (736,846) Net cash provided by (used in) investing activities ​ (797,871) ​ (499,033) ​ (81,307) ​ 88,119 ​ 553,246 ​ (736,846) Borrowings (repayment) under loan from Group companies ​ — ​ 808,664 ​ — ​ (255,418) ​ (553,246) ​ — Cash dividend paid to intra-Group companies ​ — ​ — ​ (406,077) ​ — ​ 406,077 ​ — Other financing activities ​ 26,561 ​ — ​ — ​ (4,871) ​ — ​ 21,690 Net cash provided by (used in) financing activities ​ 26,561 ​ 808,664 ​ (406,077) ​ (260,289) ​ (147,169) ​ 21,690 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, 2022 ​ ​ ​ ​ Primary VIEs and ​ ​ ​ ​ Weibo ​ Other ​ Beneficiary of ​ VIEs’ ​ Eliminating ​ Consolidated ​ Corporation Subsidiaries VIEs* Subsidiaries adjustments Totals ​ ​ (In US$ thousands) Net cash provided by (used in) operating activities (5) (35,216) ​ 144,331 ​ 591,431 ​ (136,442) ​ — ​ 564,104 Repayment from (loans to) Group companies 210 ​ — ​ (232,344) ​ 376,962 ​ (144,828) ​ — Other investing activities ​ 239,545 ​ (40,141) ​ (265,620) ​ 33,202 ​ — ​ (33,014) Net cash provided by (used in) investing activities 239,755 ​ (40,141) ​ (497,964) ​ 410,164 ​ (144,828) ​ (33,014) Borrowings (repayment) under loan from Group companies — ​ (210) ​ (376,962) ​ 232,344 ​ 144,828 ​ — Other financing activities (85,735) ​ — ​ — ​ (5,406) ​ — ​ (91,141) Net cash provided by (used in) financing activities ​ (85,735) ​ (210) ​ (376,962) ​ 226,938 ​ 144,828 ​ (91,141) * Weibo Technology is treated as the primary beneficiary of the VIEs for accounting purposes only.
Provisions on Promoting and Regulating Cross-border Data Flows require following types of cross-border data transfers to go through security assessments, (i) for critical information infrastructure operators, the outbound transfer of personal information or important data, and (ii) for data processors that are not critical information infrastructure operators, the outbound transfer of important data or the outbound transfer of personal information of over one million people or sensitive personal information of over 10,000 people in aggregate since January 1 of the relevant year.
The Provisions on Promoting and Regulating Cross-border Data Flows require following types of cross-border data transfers to go through security assessments, (i) for critical information infrastructure operators, the outbound transfer of personal information or important data, and (ii) for data processors that are not critical information infrastructure operators, the outbound transfer of important data or the outbound transfer of personal information of over one million people or sensitive personal information of over 10,000 people in aggregate since January 1 of the relevant year.
For a detailed description of risks related to doing business in China, see “Item 3. Key Information—D.
For a detailed description of risks related to doing business in China, see “Item 3. Key Information—D.
As of the date of this annual report, our PRC VIEs and their direct and indirect subsidiaries have obtained the requisite licenses and permits from the PRC government authorities that are material for the business operations of our holding company, our subsidiaries and the VIEs in China, including the Internet Content Provision License and Online Culture Operating Permit held by Weimeng.
As of the date of this annual report, the VIEs and their direct and indirect subsidiaries have obtained the requisite licenses and permits from the PRC government authorities that are material for the business operations of our holding company, our subsidiaries and the VIEs in China, including the Internet Content Provision License and Online Culture Operating Permit held by Weimeng.
In the fourth quarter of 2023, the WFOE distributed cash dividend of US$406.1 million (in equivalent of RMB2.97 billion) to Weibo Hong Kong Limited, including withholding tax of US$20.5 million directly paid to the PRC tax authorities, based on partial of the accumulated net profits of the WFOE related to the years before 2023.
In the fourth quarter of 2023, the WFOE distributed cash dividend of US$406.1 million (in equivalent of RMB2.97 billion) to Weibo Hong Kong Limited, including withholding tax of US$20.5 million paid directly to the PRC tax authorities, based on partial of the accumulated net profits of the WFOE related to the years before 2023.
If the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply with PRC laws and regulations, or if these regulations or their interpretations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations.
If the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply with PRC laws and regulations, or if these regulations or their interpretations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations.
Our holding company, our PRC subsidiaries, the VIEs, and investors of our company face uncertainty about potential future actions by the PRC government that could affect the enforceability of the contractual arrangements with the VIEs and, consequently, significantly affect the financial performance of the VIEs and our company as a whole.
Our holding company, our PRC subsidiaries, the VIEs, and investors of our company face uncertainty about potential future actions by the PRC government that could affect the enforceability of the contractual arrangements with the VIEs and, consequently, significantly affect the financial performance of the VIEs and our company as a whole.
For more details, see “Item 3. Key Information—D.
For more details, see “Item 3. Key Information—D.
Provisions on Promoting and Regulating Cross-border Data Flows require following types of cross-border data transfers to go through security assessments, (i) for critical information infrastructure operators, the outbound transfer of personal information or important data, and (ii) for data processors that are not critical information infrastructure operators, the outbound transfer of important data or the outbound transfer of personal information of over one million people or sensitive personal information of over 10,000 people in aggregate since January 1 of the relevant year.
The Provisions on Promoting and Regulating Cross-border Data Flows require following types of cross-border data transfers to go through security assessments, (i) for critical information infrastructure operators, the outbound transfer of personal information or important data, and (ii) for data processors that are not critical information infrastructure operators, the outbound transfer of important data or the outbound transfer of personal information of over one million people or sensitive personal information of over 10,000 people in aggregate since January 1 of the relevant year.
As a result, the Class B ordinary shares previously held by SINA will be converted to Class A ordinary shares which do not have weighted voting rights.
As a result, the Class B ordinary shares previously held by SINA will be converted to Class A ordinary shares which do not have weighted voting rights.
On June 15, 2021, the Cyberspace Administration of China launched the “Fan Group Chaos Rectification” special action, followed by issuance of the Notice on Further Strengthening the Management of Chaos in Fan Groups on August 25, 2021.
On June 15, 2021, the Cyberspace Administration of China launched the “Fan Group Chaos Rectification” special action, followed by the issuance of the Notice on Further Strengthening the Management of Chaos in Fan Groups on August 25, 2021.
Both of the special action and notice are intended to curb inappropriate behaviors in the online fan groups for celebrities, specifically, various fans interactive features and functions, so as to curb attacks, stigmatization, fans community fiction and hostilities and the spread of other harmful information.
Both the special action and notice are intended to curb inappropriate behaviors in the online fan groups for celebrities, specifically, various fans interactive features and functions, so as to curb attacks, stigmatization, fans community fiction and hostilities and the spread of other harmful information.
On December 28, 2021, the Cyberspace Administration of China, together with several other PRC governmental authorities, jointly published the Measures for Cybersecurity Review, with effect from February 15, 2022.
On December 28, 2021, the Cyberspace Administration of China, together with several other PRC governmental authorities, jointly published the Measures for Cybersecurity Review, with effect from February 15, 2022.
Any of these actions could cause significant disruption to our business operations and may materially and adversely affect our business, financial condition and results of operations.
Any of these actions could cause significant disruption to our business operations and may materially and adversely affect our business, financial condition and results of operations.
On December 15, 2022, the PCAOB issued a report that vacated its December 16, 2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms.
On December 15, 2022, the PCAOB issued a report that vacated its December 16, 2021 determination and removed mainland China and Hong Kong from the list of jurisdictions where it is unable to inspect or investigate completely registered public accounting firms.
Each year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other jurisdictions.
Each year, the PCAOB will determine whether it can inspect and investigate completely audit firms in mainland China and Hong Kong, among other jurisdictions.
A number of factors could potentially negatively affect user growth and engagement, including if: ● we are unable to retain existing users and attract new users to our platform, or achieve greater penetration into lower tier cities in China; ● there is a decrease in the perceived quality or reliability of the content generated by our users; ● a large number of influencers, such as celebrities, key opinion leaders, and other public figures, and platform partners, such as media outlets and organizations with media rights, switch to alternative platforms or use other products and services more frequently; ● we are unable to manage and prioritize information to ensure users are presented with content that is appropriate, interesting, useful and relevant; ● we fail to introduce new and improved products or services or we introduce new or improved products or services that are not well received by users; ● technical or other problems prevent us from delivering our products or services in a rapid and reliable manner or otherwise adversely affect the user experience; ● users believe that their experience is diminished as a result of the decisions we make with respect to the frequency, relevance, prominence, format and quality of the advertisements displayed on our platform; ● we are unable to combat spam or other hostile or inappropriate usage on our platform; ● there are user concerns related to privacy and communication, safety, security or other factors; ● we fail to provide adequate customer service to our users; ● users engage with other platforms or activities instead of ours; ● there are adverse changes in our products or services that are mandated by, or that we elect to make to address, legislation, regulations or government policies; or ● we fail to maintain our brand image or our reputation is damaged. 19 Table of Contents We have undertaken various initiatives to stimulate the growth of our users and user engagement.
A number of factors could potentially negatively affect user growth and engagement, including if: ● we are unable to retain existing users and attract new users to our platform, or achieve greater penetration into lower tier cities in China; ● there is a decrease in the perceived quality or reliability of the content generated by our users; ● a large number of influencers, such as celebrities, key opinion leaders, and other public figures, and platform partners, such as media outlets and organizations with media rights, switch to alternative platforms or use other products and services more frequently; ● we are unable to manage and prioritize information to ensure users are presented with content that is appropriate, interesting, useful and relevant; ● we fail to introduce new and improved products or services or we introduce new or improved products or services that are not well received by users; ● technical or other problems prevent us from delivering our products or services in a rapid and reliable manner or otherwise adversely affect the user experience; ● users believe that their experience is diminished as a result of the decisions we make with respect to the frequency, relevance, prominence, format and quality of the advertisements displayed on our platform; ● we are unable to combat spam or other hostile or inappropriate usage on our platform; ● there are user concerns related to privacy and communication, safety, security or other factors; ● we fail to provide adequate customer service to our users; ● users engage with other platforms or activities instead of ours; ● there are adverse changes in our products or services that are mandated by, or that we elect to make to address, legislation, regulations or government policies; or ● we fail to maintain our brand image or our reputation is damaged. 20 Table of Contents We have undertaken various initiatives to stimulate the growth of our users and user engagement.
Risk Factors—Risks Relating to Our ADSs and Class A Ordinary Shares—Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A ordinary shares and ADSs may view as beneficial.” We are not required to offer to repurchase all outstanding 2024 Senior Notes or 2030 Senior Notes upon the occurrence of a change in control event under the indentures governing our 2024 Senior Notes and 2030 Senior Notes or immediately repay outstanding amount under our 2027 Loans upon the occurrence of a change in control event.
Risk Factors—Risks Relating to Our ADSs and Class A Ordinary Shares—Our dual-class voting structure will limit your ability to influence corporate matters and could discourage others from pursuing any change of control transactions that holders of our Class A ordinary shares and ADSs may view as beneficial.” We are not required to offer to repurchase all outstanding 2030 Senior Notes upon the occurrence of a change in control event under the indentures governing our 2030 Senior Notes or immediately repay outstanding amount under our 2027 Loans upon the occurrence of a change in control event.
These risks and challenges include our ability to, among other things: ● increase the number of our users and the level of user engagement; ● develop a reliable, scalable, secure, high-performance technology infrastructure that can efficiently handle increased usage; ● convince customers of the benefits and effectiveness of our advertising and marketing services; ● refine our interest-based recommendation engine to enable more relevant content recommendation and effective audience targeting; 24 Table of Contents ● increase demand for value-added services, such as membership, live streaming, and game-related services; ● develop and deploy new features, products and services for our users, customers and platform partners, including video functionalities and interest-based information feeds; ● successfully compete with other companies, some of which have substantially greater resources and market power than us, that are currently in, or may in the future enter, our industry, or duplicate the features of our products and services; ● attract, retain and motivate talented employees; ● process, store, protect and use personal data in compliance with governmental regulations, contractual obligations and other obligations related to privacy and security; and ● defend ourselves against litigation, regulatory, intellectual property, privacy or other claims.
These risks and challenges include our ability to, among other things: ● increase the number of our users and the level of user engagement; ● develop a reliable, scalable, secure, high-performance technology infrastructure that can efficiently handle increased usage; ● convince customers of the benefits and effectiveness of our advertising and marketing services; ● refine our interest-based recommendation engine to enable more relevant content recommendation and effective audience targeting; 25 Table of Contents ● increase demand for value-added services, such as membership, live streaming, and game-related services; ● develop and deploy new features, products and services for our users, customers and platform partners, including video functionalities and interest-based information feeds; ● successfully compete with other companies, some of which have substantially greater resources and market power than us, that are currently in, or may in the future enter, our industry, or duplicate the features of our products and services; ● attract, retain and motivate talented employees; ● process, store, protect and use personal data in compliance with governmental regulations, contractual obligations and other obligations related to privacy and security; and ● defend ourselves against litigation, regulatory, intellectual property, privacy or other claims.
We believe that our ability to compete effectively for user traffic and user engagement depends upon many factors both within and beyond our control, including: ● the popularity, usefulness, ease of use, performance and reliability of our products and services compared to those of our competitors; ● the amount, quality and timeliness of content aggregated on our platform; ● our ability to enable celebrities, key opinion leaders, media outlets and other content creators to quickly and efficiently build a fan base and monetize their social assets; ● our ability, and the ability of our competitors, to develop new products and services and enhancements to existing products and services to keep up with user preferences and demands; ● the frequency, relevance and relative prominence of the advertisements that we displayed or our competitors; ● our ability to establish and maintain relationships with platform partners; ● our ability to provide effective customer service and support; ● changes mandated by, or that we elect to make to address, legislation, regulations or government policies, some of which may have a disproportionate effect on us; ● acquisitions or consolidation within our industry, which may result in more formidable competitors; and ● our reputation and brand strength relative to our competitors. 21 Table of Contents We may not be able to maintain or grow our revenues or our business.
We believe that our ability to compete effectively for user traffic and user engagement depends upon many factors both within and beyond our control, including: ● the popularity, usefulness, ease of use, performance and reliability of our products and services compared to those of our competitors; ● the amount, quality and timeliness of content aggregated on our platform; ● our ability to enable celebrities, key opinion leaders, media outlets and other content creators to quickly and efficiently build a fan base and monetize their social assets; ● our ability, and the ability of our competitors, to develop new products and services and enhancements to existing products and services to keep up with user preferences and demands; ● the frequency, relevance and relative prominence of the advertisements that we displayed or our competitors; ● our ability to establish and maintain relationships with platform partners; ● our ability to provide effective customer service and support; ● changes mandated by, or that we elect to make to address, legislation, regulations or government policies, some of which may have a disproportionate effect on us; ● acquisitions or consolidation within our industry, which may result in more formidable competitors; and ● our reputation and brand strength relative to our competitors. 22 Table of Contents We may not be able to maintain or grow our revenues or our business.
Risk Factors—Risks Relating to Doing Business in China—The approval of or the filing with the CSRC or other PRC government authorities may be required in connection with our future offshore listings and capital raising activities under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or filing.” Risks Relating to Our ADRs and Class A Ordinary Shares ● The trading prices for our listed securities have been and are likely to continue to be, volatile, regardless of our operating performance, which could result in substantial losses to our investors. ● We adopt different practices as to certain matters as compared with many other companies listed on the Hong Kong Stock Exchange. ● Substantial future sales or perceived potential sales of our Class A ordinary shares, ADSs, or other equity or equity-linked securities in the public market could cause the price of our Class A ordinary shares and/or ADSs to decline significantly. 18 Table of Contents Risks Relating to Our Business If we fail to grow our active user base, or if user engagement on our platform declines, our business, financial condition and operating results may be materially and adversely affected.
Risk Factors—Risks Relating to Doing Business in China—The approval of or the filing with the CSRC or other PRC government authorities may be required in connection with our future offshore listings and capital raising activities under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such approval or filing.” Risks Relating to Our ADRs and Class A Ordinary Shares ● The trading prices for our listed securities have been and are likely to continue to be, volatile, regardless of our operating performance, which could result in substantial losses to our investors. ● We adopt different practices as to certain matters as compared with many other companies listed on the Hong Kong Stock Exchange. ● Substantial future sales or perceived potential sales of our Class A ordinary shares, ADSs, or other equity or equity-linked securities in the public market could cause the price of our Class A ordinary shares and/or ADSs to decline significantly. 19 Table of Contents Risks Relating to Our Business If we fail to grow our active user base, or if user engagement on our platform declines, our business, financial condition and operating results may be materially and adversely affected.
Our operating results in any given quarter can be influenced by numerous factors, many of which we are unable to predict or are outside of our control, including: ● our ability to grow our user base and user engagement; ● fluctuations in spending by our advertising and marketing customers, including as a result of seasonality, major events and extraordinary news events, pandemics or other factors; ● our ability to attract and retain advertising and marketing customers; ● the occurrence of planned or unplanned significant events, including events that may cause substantial stock-based compensation or other charges; 26 Table of Contents ● the development and introduction of new products or services or changes in features of existing products or services; ● the impact of competitors or competitive products and services; ● the pricing of our products and services; ● our ability to maintain or increase revenues; ● our ability to maintain or improve gross margins, operating margins and net margins; ● increases in our costs and expenses that we may incur to grow and expand our operations and to remain competitive; ● system failure or outages, which could prevent us from displaying advertisements for any period of time; ● changes in U.S.
Our operating results in any given quarter can be influenced by numerous factors, many of which we are unable to predict or are outside of our control, including: ● our ability to grow our user base and user engagement; ● fluctuations in spending by our advertising and marketing customers, including as a result of seasonality, major events and extraordinary news events, pandemics or other factors; ● our ability to attract and retain advertising and marketing customers; ● the occurrence of planned or unplanned significant events, including events that may cause substantial stock-based compensation or other charges; 27 Table of Contents ● the development and introduction of new products or services or changes in features of existing products or services; ● the impact of competitors or competitive products and services; ● the pricing of our products and services; ● our ability to maintain or increase revenues; ● our ability to maintain or improve gross margins, operating margins and net margins; ● increases in our costs and expenses that we may incur to grow and expand our operations and to remain competitive; ● system failure or outages, which could prevent us from displaying advertisements for any period of time; ● changes in U.S.
In addition, the definition contains a catch-all provision which includes investments made by foreign investors through means stipulated in laws or administrative regulations or other methods prescribed by the State Council. Therefore, it still leaves leeway for future laws, administrative regulations or provisions promulgated by the Stale Council to provide for contractual arrangements as a form of foreign investment.
In addition, the definition contains a catch-all provision which includes investments made by foreign investors through means stipulated in laws or administrative regulations or other methods prescribed by the State Council. Therefore, it still leaves leeway for future laws, administrative regulations or provisions promulgated by the State Council to provide for contractual arrangements as a form of foreign investment.
We believe that our ability to compete effectively for advertising and marketing spending depends upon many factors both within and beyond our control, including: ● the size, composition and activeness of our user base relative to those of our competitors; 23 Table of Contents ● the breadth, innovation and effectiveness of our product and service offerings; ● the timing and market acceptance of our advertising and marketing products and services, including breadth, quality and variety of our advertisement formats and features and those of our competitors; ● the effectiveness of our advertisement targeting capabilities, and those of our competitors; ● the volume, pricing and return on investment of our products and services relative to those of our competitors; ● the reach, engagement and effectiveness of our advertising and marketing products and services relative to those of our competitors; ● the availability, accuracy and utility of analytics and measurement solutions that we or our partners offered relative to those of our competitors; ● our ability to attract, retain and motivate talented employees; ● the effectiveness of our performance-based advertisements and real-time bidding system relative to those of our competitors; ● our sales and marketing efforts, and those of our competitors; and ● our reputation and the strength of our brand relative to our competitors.
We believe that our ability to compete effectively for advertising and marketing spending depends upon many factors both within and beyond our control, including: ● the size, composition and activeness of our user base relative to those of our competitors; 24 Table of Contents ● the breadth, innovation and effectiveness of our product and service offerings; ● the timing and market acceptance of our advertising and marketing products and services, including breadth, quality and variety of our advertisement formats and features and those of our competitors; ● the effectiveness of our advertisement targeting capabilities, and those of our competitors; ● the volume, pricing and return on investment of our products and services relative to those of our competitors; ● the reach, engagement and effectiveness of our advertising and marketing products and services relative to those of our competitors; ● the availability, accuracy and utility of analytics and measurement solutions that we or our partners offered relative to those of our competitors; ● our ability to attract, retain and motivate talented employees; ● the effectiveness of our performance-based advertisements and real-time bidding system relative to those of our competitors; ● our sales and marketing efforts, and those of our competitors; and ● our reputation and the strength of our brand relative to our competitors.
The partnership also highly depends on the total amount of handset shipment and sales of our partners, which may fluctuate or slow down compared with prior years. The growth of Weibo’s user base is impacted by the growth of new users from Weibo app, and pre-installation of Weibo app on new smartphones is an important source of new Weibo users.
The partnership also highly depends on the total amount of handset shipment and sales of our partners, which may fluctuate or slow down compared with prior years. The growth of Weibo’s user base is impacted by the growth of new users from Weibo app, and pre-installation of Weibo app on new handset is an important source of new Weibo users.
In addition, we are permitted by The Nasdaq Stock Market Rules to elect to rely, and have elected to rely, on certain exemptions from corporate governance requirements: ● that the board of directors be comprised of a majority of independent directors under Nasdaq Rule 5605(b)(1); ● the requirement that an audit committee be comprised of at least three members under Nasdaq Rule 5605(c)(2)(A); and 72 Table of Contents ● the requirements that shareholder approval be required prior to the issuance of securities when a stock option or purchase plan is to be established or materially amended or other equity compensation arrangement made or materially amended, pursuant to which stock may be acquired by officers, directors, employees, or consultants under Nasdaq Rule 5635(c).
In addition, we are permitted by The Nasdaq Stock Market Rules to elect to rely, and have elected to rely, on certain exemptions from corporate governance requirements: ● that the board of directors be comprised of a majority of independent directors under Nasdaq Rule 5605(b)(1); ● the requirement that an audit committee be comprised of at least three members under Nasdaq Rule 5605(c)(2)(A); and 76 Table of Contents ● the requirements that shareholder approval be required prior to the issuance of securities when a stock option or purchase plan is to be established or materially amended or other equity compensation arrangement made or materially amended, pursuant to which stock may be acquired by officers, directors, employees, or consultants under Nasdaq Rule 5635(c).
We refer to these together as the 2027 Loans. We have fully withdrawn the US$900 million bullet maturity term loan and partially withdrawn US$5 million under the revolving facility as of December 31, 2023, and repaid US$100 million bullet maturity term loan in the fourth quarter of 2023.
We refer to these together as the 2027 Loans. We have fully withdrawn the US$900 million bullet maturity term loan and partially withdrawn US$5 million under the revolving facility as of December 31, 2024, and repaid US$100 million bullet maturity term loan in the fourth quarter of 2023.
To the extent we choose to follow home country practice with respect to corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers or companies incorporated in Hong Kong. 71 Table of Contents As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by our management, members of our board of directors or our controlling shareholders than they would as public shareholders of a company incorporated in the United States.
To the extent we choose to follow home country practice with respect to corporate governance matters, our shareholders may be afforded less protection than they otherwise would under rules and regulations applicable to U.S. domestic issuers or companies incorporated in Hong Kong. 75 Table of Contents As a result of all of the above, our public shareholders may have more difficulty in protecting their interests in the face of actions taken by our management, members of our board of directors or our controlling shareholders than they would as public shareholders of a company incorporated in the United States.
However, we believe Weibo Technology, our wholly owned PRC subsidiary, still controls and is the primary beneficiary of Weimeng (for accounting purpose only) as it continues to have a controlling financial interest in Weimeng pursuant to ASC 810-10-25-38A after the issuance of such 1% equity interests. 45 Table of Contents Shareholders of the VIEs may have potential conflicts of interest with us, which may affect the performance of the contractual arrangements with the VIEs and their respective shareholders, which may in turn materially and adversely affect our business and financial condition.
However, we believe Weibo Technology, our wholly owned PRC subsidiary, still controls and is the primary beneficiary of Weimeng (for accounting purpose only) as it continues to have a controlling financial interest in Weimeng pursuant to ASC 810-10-25-38A after the issuance of such 1% equity interests. 47 Table of Contents Shareholders of the VIEs may have potential conflicts of interest with us, which may affect the performance of the contractual arrangements with the VIEs and their respective shareholders, which may in turn materially and adversely affect our business and financial condition.
In addition, if the holders of such chops at any of the VIEs failed to employ them in accordance with the terms of the various VIE-related agreements or removed them from the premises, the operation of such VIE could be significantly and adversely impacted. 46 Table of Contents Risks Relating to Doing Business in China Regulation and censorship of information disseminated over the internet in China may adversely affect our business and subject us to liability for information displayed on Weibo.
In addition, if the holders of such chops at any of the VIEs failed to employ them in accordance with the terms of the various VIE-related agreements or removed them from the premises, the operation of such VIE could be significantly and adversely impacted. 48 Table of Contents Risks Relating to Doing Business in China Regulation and censorship of information disseminated over the internet in China may adversely affect our business and subject us to liability for information displayed on Weibo.
Any disruption or failure in our infrastructure could hinder our ability to handle existing or increased traffic on our platform or cause us to lose content stored on our platform, which could significantly harm our business and our ability to retain existing users and attract new users. 37 Table of Contents As the number of our users increases and our users generate more content, including photos and videos on our platform, we may be required to expand and adapt our technology and infrastructure to continue to reliably store and analyze this content.
Any disruption or failure in our infrastructure could hinder our ability to handle existing or increased traffic on our platform or cause us to lose content stored on our platform, which could significantly harm our business and our ability to retain existing users and attract new users. 39 Table of Contents As the number of our users increases and our users generate more content, including photos and videos on our platform, we may be required to expand and adapt our technology and infrastructure to continue to reliably store and analyze this content.
As we strive to broaden our user base, increase user engagement, and develop new features and products, we often have to proactively devote significant resources to accommodate future growth and to meet market demand.
As we strive to broaden our user base, increase user engagement, and develop new features and products, we often have to proactively devote significant resources to accommodate future growth strategy and to meet market demand.
If we are not successful in our efforts to continue to grow the number of developers that choose to build products that integrate with Weibo or if we are unable to continue to build and maintain good relationships with such developers, our user growth and user engagement and our financial results may be adversely and materially affected. 25 Table of Contents Our new products, services and initiatives and changes to existing products, services and initiatives could fail to attract users and customers or generate revenues.
If we are not successful in our efforts to continue to grow the number of developers that choose to build products that integrate with Weibo or if we are unable to continue to build and maintain good relationships with such developers, our user growth and user engagement and our financial results may be adversely and materially affected. 26 Table of Contents Our new products, services and initiatives and changes to existing products, services and initiatives could fail to attract users and customers or generate revenues.
Even if both parties seek to transact business on terms intended to approximate those that could have been achieved among unaffiliated parties, this may not succeed in practice. 43 Table of Contents Risks Relating to Our Corporate Structure Uncertainties exist with respect to the interpretation and implementation of the PRC Foreign Investment Law and how it may impact the viability of our current corporate structure, corporate governance and business operations.
Even if both parties seek to transact business on terms intended to approximate those that could have been achieved among unaffiliated parties, this may not succeed in practice. 45 Table of Contents Risks Relating to Our Corporate Structure Uncertainties exist with respect to the interpretation and implementation of the PRC Foreign Investment Law and how it may impact the viability of our current corporate structure, corporate governance and business operations.
Risk Factors—Risks Relating to Doing Business in China—Any failure or perceived failure by us to comply with the Anti-Monopoly Guidelines for Internet Platforms Economy Sector and other PRC anti-monopoly laws and regulations may result in governmental investigations or enforcement actions, litigation or claims against us and could have an adverse effect on our business, financial condition and results of operations.” These risks could result in a material adverse change in our operations and the value of our ADSs and/or Class A ordinary shares, significantly limit or completely hinder our ability to continue to offer securities to investors, or cause the value of these securities to significantly decline or be worthless.
Risk Factors—Risks Relating to Doing Business in China—Any failure or perceived failure by us to comply with the Anti-Monopoly Guidelines for Internet Platforms Economy Sector and other PRC anti-monopoly laws and regulations may result in governmental investigations or enforcement actions, litigation or claims against us and could have an adverse effect on our business, financial condition and results of operations.” 7 Table of Contents These risks could result in a material adverse change in our operations and the value of our ADSs and/or Class A ordinary shares, significantly limit or completely hinder our ability to continue to offer securities to investors, or cause the value of these securities to significantly decline or be worthless.
If we are identified as an operator of “critical information infrastructure,” we would be required to fulfill various obligations as required under PRC cybersecurity laws and other applicable laws for such operators of “critical information infrastructure” thus currently not applicable to us, including setting up a special security management organization, organizing regular cybersecurity education and training, formulating emergency plans for cyber security incidents and conducting regular emergency drills, and although the internet products and services we purchase are primarily bandwidth, copyright content and marketing services, we may need to follow cybersecurity review procedure and apply with Cybersecurity Review Office before making certain purchases of network products and services.
If we are identified as an operator of “critical information infrastructure,” we would be required to fulfill various obligations as required under PRC cybersecurity laws and other applicable laws for such operators of “critical information infrastructure,” which are currently not applicable to us, including setting up a special security management organization, organizing regular cybersecurity education and training, formulating emergency plans for cyber security incidents and conducting regular emergency drills, and although the internet products and services we purchase are primarily bandwidth, copyright content and marketing services, we may need to follow cybersecurity review procedure and apply with Cybersecurity Review Office before making certain purchases of network products and services.
If we are unable to effectively manage and reduce spam on Weibo, our reputation for delivering relevant content could be damaged, user engagement could decline and our operational costs could increase. 27 Table of Contents We are subject to changing laws and regulations regarding regulatory matters, corporate governance and public disclosure that have increased both our costs and the risk of non-compliance.
If we are unable to effectively manage and reduce spam on Weibo, our reputation for delivering relevant content could be damaged, user engagement could decline and our operational costs could increase. 28 Table of Contents We are subject to changing laws and regulations regarding regulatory matters, corporate governance and public disclosure that have increased both our costs and the risk of non-compliance.
As of December 31, 2023, our investment securities represented less than 40% of the value of our total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis calculated in accordance with Section 3(a)(1)(C) of the Investment Company Act. We intend to continue to conduct our operations so that we will not be deemed an investment company.
As of December 31, 2024, our investment securities represented less than 40% of the value of our total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis calculated in accordance with Section 3(a)(1)(C) of the Investment Company Act. We intend to continue to conduct our operations so that we will not be deemed an investment company.
Any resulting liability or expenses, or changes required to our platform to reduce the risk of future liability, may have a material adverse effect on our business, financial condition and prospects. 36 Table of Contents User growth and engagement depend upon effective interoperation with operating systems, networks, devices, web browsers and standards that we do not control.
Any resulting liability or expenses, or changes required to our platform to reduce the risk of future liability, may have a material adverse effect on our business, financial condition and prospects. 38 Table of Contents User growth and engagement depend upon effective interoperation with operating systems, networks, devices, web browsers and standards that we do not control.
Thus, we cannot assure you that the PRC government will not ultimately take a view contrary to the opinion of our PRC counsel. 44 Table of Contents Weibo Corporation, the VIEs and investors of our company face uncertainties about potential actions by the PRC government that could affect the enforceability of the contractual arrangements with the VIEs and, consequently, the business, financial condition, and results of operations of the VIEs and our company as a group.
Thus, we cannot assure you that the PRC government will not ultimately take a view contrary to the opinion of our PRC counsel. 46 Table of Contents Weibo Corporation, the VIEs and investors of our company face uncertainties about potential actions by the PRC government that could affect the enforceability of the contractual arrangements with the VIEs and, consequently, the business, financial condition, and results of operations of the VIEs and our company as a group.
In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations. 74 Table of Contents Furthermore, our directors and employees may face additional exposure to claims and lawsuits as a result of their position in other public companies.
In addition, if a claim is successfully made against us, we may be required to pay significant damages, which could have a material adverse effect on our financial condition and results of operations. 78 Table of Contents Furthermore, our directors and employees may face additional exposure to claims and lawsuits as a result of their position in other public companies.
Investors of our ADSs are not purchasing equity interest in our operating entities in China but instead are purchasing equity interest in a Cayman Islands holding company. 4 Table of Contents The following diagram illustrates our corporate structure, including our major subsidiaries and the VIEs, as of the date of this annual report: (1) The shareholders of Weimeng are four PRC employees of us or SINA, namely, Yunli Liu, Wei Wang, Wei Zheng and Zenghui Cao, holding 29.70%, 29.70%, 19.80% and 19.80% of Weimeng’s equity interests, respectively, and WangTouTongDa (Beijing) Technology Co., Ltd., a third-party minority stake holder, holding 1% of Weimeng’s equity interest.
Investors of our Class A ordinary shares or ADSs are not purchasing equity interest in our operating entities in China but instead are purchasing equity interest in a Cayman Islands holding company. 4 Table of Contents The following diagram illustrates our corporate structure, including our major subsidiaries and the VIEs, as of the date of this annual report: (1) The shareholders of Weimeng are four PRC employees of us or SINA, namely, Yunli Liu, Wei Wang, Wei Zheng and Zenghui Cao, holding 29.70%, 29.70%, 19.80% and 19.80% of Weimeng’s equity interests, respectively, and WangTouTongDa (Beijing) Technology Co., Ltd., a third-party minority stake holder, holding 1% of Weimeng’s equity interest.
We had not experienced material disruptions to our business operations as a result of service capacity constraints for the years ended December 31, 2021, 2022 and 2023. However, we cannot assure you that the internet infrastructure and the fixed telecommunications networks in China will be able to support the demands associated with the continued growth in internet usage.
We had not experienced material disruptions to our business operations as a result of service capacity constraints for the years ended December 31, 2022, 2023 and 2024. However, we cannot assure you that the internet infrastructure and the fixed telecommunications networks in China will be able to support the demands associated with the continued growth in internet usage.
Although less than 1% of our revenues in 2023 are generated in Hong Kong, the European Union, and other jurisdictions with similar prohibitions, we hope to attract more users in these jurisdictions and if we are unable to construct demographic profiles of internet users because they refuse to give consent, we will be less attractive to customers and our business could suffer.
Although less than 1% of our revenues in 2024 are generated in Hong Kong, the European Union, and other jurisdictions with similar prohibitions, we hope to attract more users in these jurisdictions and if we are unable to construct demographic profiles of internet users because they refuse to give consent, we will be less attractive to customers and our business could suffer.
We may be required to record a significant charge in our financial statements during the period in which any impairment of goodwill or intangible assets is determined, which would negatively affect our results of operations. Impairment provision for goodwill and intangible assets recorded in 2021, 2022 and 2023 was nil, US$10.2 million and nil, respectively.
We may be required to record a significant charge in our financial statements during the period in which any impairment of goodwill or intangible assets is determined, which would negatively affect our results of operations. Impairment provision for goodwill and intangible assets recorded in 2022, 2023 and 2024 was US$10.2 million, nil and nil, respectively.
In the future, Google (Android), Apple or other operators of application marketplaces may make changes to their marketplaces and make access to our products and services more difficult. 20 Table of Contents If we are unable to compete effectively for user traffic or user engagement, our business and operating results may be materially and adversely affected.
In the future, Google (Android), Apple or other operators of application marketplaces may make changes to their marketplaces and make access to our products and services more difficult. 21 Table of Contents If we are unable to compete effectively for user traffic or user engagement, our business and operating results may be materially and adversely affected.
Based on our current and expected income and assets, including unbooked goodwill (the value of which is determined by reference to the market value of our ADSs and Class A ordinary shares), it is likely that we were a PFIC for the taxable year ended December 31, 2023, and could continue to be a PFIC for the current and subsequent taxable years.
Based on our current and expected income and assets, including unbooked goodwill (the value of which is determined by reference to the market value of our ADSs and Class A ordinary shares), it is likely that we were a PFIC for the taxable year ended December 31, 2024, and could continue to be a PFIC for the current and subsequent taxable years.
Furthermore, minors are not allowed to make virtual gifting or spend money on supporting idols, or act as the organizer or manager of a fan group. We have taken measures specified in this notice to the extent applicable to our business, including removing the function of the “star power list” on our platform.
Furthermore, minors are not allowed to make virtual gifts or spend money on supporting idols, or act as the organizer or manager of a fan group. We have taken measures specified in this notice to the extent applicable to our business, including removing the function of the “star power list” on our platform.
For the years ended December 31, 2021, 2022 and 2023, no dividends or distributions were made to Weibo Corporation by our subsidiaries. Under PRC laws and regulations, our PRC subsidiaries and VIEs are subject to certain restrictions with respect to paying dividends or otherwise transferring any of their net assets to us.
For the years ended December 31, 2022, 2023 and 2024, no dividends or distributions were made to Weibo Corporation by our subsidiaries. Under PRC laws and regulations, our PRC subsidiaries and VIEs are subject to certain restrictions with respect to paying dividends or otherwise transferring any of their net assets to us.
If we are unable to adapt our products and services for the video environment and develop products and services to generate video advertising revenues, especially for the mobile environment, our results of operations and prospects may be materially and adversely affected. 22 Table of Contents Advertisements shown on our platform may subject us to penalties and other administrative actions.
If we are unable to adapt our products and services for the video environment and develop products and services to generate video advertising revenues, especially for the mobile environment, our results of operations and prospects may be materially and adversely affected. 23 Table of Contents Advertisements shown on our platform may subject us to penalties and other administrative actions.
Nonetheless, given its great commercial value, our user data may still be misused by third parties, which could expose us to legal and regulatory risks and seriously harm our business. 28 Table of Contents The PRC regulatory and enforcement regime with regard to data security and data protection is evolving.
Nonetheless, given its great commercial value, our user data may still be misused by third parties, which could expose us to legal and regulatory risks and seriously harm our business. 29 Table of Contents The PRC regulatory and enforcement regime with regard to data security and data protection is evolving.
In addition, because we lease our data center facilities, we cannot be assured that we will be able to expand our data center infrastructure to meet user demand in a timely manner, or on favorable economic terms, or at all. We rely on SINA, our controlling shareholder, and third-party vendors to provide infrastructure services.
In addition, because we lease our data center facilities, we cannot be assured that we will be able to expand our data center infrastructure to meet user demand in a timely manner, or on favorable economic terms, or at all. We rely on third-party vendors, and to a lesser extent, our controlling shareholder SINA, to provide infrastructure services.
We believe these past incidents, individually or in the aggregate, did not have a material adverse effect on our business, financial condition or results of operations. The restrictions on internet content under rules and regulations promulgated by PRC regulatory authorities may negatively impact the operation results of our live streaming business.
We believe these past incidents, individually or in the aggregate, did not have a material adverse effect on our business, financial condition or results of operations. The restrictions on internet content under rules and regulations promulgated by PRC regulatory authorities may negatively impact the operation of our business.
It is likely that we will be classified as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for the taxable year ended December 31, 2023, and possibly for the current taxable year and future taxable years, which could result in adverse U.S. federal income tax consequences to U.S.
It is likely that we will be classified as a passive foreign investment company, or PFIC, for U.S. federal income tax purposes for the taxable year ended December 31, 2024, and possibly for the current taxable year and future taxable years, which could result in adverse U.S. federal income tax consequences to U.S.
Additional Information—E. Taxation—U.S. Federal Income Tax Considerations—Passive Foreign Investment Company Considerations.” 70 Table of Contents Our memorandum and articles of association contain anti-takeover provisions that could have a material adverse effect on the rights of holders of our ordinary shares and ADSs.
Additional Information—E. Taxation—U.S. Federal Income Tax Considerations—Passive Foreign Investment Company Considerations.” 74 Table of Contents Our memorandum and articles of association contain anti-takeover provisions that could have a material adverse effect on the rights of holders of our ordinary shares and ADSs.
Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. 16 Table of Contents D. Risk Factors Summary of Risk Factors An investment in our ADSs or Class A ordinary shares involves significant risks. Below is a summary of material risks we face, organized under the headings.
Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. 17 Table of Contents D. Risk Factors Summary of Risk Factors An investment in our ADSs or Class A ordinary shares involves significant risks. Below is a summary of material risks we face, organized under the headings.
Risk Factors—Risks Relating to Doing Business in China—We may be adversely affected by the complexity, uncertainties and changes in PRC licensing and regulation of internet businesses.” According to the Trial Administrative Measures of Overseas Securities Offerings and Listings by Domestic Companies issued by the CSRC on February 17, 2023 and the five supporting guidelines, domestic companies in the PRC that directly or indirectly offer or list their securities in an overseas market are required to file with the CSRC.
Risk Factors—Risks Relating to Doing Business in China—We may be adversely affected by the complexity, uncertainties and changes in PRC licensing and regulation of internet businesses.” 8 Table of Contents According to the Trial Administrative Measures of Overseas Securities Offerings and Listings by Domestic Companies issued by the CSRC on February 17, 2023 and the five supporting guidelines, domestic companies in the PRC that directly or indirectly offer or list their securities in an overseas market are required to file with the CSRC.
For so long as we remain a controlled company under that definition, we are permitted to elect to rely, and will rely, on certain exemptions from corporate governance rules, including: ● an exemption from the rule that our director nominees must be selected or recommended solely by independent directors; and 42 Table of Contents ● an exemption from having a corporate governance and nominating committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities.
For so long as we remain a controlled company under that definition, we are permitted to elect to rely, and will rely, on certain exemptions from corporate governance rules, including: ● an exemption from the rule that our director nominees must be selected or recommended solely by independent directors; and ● an exemption from having a corporate governance and nominating committee that is composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities.
If market condition changes or we misjudged future demand, however, we may incur high costs and expenses relative to our return, which could negatively affect our operating results. In addition, copyright content is costly and the competition for it is fierce.
If market condition changes or we misjudged future demand for features, products and content, however, we may incur high costs and expenses relative to our return, which could negatively affect our operating results. In addition, copyright content is costly and the competition for it is fierce.
The State Administration of Taxation has issued several rules and notices to tighten the scrutiny over acquisition transactions in recent years, including the Notice on Certain Corporate Income Tax Matters Related to Indirect Transfer of Properties by Non-PRC Resident Enterprises issued in February 2015.
The State Administration of Taxation has issued several rules and notices to tighten the scrutiny over acquisition transactions, including the Notice on Certain Corporate Income Tax Matters Related to Indirect Transfer of Properties by Non-PRC Resident Enterprises issued in February 2015.
As a result, any severe or prolonged slowdown in the global or Chinese economy may materially and adversely affect our business, results of operations and financial condition. 39 Table of Contents We face risks related to health epidemics and natural disasters.
As a result, any severe or prolonged slowdown in the global or Chinese economy may materially and adversely affect our business, results of operations and financial condition. 41 Table of Contents We face risks related to health epidemics and natural disasters.
We generate a substantial majority of our revenues from online advertising and marketing services. If we fail to generate sustainable revenue and profit through our advertising and marketing services, our result of operations could be materially and adversely affected. We started to generate revenues in 2012 through advertising and marketing services, and to a less extent also through value-added services.
We generate a substantial majority of our revenues from online advertising and marketing services. If we fail to generate sustainable revenue and profit through our advertising and marketing services, our result of operations could be materially and adversely affected. We started to generate revenues in 2012 through advertising and marketing services, and to a lesser extent also through value-added services.
Holders of our ordinary shares are not subject to this discretionary proxy. 73 Table of Contents You may not receive dividends or other distributions on our ordinary shares and you may not receive any value for them, if it is illegal or impractical to make them available to you.
Holders of our ordinary shares are not subject to this discretionary proxy. 77 Table of Contents You may not receive dividends or other distributions on our ordinary shares and you may not receive any value for them, if it is illegal or impractical to make them available to you.
The delisting of the ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.” In the event SINA defaults under the facility agreement governing SINA’s loan and the security agent enforces its rights and remedies against the pledge of SINA’s Class B ordinary shares, SINA will no longer be a controlling shareholder of our company.
The delisting of the ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment.” 35 Table of Contents In the event SINA defaults under the facility agreement governing SINA’s loan and the security agent enforces its rights and remedies against the pledge of SINA’s Class B ordinary shares, SINA will no longer be a controlling shareholder of our company.
Risk Factors—Risks Relating to Doing Business in China—Any limitation on the ability of our PRC subsidiaries to make payments to us, or the tax implications of making payments to us, could have a material adverse effect on our ability to conduct our business or our financial condition.” 34 Table of Contents We may need additional capital, and financing may not be available on terms acceptable to us, or at all.
Risk Factors—Risks Relating to Doing Business in China—Any limitation on the ability of our PRC subsidiaries to make payments to us, or the tax implications of making payments to us, could have a material adverse effect on our ability to conduct our business or our financial condition.” We may need additional capital, and financing may not be available on terms acceptable to us, or at all.
These service fees shall be recognized as expenses of the VIEs, with a corresponding amount as service income by our PRC subsidiaries and eliminate in consolidation. For income tax purposes, our PRC subsidiaries and VIEs file income tax returns on a separate company basis.
These service fees shall be recognized as expenses of the VIEs, with a corresponding amount as service income by our PRC subsidiaries and eliminated in consolidation. For income tax purposes, our PRC subsidiaries and VIEs file income tax returns on a separate company basis.
Additional rules became effective in 2006 and amended in 2017 regulating many aspects of commercial cipher code products in detail, including development, production and sales. 50 Table of Contents Because these regulations do not specify what constitutes a cipher code product, we are unsure as to whether or how they apply to us and the encryption software we utilize.
Additional rules became effective in 2006 and amended in 2017 regulating many aspects of commercial cipher code products in detail, including development, production and sales. Because these regulations do not specify what constitutes a cipher code product, we are unsure as to whether or how they apply to us and the encryption software we utilize.
As a result, the ADS holders do not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. We may have conflicts of interest with SINA and, because of SINA’s controlling ownership interest in our company, we may not be able to resolve such conflicts on favorable terms for us.
As a result, the ADS holders do not have the same protection afforded to shareholders of companies that are subject to these corporate governance requirements. 44 Table of Contents We may have conflicts of interest with SINA and, because of SINA’s controlling ownership interest in our company, we may not be able to resolve such conflicts on favorable terms for us.
In addition to intense competition for users and user engagement, we also face significant competition for advertising and marketing spending. A substantial majority of our revenues are currently generated through advertising and marketing services. We compete against online and mobile businesses that offer such services, mainly including Tencent, Bytedance, Baidu, Kuaishou, Xiaohongshu, Bilibili and iQiyi.
In addition to intense competition for users and user engagement, we also face significant competition for advertising and marketing spending. A substantial majority of our revenues are currently generated through advertising and marketing services. We compete against online and mobile businesses that offer such services, mainly including Tencent, Bytedance, Baidu, Kuaishou, Xiaohongshu (also known as RedNote), Bilibili and iQiyi.
Functions that facilitate interactivity with other websites, such as Weibo Connect, which among other things allows users to log in to partner websites using their Weibo identities, could increase the scope of access of hackers to user accounts. 29 Table of Contents Our security measures may also be breached due to employee error, malfeasance or otherwise.
Functions that facilitate interactivity with other websites, such as Weibo Connect, which among other things allows users to log in to partner websites using their Weibo identities, could increase the scope of access of hackers to user accounts. Our security measures may also be breached due to employee error, malfeasance or otherwise.
The facilities agreement governing our 2027 Loans contains certain financial covenants over the ratio of our consolidated net debt to consolidated EBITDA and the ratio of our consolidated EBITDA to consolidated interest expenses. As of December 31, 2023, we were in compliance of these covenants.
The facilities agreement governing our 2027 Loans contains certain financial covenants over the ratio of our consolidated net debt to consolidated EBITDA and the ratio of our consolidated EBITDA to consolidated interest expenses. As of December 31, 2024, we were in compliance of these covenants.
We may encounter difficulties as we establish and expand our operations, product development, sales and marketing, and general and administrative capabilities. We face significant competition for talented employees from other high-growth companies, which include both publicly traded and privately held companies, and we may not be able to hire new employees quickly enough to meet our needs.
We may encounter difficulties as we manage our operations, product development, sales and marketing, and general and administrative capabilities. We face significant competition for talented employees from other high-growth companies, which include both publicly traded and privately held companies, and we may not be able to hire new employees quickly enough to meet our needs.
Furthermore, the PRC anti-monopoly regulators have promulgated new anti-monopoly and competition laws and regulations, including PRC Anti-Monopoly Law, with effect from August 1, 2022, four implementing rules for the new Anti-Monopoly Law, with effect from April 15, 2023, the Supreme People’s Court’s s Interpretation on Several Issues Concerning the Application of the PRC Anti-Unfair Competition Law, with effect from March 20, 2022, and the new merger control filing thresholds promulgated by the State Council, with effect from January 22, 2024, and strengthened the enforcement under these laws and regulations.
Furthermore, the PRC anti-monopoly regulators have promulgated new anti-monopoly and competition laws and regulations, including PRC Anti-Monopoly Law, with effect from August 1, 2022, four implementing rules for the new Anti-Monopoly Law, with effect from April 15, 2023, the Supreme People’s Court’s s Interpretation on Several Issues Concerning the Application of the PRC Anti-Unfair Competition Law, with effect from March 20, 2022, the new merger control filing thresholds promulgated by the State Council, with effect from January 22, 2024, and the Interim Measures on Online Anti-unfair Competition with effect from September 1, 2024, and strengthened the enforcement under these laws and regulations.
As a result, it may be difficult to determine what actions or omissions may be deemed to be violations of applicable laws and regulations in certain circumstances. 55 Table of Contents Weimeng holds an Internet Content Provision License and an Online Culture Operating Permit that are necessary for operating our current business in China.
As a result, it may be difficult to determine what actions or omissions may be deemed to be violations of applicable laws and regulations in certain circumstances. Weimeng holds an Internet Content Provision License and an Online Culture Operating Permit that are necessary for operating our current business in China.
Therefore, we may have to reassess and even record impairment loss if the respective industry prospects deteriorate. 31 Table of Contents New technologies could block our advertisements. Users of personal computers and mobile devices may enable technical measures that could hinder our traffic growth and limit our monetization opportunities.
Therefore, we may have to reassess and even record impairment loss if the respective industry prospects deteriorate. New technologies could block our advertisements. Users of personal computers and mobile devices may enable technical measures that could hinder our traffic growth and limit our monetization opportunities.
Risk Factors—Risks Relating to Our Corporate Structure—Shareholders of the VIEs may have potential conflicts of interest with us, which may affect the performance of the contractual arrangements with the VIEs and their respective shareholders, which may in turn materially and adversely affect our business and financial condition.” 5 Table of Contents Our corporate structure is subject to risks associated with our contractual arrangements with the VIEs.
Risk Factors—Risks Relating to Our Corporate Structure—Shareholders of the VIEs may have potential conflicts of interest with us, which may affect the performance of the contractual arrangements with the VIEs and their respective shareholders, which may in turn materially and adversely affect our business and financial condition.” Our corporate structure is subject to risks associated with our contractual arrangements with the VIEs.
We also compete with internet companies that offer online-to-offline (O2O) service, purchase solutions and other performance-based advertising and marketing services, and digital media tailored to specific vertical, such as Meituan and Autohome. We also compete against traditional media outlets, such as television, radio, print and other offline advertising network, for advertising and marketing budgets.
We also compete with internet companies that offer digital media tailored to specific vertical, such as Autohome, as well as other internet companies that offer online-to-offline service, purchase solutions and other performance-based advertising services. We also compete against traditional media outlets, such as television, radio, print and other offline advertising network, for advertising and marketing budgets.
Any of these risks could be difficult to eliminate or manage, and, if not addressed, could have a negative effect on our business, financial condition and operating results. 35 Table of Contents We may not be able to adequately protect our intellectual property, which could cause us to be less competitive.
Any of these risks could be difficult to eliminate or manage, and, if not addressed, could have a negative effect on our business, financial condition and operating results. We may not be able to adequately protect our intellectual property, which could cause us to be less competitive.
As a result, shareholders who exchange Class A ordinary shares into ADSs, and vice versa, may not achieve the level of economic return the shareholders may anticipate. 75 Table of Contents
As a result, shareholders who exchange Class A ordinary shares into ADSs, and vice versa, may not achieve the level of economic return the shareholders may anticipate. 79 Table of Contents
In the event that our investments and acquisitions are not successful, our financial condition and results of operations may be materially and adversely affected. 32 Table of Contents Our financial results could be adversely affected by our long-term investments. We periodically review our investments in publicly traded companies, privately held companies, and limited partnerships for impairment.
In the event that our investments and acquisitions are not successful, our financial condition and results of operations may be materially and adversely affected. Our financial results could be adversely affected by our long-term investments. We periodically review our investments in publicly traded companies, privately held companies, and limited partnerships for impairment.

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Item 4. Mine Safety Disclosures

Mine Safety Disclosures — required of mining issuers

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Biggest changeOn November 6, 2020, the State Administration for Market Regulation issued the Guidelines on Strengthening Supervision of Online Live Streaming Marketing Activities, pursuant to which a network platform will assume the responsibility and obligation as an e-commerce platform operator according to the E-Commerce Law; provided that this platform provides operators, who sell goods or provide services via internet live streaming, with services such as internet operation place, transaction matchmaking and information publication in order for the transaction parties to independently complete their transaction activities. 106 Table of Contents On November 12, 2020, the National Radio and Television Administration issued the Notice on Strengthening the Management of Online Show Live Streaming and E-commerce Live Streaming, pursuant to which live streaming platforms for online shows are requested to strengthen positive value guidance and enable those tasteful, meaningful, interesting and warm live streaming programs to have good traffic, and to prevent the spread of the trends of wealth flaunting, money worshiping and vulgarity.
Biggest changeIn addition, online live-streaming service providers are required to implement real name verification system for users, intensify administration of online anchors, establish blacklist system for online anchors, optimize the system of watching and censoring livestreamed content for regulatory purposes, and improve measures to better respond to harmful content. 112 Table of Contents On November 6, 2020, the State Administration for Market Regulation issued the Guidelines on Strengthening Supervision of Online Live Streaming Marketing Activities, pursuant to which a network platform will assume the responsibility and obligation as an e-commerce platform operator according to the E-Commerce Law; provided that this platform provides operators, who sell goods or provide services via internet live streaming, with services such as internet operation place, transaction matchmaking and information publication in order for the transaction parties to independently complete their transaction activities.
On May 7, 2022, Cyberspace Administration of China, together with three other authorities, jointly issued the Opinions on Regulating Live Streaming Rewards and Strengthening Minor Protections, which stipulate the requirements for live streaming platforms in respect of strengthening real-name registration, prohibiting minors from virtual gifting and restrictions on providing live streamer services to minors.
On May 7, 2022, the Cyberspace Administration of China, together with three other authorities, jointly issued the Opinions on Regulating Live Streaming Rewards and Strengthening Minor Protections, which stipulate the requirements for live streaming platforms in respect of strengthening real-name registration, prohibiting minors from virtual gifting and restrictions on providing live streamer services to minors.
The cybersecurity review will evaluate the potential impact on national security due to the purchase of network products and services, taking into consideration of the following factors, (i) the risk of any critical information infrastructure being illegally controlled, interfered, or sabotaged after using these products or services, (ii) the harm to the business continuity of any critical information infrastructure caused by the disruption of supply of these products and services, (iii) the security, openness, transparency and variety of sources of these products or services, the reliability of supply channels, as well as risks of supply interruptions due to factors such as politics, diplomacy and trade, and (iv) the risk of any core data, material data or a large amount of personal information being stolen, leaked, damaged illegally used, or illegally transferred abroad. 92 Table of Contents If the Cybersecurity Review Office deems it necessary to conduct a cybersecurity review, it should complete a preliminary review within 30 business days from the issuance of a written notice to the operator, or 45 business days for complicated cases.
The cybersecurity review will evaluate the potential impact on national security due to the purchase of network products and services, taking into consideration of the following factors, (i) the risk of any critical information infrastructure being illegally controlled, interfered, or sabotaged after using these products or services, (ii) the harm to the business continuity of any critical information infrastructure caused by the disruption of supply of these products and services, (iii) the security, openness, transparency and variety of sources of these products or services, the reliability of supply channels, as well as risks of supply interruptions due to factors such as politics, diplomacy and trade, and (iv) the risk of any core data, material data or a large amount of personal information being stolen, leaked, damaged illegally used, or illegally transferred abroad. 97 Table of Contents If the Cybersecurity Review Office deems it necessary to conduct a cybersecurity review, it should complete a preliminary review within 30 business days from the issuance of a written notice to the operator, or 45 business days for complicated cases.
In addition, as a media platform in nature, we also compete with traditional media companies for audiences and content. For value-added services, we mainly offer membership services, online game services, and social commerce solutions to users that enable them to conduct related activities on our platform. Consequently, our value-added service offerings compete with platforms which provide similar services to users.
In addition, as a media platform in nature, we also compete with traditional media companies for audiences and content. For value-added services, we mainly offer membership services, game-related services, and social commerce solutions to users that enable them to conduct related activities on our platform. Consequently, our value-added service offerings compete with platforms which provide similar services to users.
The Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors require that the Ministry of Commerce be notified in advance of any change-of-control transaction in which a foreign investor will take control of a PRC domestic enterprise or a foreign company with substantial PRC operations, if certain thresholds under the Provisions on Thresholds for Prior Notification of Concentrations of Undertakings are triggered. 113 Table of Contents On February 7, 2021, the Anti-Monopoly Commission of the State Council published the Anti-Monopoly Guidelines for the Internet Platform Economy Sector, which reinforces antitrust merger review for internet platform related transactions and clarifies at the first time the filing procedures is applicable to the transactions involving variable interest structures.
The Regulations on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors require that the Ministry of Commerce be notified in advance of any change-of-control transaction in which a foreign investor will take control of a PRC domestic enterprise or a foreign company with substantial PRC operations, if certain thresholds under the Provisions on Thresholds for Prior Notification of Concentrations of Undertakings are triggered. 119 Table of Contents On February 7, 2021, the Anti-Monopoly Commission of the State Council published the Anti-Monopoly Guidelines for the Internet Platform Economy Sector, which reinforces antitrust merger review for internet platform related transactions and clarifies at the first time the filing procedures is applicable to the transactions involving variable interest structures.
The purpose of both the former procedures and the new notice is to regulate the foreign exchange administration of PRC resident individuals who participate in employee stock holding plans or share option plans of overseas listed companies. 112 Table of Contents Under these rules, for PRC resident individuals who participate in stock incentive plans of overseas publicly listed companies, which includes employee stock ownership plans, stock option plans and other incentive plans permitted by the laws and regulations, a PRC domestic qualified agent or the PRC subsidiary of such overseas listed company must file on behalf of such resident an application with SAFE or its local counterpart to obtain approval for an annual allowance with respect to the purchase of foreign exchange in connection with the stock holding or exercise of share options, as PRC residents may not directly use overseas funds to purchase shares or exercise share options.
The purpose of both the former procedures and the new notice is to regulate the foreign exchange administration of PRC resident individuals who participate in employee stock holding plans or share option plans of overseas listed companies. 118 Table of Contents Under these rules, for PRC resident individuals who participate in stock incentive plans of overseas publicly listed companies, which includes employee stock ownership plans, stock option plans and other incentive plans permitted by the laws and regulations, a PRC domestic qualified agent or the PRC subsidiary of such overseas listed company must file on behalf of such resident an application with SAFE or its local counterpart to obtain approval for an annual allowance with respect to the purchase of foreign exchange in connection with the stock holding or exercise of share options, as PRC residents may not directly use overseas funds to purchase shares or exercise share options.
Risk Factors—Risks Relating to Doing Business in China—Regulation and censorship of information disseminated over the internet in China may adversely affect our business and subject us to liability for information displayed on Weibo.” 94 Table of Contents Regulations on Algorithm Recommendations and Generative AI On February 7, 2021, the Anti-Monopoly Commission of the State Council published the Anti-Monopoly Guidelines for the Internet Platform Economy Sector, which stipulates that online platform operators who use technological advantages, such as data and algorithms, to eliminate or restrict competition or impose price restrictions or exclusivity requirements on users may be deemed as committing an abuse of dominant market position.
Risk Factors—Risks Relating to Doing Business in China—Regulation and censorship of information disseminated over the internet in China may adversely affect our business and subject us to liability for information displayed on Weibo.” 99 Table of Contents Regulations on Algorithm Recommendations and Generative AI On February 7, 2021, the Anti-Monopoly Commission of the State Council published the Anti-Monopoly Guidelines for the Internet Platform Economy Sector, which stipulates that online platform operators who use technological advantages, such as data and algorithms, to eliminate or restrict competition or impose price restrictions or exclusivity requirements on users may be deemed as committing an abuse of dominant market position.
We believe Weibo Technology, our wholly owned PRC subsidiary, still controls and is the primary beneficiary of Weimeng (for accounting purpose only) as it continues to have a controlling financial interest in Weimeng pursuant to ASC 810-10-25-38A after the issuance of such 1% equity interests. 117 Table of Contents Although we have been advised by our PRC counsel, Kewei Law Firm, that our arrangements with Weimeng are not in conflict with current PRC laws and regulations, we cannot assure you that we will not be required to restructure our organization and operations in China to comply with the changing and new PRC laws and regulations.
We believe Weibo Technology, our wholly owned PRC subsidiary, still controls and is the primary beneficiary of Weimeng (for accounting purpose only) as it continues to have a controlling financial interest in Weimeng pursuant to ASC 810-10-25-38A after the issuance of such 1% equity interests. 123 Table of Contents Although we have been advised by our PRC counsel, Kewei Law Firm, that our arrangements with Weimeng are not in conflict with current PRC laws and regulations, we cannot assure you that we will not be required to restructure our organization and operations in China to comply with the changing and new PRC laws and regulations.
Additionally, the Trial Administrative Measures of Overseas Securities Offerings and Listings by Domestic Companies impose certain compliance requirements for issuers, such as compliance with national security laws, regulations and provisions on foreign investment, cyber security and data security, and address that security review procedures, if involved, shall be carried out in accordance with the laws prior to submitting the application for overseas offering and listing. 114 Table of Contents Complying with these requirements could affect our ability to expand our business or maintain our market share.
Additionally, the Trial Administrative Measures of Overseas Securities Offerings and Listings by Domestic Companies impose certain compliance requirements for issuers, such as compliance with national security laws, regulations and provisions on foreign investment, cyber security and data security, and address that security review procedures, if involved, shall be carried out in accordance with the laws prior to submitting the application for overseas offering and listing. 120 Table of Contents Complying with these requirements could affect our ability to expand our business or maintain our market share.
In December 2022, Weibo Hong Kong Limited, our wholly owned subsidiary, entered into an agreement to acquire from SINA Hong Kong Limited, a wholly owned subsidiary of SINA Corporation, the entire equity interest in Sina.com Technology (China) Co., Ltd., the owner of SINA Plaza in Beijing, China, for an aggregate consideration of approximately RMB1.5 billion. 76 Table of Contents SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC on www.sec.gov.
In December 2022, Weibo Hong Kong Limited, our wholly owned subsidiary, entered into an agreement to acquire from SINA Hong Kong Limited, a wholly owned subsidiary of SINA Corporation, the entire equity interest in Sina.com Technology (China) Co., Ltd., the owner of SINA Plaza in Beijing, China, for an aggregate consideration of approximately RMB1.5 billion. 80 Table of Contents SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC on www.sec.gov.
Conversion of RMB for capital account items, such as direct investment, loans, securities investment and repatriation of investment, however, is subject to the approval of SAFE or its local counterparts. 111 Table of Contents Under the 1996 Administration Rules of the Settlement, Sale and Payment of Foreign Exchange, foreign-invested enterprises may only buy, sell and/or remit foreign currencies at banks authorized to conduct foreign exchange business after providing valid commercial documents and, in the case of capital account item transactions, obtaining approval from SAFE or its local counterparts.
Conversion of RMB for capital account items, such as direct investment, loans, securities investment and repatriation of investment, however, is subject to the approval of SAFE or its local counterparts. 117 Table of Contents Under the 1996 Administration Rules of the Settlement, Sale and Payment of Foreign Exchange, foreign-invested enterprises may only buy, sell and/or remit foreign currencies at banks authorized to conduct foreign exchange business after providing valid commercial documents and, in the case of capital account item transactions, obtaining approval from SAFE or its local counterparts.
In addition to diversifying content formats, Weibo also plans to attract more users by further enriching its vertical content ecosystem, which is expected to fulfill the diverse interests and consumption needs of Weibo’s user community. 77 Table of Contents Weibo serves a wide range of users including ordinary people, celebrities, key opinion leaders, and other public figures or influencers, as well as media outlets, businesses, government agencies, charities, and other organizations.
In addition to diversifying content formats, Weibo also plans to attract more users by further enriching its vertical content ecosystem, which is expected to fulfill the diverse interests and consumption needs of Weibo’s user community. 81 Table of Contents Weibo serves a wide range of users including ordinary people, celebrities, key opinion leaders, and other public figures or influencers, as well as media outlets, businesses, government agencies, charities, and other organizations.
Promoted searches usually appear as the default keyword or topic in the search bar when triggered by users’ search behaviors of certain sponsored keyword or topic. 80 Table of Contents Products for Platform Partners We seek to provide our platform partners with abundant tools and services, which improves Weibo’s content ecosystem with more diverse and high quality content, increases user engagement, enhances user experience, expands user scale and strengthens platform influence.
Promoted searches usually appear as the default keyword or topic in the search bar when triggered by users’ search behaviors of certain sponsored keyword or topic. 84 Table of Contents Products for Platform Partners We seek to provide our platform partners with abundant tools and services, which improves Weibo’s content ecosystem with more diverse and high quality content, increases user engagement, enhances user experience, expands user scale and strengthens platform influence.
With the growth rate of the overall size of the internet community slowing down, the industry is evolving rapidly while witnessing rising competition for traffic and user time. 81 Table of Contents We are a media platform in nature, and major Chinese internet companies, such as Tencent and Bytedance, that provide online media, including content aggregation and distribution services, compete directly with us for user traffic and user engagement, content, talent and marketing resources.
With the growth rate of the overall size of the internet community slowing down, the industry is evolving rapidly while witnessing rising competition for traffic and user time. 85 Table of Contents We are a media platform in nature, and major Chinese internet companies, such as Tencent and Bytedance, that provide online media, including content aggregation and distribution services, compete directly with us for user traffic and user engagement, content, talent and marketing resources.
Our consolidated affiliated Chinese entities hold the licenses and assets that are important to our business operations including the Internet Content Provision License, the Online Culture Operating Permit and domain names held by Weimeng and our investments held by Weimeng Chuangke. 115 Table of Contents The capital investments in both Weimeng and Weimeng Chuangke were funded through Weibo Technology and recorded as interest-free loans to the respective shareholders of Weimeng and Weimeng Chuangke.
Our consolidated affiliated Chinese entities hold the licenses and assets that are important to our business operations including the Internet Content Provision License, the Online Culture Operating Permit and domain names held by Weimeng and our investments held by Weimeng Chuangke. 121 Table of Contents The capital investments in both Weimeng and Weimeng Chuangke were funded through Weibo Technology and recorded as interest-free loans to the respective shareholders of Weimeng and Weimeng Chuangke.
Risk Factors—Risks Relating to Our Business—We may face certain risks related to financial products available on our Weibo wallet.” 101 Table of Contents Regulations on Online Game Operations and Cultural Products Online Cultural Products The Provisional Regulations for the Administration of Online Culture, issued by the Ministry of Culture in 2003 and further revised in 2004, 2011 and 2017, apply to entities engaging in activities related to “internet cultural products,” which include cultural products that are produced specifically for internet use, such as online music and entertainment, online games, online plays, online performances, online works of art and Web animation, and other online cultural products that through technical means, produce or reproduce music, entertainment, games, plays and other art works for internet dissemination.
Risk Factors—Risks Relating to Our Business—We may face certain risks related to financial products available on our Weibo wallet.” Regulations on Online Game Operations and Cultural Products Online Cultural Products The Provisional Regulations for the Administration of Online Culture, issued by the Ministry of Culture in 2003 and further revised in 2004, 2011 and 2017, apply to entities engaging in activities related to “internet cultural products,” which include cultural products that are produced specifically for internet use, such as online music and entertainment, online games, online plays, online performances, online works of art and Web animation, and other online cultural products that through technical means, produce or reproduce music, entertainment, games, plays and other art works for internet dissemination.
Risk Factors—Risks Relating to Our Corporate Structure—If the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply with PRC regulations on foreign investment in internet and other related businesses, or if these regulations or their interpretation change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations.” Regulations on Internet Content Services National security considerations are an important factor in the regulation of internet content in China.
Risk Factors—Risks Relating to Our Corporate Structure—If the PRC government determines that the contractual arrangements constituting part of the VIE structure do not comply with PRC regulations on foreign investment in internet and other related businesses, or if these regulations or their interpretation change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations.” 93 Table of Contents Regulations on Internet Content Services National security considerations are an important factor in the regulation of internet content in China.
The authorizations are irrevocable and will not expire until Weimeng dissolves. 116 Table of Contents Share Pledge Agreements Each shareholder of Weimeng has pledged all of his shares in Weimeng and all other rights relevant to his rights in those shares to Weibo Technology as security for his obligations to pay off all debts to Weibo Technology under the loan agreement.
The authorizations are irrevocable and will not expire until Weimeng dissolves. 122 Table of Contents Share Pledge Agreements Each shareholder of Weimeng has pledged all of his shares in Weimeng and all other rights relevant to his rights in those shares to Weibo Technology as security for his obligations to pay off all debts to Weibo Technology under the loan agreement.
A post is usually composed of text, and can include rich, descriptive and vivid content such as photos, short videos, live streaming and long-form articles. 78 Table of Contents ● Individual Page. Each individual user has an Individual Page to express and share ideas, opinions and stories in the form of text and multimedia content.
A post is usually composed of text, and can include rich, descriptive and vivid content such as photos, short videos, live streaming and long-form articles. 82 Table of Contents ● Individual Page. Each individual user has an Individual Page to express and share ideas, opinions and stories in the form of text and multimedia content.
Super Topic is a community product to aggregate content around an influencer or a particular interest for users to follow. Users can join a Super Topic to access curated content, interact with users who share similar interests and participate in topic discussion. 79 Table of Contents ● @Mention.
Super Topic is a community product to aggregate content around an influencer or a particular interest for users to follow. Users can join a Super Topic to access curated content, interact with users who share similar interests and participate in topic discussion. 83 Table of Contents ● @Mention.
We have signed an agreement with SINA relating to these sales and marketing services. See “Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions—Our Relationship with SINA—Sales and Marketing Services Agreement” We will continue to offer integrated solutions to customers with both SINA’s and our advertising and marketing solutions.
We have signed an agreement with SINA relating to these sales and marketing services. See “Item 7. Major Shareholders and Related Party Transactions—B. Related Party Transactions—Our Relationship with SINA—Sales and Marketing Services Agreement.” We will continue to offer integrated solutions to customers with both SINA’s and our advertising and marketing solutions.
Our platform is built on technologies that can process and analyze bulk data generated by millions of users instantaneously. 82 Table of Contents Artificial Intelligence (AI). We have in-house designed a SIG recommendation engine.
Our platform is built on technologies that can process and analyze bulk data generated by millions of users instantaneously. 86 Table of Contents Artificial Intelligence (AI). We have in-house designed a SIG recommendation engine.
In addition, Weimeng also holds an inter-regional Value-Added Telecommunications Services Operating License for provision of value-added telecommunication services nationwide. 87 Table of Contents Regulations on Corporate Governance and Foreign Ownership in Value-Added Telecommunications Services The establishment, operation, and management of companies in China are governed by the PRC Company Law, as last amended on December 20, 2023 and effective on July 1, 2024.
In addition, Weimeng also holds an inter-regional Value-Added Telecommunications Services Operating License for provision of value-added telecommunication services nationwide. Regulations on Corporate Governance and Foreign Ownership in Value-Added Telecommunications Services The establishment, operation, and management of companies in China are governed by the PRC Company Law, as last amended on December 20, 2023 and effective on July 1, 2024.
As of the date of this annual report, the draft has not been formally adopted. 104 Table of Contents On September 20, 2023, the State Council promulgated the Regulation on the Protection of Minors in Cyberspace, effective on January 1, 2024.
As of the date of this annual report, the draft has not been formally adopted. 110 Table of Contents On September 20, 2023, the State Council promulgated the Regulation on the Protection of Minors in Cyberspace, effective on January 1, 2024.
As a leading social media platform, we partner with media, enterprises, government, and non-profit organizations to encourage individuals to participate in green projects, making us a strong advocate for the green philosophy. 84 Table of Contents Intellectual Property We rely on a combination of patent, copyright, trademark and trade secret laws and restrictions on disclosure to protect our intellectual property rights.
As a leading social media platform, we partner with media, enterprises, government, and non-profit organizations to encourage individuals to participate in green projects, making us a strong advocate for the green philosophy. Intellectual Property We rely on a combination of patent, copyright, trademark and trade secret laws and restrictions on disclosure to protect our intellectual property rights.
As to penalties, in very broad terms, the order states that violators may face warnings, fines, and disclosure to the public and, in most severe cases, criminal liability. On November 7, 2016, the Standing Committee of the National People’s Congress issued the Cyber Security Law, which came into effect on June 1, 2017.
As to penalties, in very broad terms, the order states that violators may face warnings, fines, and disclosure to the public and, in most severe cases, criminal liability. 101 Table of Contents On November 7, 2016, the Standing Committee of the National People’s Congress issued the Cyber Security Law, which came into effect on June 1, 2017.
Risk Factors—Risks Relating to Our Business—Our use of artificial intelligence (AI) or other emerging technologies could adversely impact our business and financial results.” Regulations on Internet Security In recent years, PRC government authorities have enacted legislation on internet use to protect personal information from any unauthorized disclosure.
Risk Factors—Risks Relating to Our Business—Our use of artificial intelligence (AI) or other emerging technologies could adversely impact our business and financial results.” 100 Table of Contents Regulations on Internet Security In recent years, PRC government authorities have enacted legislation on internet use to protect personal information from any unauthorized disclosure.
Due to its control over Weimeng, Weibo Technology has the right to determine the service fee to be charged to Weimeng under these agreements by considering the technical complexity of the services, the actual cost that may be incurred for providing such services, the operations of Weimeng, applicable tax rates, planned capital expenditure and business strategies.
Due to its control over Weimeng, Weibo Technology has the right to determine the service fee to be charged to Weimeng under these agreements by considering, among other things, the technical complexity of the services, the actual cost that may be incurred for providing such services, the operations of Weimeng, applicable tax rates, planned capital expenditure and business strategies.
However, the laws and regulations on internet music products are still evolving, and there have not been any provisions stipulating whether or how music videos will be regulated by these suggestions. On August 18, 2009, the Ministry of Culture promulgated the Notice on Strengthening and Improving the Content Review of Online Music.
However, the laws and regulations on internet music products are still evolving, and there have not been any provisions stipulating whether or how music videos will be regulated by these suggestions. 113 Table of Contents On August 18, 2009, the Ministry of Culture promulgated the Notice on Strengthening and Improving the Content Review of Online Music.
Violation of these regulations may result in penalties, including fines, confiscation of the advertising incomes, termination of advertising operations and even suspension of the provider’s business license. 86 Table of Contents On July 4, 2016, the State Administration for Industry and Commerce issued the Interim Measures for the Administration of Internet Advertising, which became effective on September 1, 2016.
Violation of these regulations may result in penalties, including fines, confiscation of the advertising incomes, termination of advertising operations and even suspension of the provider’s business license. On July 4, 2016, the State Administration for Industry and Commerce issued the Interim Measures for the Administration of Internet Advertising, which became effective on September 1, 2016.
The third party minority stake holder is not a party to the contractual arrangements that are currently in effect among Weimeng, Weibo Technology and Weimeng’s other shareholders.
The third-party minority stake holder is not a party to the contractual arrangements mentioned above that are currently in effect among Weimeng, Weibo Technology and Weimeng’s other shareholders.
According to the Law of the PRC on the Protection of Minors (2020 Revision), which took effect on June 1, 2021, live streaming service providers are not allowed to provide minors under age 16 with online live streaming publisher account registration service, and must obtain the consent from parents or guardians and verify the identity of the minors before allowing minors aged 16 or above to register live streaming publisher accounts.
According to the Law of the PRC on the Protection of Minors (2020 Revision), which took effect on June 1, 2021 and amended in April 2024, live streaming service providers are not allowed to provide minors under age 16 with online live streaming publisher account registration service, and must obtain the consent from parents or guardians and verify the identity of the minors before allowing minors aged 16 or above to register live streaming publisher accounts.
Local financial regulatory authorities may, in light of regulatory needs, lower the maximum balance of the aforesaid loans. On December 29, 2020, the Reply by Supreme People’s Court to Issues Concerning the Scope of Application of the New Judicial Interpretation on Private Lending was issued.
Local financial regulatory authorities may, in light of regulatory needs, lower the maximum balance of the aforesaid loans. 106 Table of Contents On December 29, 2020, the Reply by Supreme People’s Court to Issues Concerning the Scope of Application of the New Judicial Interpretation on Private Lending was issued.
We have completed registration of equity pledges with the office of the administration for industry and commerce in accordance with the PRC Civil Code. Exclusive Technical Services Agreement, Exclusive Sales Agency Agreement and Trademark License Agreement Weimeng has entered into an exclusive technical services agreement, an exclusive sales agency agreement and a trademark license agreement with Weibo Technology.
Weimeng has completed registration of equity pledges with the relevant office of the administration for industry and commerce in accordance with the PRC Civil Code. Exclusive Technical Services Agreement, Exclusive Sales Agency Agreement and Trademark License Agreement Weimeng has entered into an exclusive technical services agreement, an exclusive sales agency agreement and a trademark license agreement with Weibo Technology.
Any of these measures may result in adverse tax consequences to us and adversely affect our results of operations. D. Property, Plants and Equipment Our headquarters and our principal product development facilities are located in Beijing. As of December 31, 2023, we have leased approximately 34,000 square meters of office space mainly in Beijing, Shanghai and Zhengzhou.
Any of these measures may result in adverse tax consequences to us and adversely affect our results of operations. D. Property, Plants and Equipment Our headquarters and our principal product development facilities are located in Beijing. As of December 31, 2024, we have leased approximately 33,000 square meters of office space mainly in Beijing, Shanghai and Zhengzhou.
The amended Copyright Law also requires registration of a copyright pledge. According to the Copyright Law, an infringer will be subject to various civil liabilities, which include stopping the infringement, eliminating the damages, apologizing to the copyright owners and compensating the losses of copyright owners.
The amended Copyright Law also requires registration of a copyright pledge. 115 Table of Contents According to the Copyright Law, an infringer will be subject to various civil liabilities, which include stopping the infringement, eliminating the damages, apologizing to the copyright owners and compensating the losses of copyright owners.
Key Information—D. Risk Factors—D. Risks Relating to Our Business—We may be subject to intellectual property infringement claims or other allegations by third parties, which may materially and adversely affect our business, financial condition and prospects.” Seasonality Weibo has experienced seasonality in its online advertising business.
Key Information—D. Risk Factors—D. Risks Relating to Our Business—We may be subject to intellectual property infringement claims or other allegations by third parties, which may materially and adversely affect our business, financial condition and prospects.” 89 Table of Contents Seasonality Weibo has experienced seasonality in its online advertising business.
These service provides are required to submit security assessment reports to the local cybersecurity authorities and public security bureau via the National Internet Security Management Service Platform. Regulations on Advertisements The PRC government regulates advertising, including online advertising, principally through the State Administration for Market Regulation, formerly the State Administration for Industry and Commerce.
These service provides are required to submit security assessment reports to the local cybersecurity authorities and public security bureau via the National Internet Security Management Service Platform. 90 Table of Contents Regulations on Advertisements The PRC government regulates advertising, including online advertising, principally through the State Administration for Market Regulation, formerly the State Administration for Industry and Commerce.
A third-party user must obtain consent or a proper license from the patent owner to use the patent. Otherwise, the use constitutes an infringement of patent rights. We have registered 313 patents and applied for 75 patents with the PRC State Intellectual Property Office as of December 31, 2023. Copyright.
A third-party user must obtain consent or a proper license from the patent owner to use the patent. Otherwise, the use constitutes an infringement of patent rights. We have registered 313 patents and applied for 59 patents with the PRC State Intellectual Property Office as of December 31, 2024. Copyright.
According to the Special Administrative Measures for Access of Foreign Investment (Negative List) (2021) effective on January 1, 2022, the ultimate foreign equity ownership of a value-added telecommunications service (other than e-commerce, domestic multi-party communications, storage-forwarding and call centers) provider in the PRC may not exceed 50%.
According to the Special Administrative Measures for Access of Foreign Investment (Negative List) (2024) effective on November 1, 2024, the ultimate foreign equity ownership of a value-added telecommunications service (other than e-commerce, domestic multi-party communications, storage-forwarding and call centers) provider in the PRC may not exceed 50%.
Net revenues from VIEs and VIEs’ subsidiaries accounted for 80.7%, 83.9% and 87.0% of our net revenues for the years ended December 31, 2021, 2022 and 2023. The contractual arrangements currently in force in relation to Weimeng were first established on October 11, 2010 and certain agreements were subsequently entered into on January 19, 2018.
Net revenues from VIEs and VIEs’ subsidiaries accounted for 83.9%, 87.0% and 86.2% of our net revenues for the years ended December 31, 2022, 2023 and 2024. The contractual arrangements currently in force in relation to Weimeng were first established on October 11, 2010 and certain agreements were subsequently entered into on January 19, 2018.
In compliance with, and in order to take advantage of, the above rules, we have registered 623 software copyrights as of December 31, 2023. 110 Table of Contents Trademark. The Trademark Law, adopted in 1982 and revised in 1993, 2001, 2013 and 2019, protects registered trademarks. The Trademark Law has adopted a “first-to-file” principle with respect to trademark registration.
In compliance with, and in order to take advantage of, the above rules, we have registered 685 software copyrights as of December 31, 2024. 116 Table of Contents Trademark. The Trademark Law, adopted in 1982 and revised in 1993, 2001, 2013 and 2019, protects registered trademarks. The Trademark Law has adopted a “first-to-file” principle with respect to trademark registration.
These services mainly include (i) messengers and other social apps and sites, such as Weixin/WeChat and QQ Mobile; (ii) multimedia apps (such as photo, video and live streaming), such as Douyin/TikTok, Kuaishou, Bilibili, Xiaohongshu, iQiyi, Tencent Video, Youku and Xigua Video; and (iii) news apps and sites operated by other major internet companies, including Tencent, Bytedance and NetEase.
These services mainly include (i) messengers and other social apps and sites, such as Weixin/WeChat; (ii) multimedia apps (such as photo, video and live streaming apps), such as Douyin/TikTok, Kuaishou, Bilibili, Xiaohongshu (also known as RedNote), iQiyi, Tencent Video, Youku and Xigua Video; and (iii) news apps and sites operated by other major internet companies, including Tencent and Bytedance.
Leveraging its early-mover advantage and its accumulated know-how and insights in the social media industry, Weibo has amassed a large user base in China and in Chinese communities in more than 190 countries around the world. We had 598 million MAUs and 257 million average DAUs in December 2023.
Leveraging its early-mover advantage and its accumulated know-how and insights in the social media industry, Weibo has amassed a large user base in China and in Chinese communities in more than 190 countries around the world. We had 590 million MAUs and 260 million average DAUs in December 2024.
As of December 31, 2023, we have registered 313 patents and applied for an additional 75 patents with the PRC State Intellectual Property Office. As of December 31, 2023, we have registered 623 software copyrights with the PRC National Copyright Administration. We have also registered domain names, including weibo.com, weibo.cn and weibo.com.cn.
As of December 31, 2024, we have registered 313 patents and applied for an additional 59 patents with the PRC State Intellectual Property Office. As of December 31, 2024, we have registered 685 software copyrights with the PRC National Copyright Administration. We have also registered domain names, including weibo.com, weibo.cn and weibo.com.cn.
When a user clicks on a promoted trend, be will be redirected to the sponsor’s landing page.
When a user clicks on a promoted trend, he or she will be redirected to the sponsor’s landing page.
Weibo Technology recognized service fees from all the VIEs in the amount of US$1,026.2 million, US$745.1 million and US$714.8 million for the years ended December 31, 2021, 2022 and 2023 in consideration for services provided to the VIEs.
Weibo Technology recognized service fees from all the VIEs in the amount of US$745.1 million, US$714.8 million and US$712.4 million for the years ended December 31, 2022, 2023 and 2024 in consideration for services provided to the VIEs.
Law of the PRC on the Protection of Minors (2020 Revision) added a new section entitled “Online Protections” which stipulates a series of provisions to further protect minors’ interests on the internet, including (i) online product and service providers are prohibited from providing minors with products and services that would induce minors to indulge, (ii) online service providers for products and services such as gaming, live streaming, audio-video, and social networking are required to establish special management systems of user duration, access authority and consumption for minors, (iii) online gaming service providers must request minors to register and log into online games with their valid identity information, (iv) online gaming service providers must categorize games according to the PRC rules and standards, notify users about the appropriate ages for the players of the games, and take technical measures to keep minors from accessing inappropriate games or gaming functions, and (v) online gaming service providers may not provide online game services to minors from 10:00 p.m. to 8:00 a.m. the next day.
On April 26, 2024, the Standing Committee of the National People’s Congress promulgated the further revised Law of the PRC on the Protection of Minors, which includes a series of provisions to protect minors’ interests on the internet under the section “Online Protections,” including (i) online product and service providers are prohibited from providing minors with products and services that would induce minors to indulge, (ii) online service providers for products and services such as gaming, live streaming, audio-video, and social networking are required to establish special management systems of user duration, access authority and consumption for minors, (iii) online gaming service providers must request minors to register and log into online games with their valid identity information, (iv) online gaming service providers must categorize games according to the PRC rules and standards, notify users about the appropriate ages for the players of the games, and take technical measures to keep minors from accessing inappropriate games or gaming functions, and (v) online gaming service providers may not provide online game services to minors from 10:00 p.m. to 8:00 a.m. the next day.
For instance, as a part of the data center site selection process, we integrate the energy efficiency levels of suppliers into selection criteria. We have also been implementing strategies and technologies to conserve energy and improve energy efficiency during the operations of data centers.
We track the carbon footprints of our daily operations and procurement processes. For instance, as a part of the data center site selection process, we integrate the energy efficiency levels of suppliers into selection criteria. We have also been implementing strategies and technologies to conserve energy and improve energy efficiency during the operations of data centers.
Weimeng is currently owned by four PRC employees of our company or SINA, Y. Liu, W. Wang, W. Zheng and Z. Cao, and a third-party minority stake holder, WangTouTongDa (Beijing) Technology Co., Ltd. Weimeng holds an Internet Content Provision License and an Online Culture Operating License.
To comply with these PRC regulations, we operate our platform through Weimeng. Weimeng is currently owned by four PRC employees of our company or SINA, Y. Liu, W. Wang, W. Zheng and Z. Cao, and a third-party minority stake holder, WangTouTongDa (Beijing) Technology Co., Ltd. Weimeng holds an Internet Content Provision License and an Online Culture Operating License.
Risk Factors—Risks Relating to Our Corporate Structure.” We rely principally on dividends and other distributions from Weibo Technology for our cash needs, including the funds necessary to pay dividends to our shareholders or service any debt we may incur.
Information on the Company—C. Organizational Structure” and “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Corporate Structure.” We rely principally on dividends and other distributions from Weibo Technology for our cash needs, including the funds necessary to pay dividends to our shareholders or service any debt we may incur.
Furthermore, on August 31, 2022, the Cyberspace Administration of China promulgated the Guidelines for filing the Outbound Data Transfer Security Assessment (Version 1), which provides that acts of outbound data transfer include (i) overseas transmission and storage by data processors of data generated during mainland China domestic operations; (ii) the access to, use, download or export of the data collected and generated by data processors and stored in mainland China by overseas institutions, organizations or individuals; and (iii) other acts as specified by the Cyberspace Administration of China. 97 Table of Contents On February 22, 2023, the Cyberspace Administration of China promulgated the Personal Information Outbound Transfer Standard Contract Measures, with effect from June 1, 2023.
Furthermore, on August 31, 2022, the Cyberspace Administration of China promulgated the Guidelines for filing the Outbound Data Transfer Security Assessment (Version 1), which provides that acts of outbound data transfer include (i) overseas transmission and storage by data processors of data generated during mainland China domestic operations; (ii) the access to, use, download or export of the data collected and generated by data processors and stored in mainland China by overseas institutions, organizations or individuals; and (iii) other acts as specified by the Cyberspace Administration of China.
As of December 31, 2023, the total amount of interest-free loans to the shareholders of Weimeng was RMB555.0 million (US$78.0 million) and to the shareholders of Weimeng Chuangke was RMB30.0 million (US$4.2 million).
As of December 31, 2024, the total amount of interest-free loans to the shareholders of Weimeng was RMB555.0 million (US$76.0 million) and to the shareholders of Weimeng Chuangke was RMB30.0 million (US$4.1 million).
Major Shareholders and Related Party Transactions—B. Related Party Transactions—Our Relationship with SINA.” Item 4A. Unresolved Staff Comments None. ​
Related Party Transactions—Our Relationship with SINA.” Item 4A. Unresolved Staff Comments None. ​
The Notice of the Ministry of Industry and Information Technology on Intensifying the Administration of Foreign Investment in Value-added Telecommunications Services, issued in 2006, prohibits domestic telecommunications services providers from leasing, transferring or selling telecommunications business operating licenses to any foreign investor in any form, or providing any resources, sites or facilities to any foreign investor for their illegal operation of a telecommunications business in China.
Accordingly, we currently do not plan to acquire any equity interest in Weimeng. 92 Table of Contents The Notice of the Ministry of Industry and Information Technology on Intensifying the Administration of Foreign Investment in Value-added Telecommunications Services, issued in 2006, prohibits domestic telecommunications services providers from leasing, transferring or selling telecommunications business operating licenses to any foreign investor in any form, or providing any resources, sites or facilities to any foreign investor for their illegal operation of a telecommunications business in China.
Also, the Cyber Security Law imposes breach notification requirements that will apply to breaches involving personal information. 96 Table of Contents On January 23, 2019, the Cyberspace Administration of China, the Ministry of Industry and Information Technology, and the Ministry of Public Security, and the State Administration for Market Regulation jointly issued the Notice on Special Governance of Illegal Collection and Use of Personal Information via Apps, which restates the requirement of legal collection and use of personal information, encourages APP operators to conduct security certifications, and encourages search engines and APP stores to clearly mark and recommend those certified APPs.
On January 23, 2019, the Cyberspace Administration of China, the Ministry of Industry and Information Technology, and the Ministry of Public Security, and the State Administration for Market Regulation jointly issued the Notice on Special Governance of Illegal Collection and Use of Personal Information via Apps, which restates the requirement of legal collection and use of personal information, encourages APP operators to conduct security certifications, and encourages search engines and APP stores to clearly mark and recommend those certified APPs.
Online platforms shall procure that, during the peak hours (from 8.00 p.m. to 10.00 p.m.) every day, no live streaming performer shall engage in “PKs” (i.e., a real-time interactive competitive game between two performers) against another performer for more than twice. Weimeng has been communicating with the government authority for the application of an internet publishing permit.
Online platforms shall procure that, during the peak hours (from 8.00 p.m. to 10.00 p.m.) every day, no live streaming performer shall engage in “PKs” (i.e., a real-time interactive competitive game between two performers) against another performer for more than twice.
As of the date of this annual report, these draft measures have not been formally adopted.
As of the date of this annual report, the draft has not been formally adopted.
The VIE agreements with Weimeng Chuangke are substantially the same as those described below: Loan Agreements Weibo Technology has granted interest-free loans to the shareholders of Weimeng with the sole purpose of providing funds necessary for those shareholders to make capital injections to Weimeng.
The VIE agreements with Weimeng Chuangke are substantially the same as those described below: Loan Agreements Weibo Technology has granted interest-free loans to the shareholders of Weimeng, who are PRC employees of either our group or SINA, but not the controlling shareholders of SINA, with the sole purpose of providing funds necessary for those shareholders to make capital injections to Weimeng.
However, the Administrative Measures on Internet Information Services prohibit an internet content provision operator from insulting or slandering a third party or infringing the lawful rights and interests of a third party. 95 Table of Contents The Several Provisions on Regulating the Market Order of Internet Information Services, promulgated by the Ministry of Industry and Information Technology and effective in 2012, stipulate that internet content provision operators must not, without user consent, collect user personal information, which is defined as user information that can be used alone or in combination with other information to identify the user, and may not provide any such information to third parties without prior user consent.
The Several Provisions on Regulating the Market Order of Internet Information Services, promulgated by the Ministry of Industry and Information Technology and effective in 2012, stipulate that internet content provision operators must not, without user consent, collect user personal information, which is defined as user information that can be used alone or in combination with other information to identify the user, and may not provide any such information to third parties without prior user consent.
In addition, we believe that advertisements can gain greater relevance from social context and become part of the user experience rather than an interruption of it. We are incorporating generative AI features into our services for content creators and our user community.
In addition, we believe that advertisements can gain greater relevance from social context and become part of the user experience rather than an interruption of it. We have incorporated generative AI features into our services for content creators and our user community. We develop tools that streamline content creation and enrich Weibo’s products and content ecosystem.
We have adopted our anti-fatigue and real name registration systems. On December 22, 2023, the National Press and Publication Administration issued the Administrative Measures for Internet Games (Draft for Comment), which provided detailed regulations for the protection of minors in online gaming operations.
On December 22, 2023, the National Press and Publication Administration issued the Administrative Measures for Internet Games (Draft for Comment), which provided detailed regulations for the protection of minors in online gaming operations.
This notice and letter summarized the findings of this association’s investigation into the online “Cash Loan” business. It was discovered that numerous internet and social media platforms, not licensed as lending institutions, engaged in unlicensed “Cash Loan” or “Excess-interest Loan” business via diversion practices undertaken in cooperation with licensed lenders.
It was discovered that numerous internet and social media platforms, not licensed as lending institutions, engaged in unlicensed “Cash Loan” or “Excess-interest Loan” business via diversion practices undertaken in cooperation with licensed lenders.
The Cyber Security Law, issued by the Standing Committee of the National People’s Congress on November 7, 2016, and effective on June 1, 2017, requires network operators that provide network access or domain name registration services, landline or mobile phone network access, or that provide users with information publication or instant messaging services, to require users to provide a real identity when they sign up. 85 Table of Contents The Cyberspace Administration of China released the Provisions on the Administration of Microblog Information Services on February 2, 2018, which came into effect on March 20, 2018.
The Cyber Security Law, issued by the Standing Committee of the National People’s Congress on November 7, 2016, and effective on June 1, 2017, requires network operators that provide network access or domain name registration services, landline or mobile phone network access, or that provide users with information publication or instant messaging services, to require users to provide a real identity when they sign up.
In 2023, we remain dedicated to fulfilling our social responsibilities through leveraging our community and operating our platform in a responsible manner. On April 19, 2024, we published our 2023 ESG (environmental, social and governance) annual report, which outlined our initiatives and performance in key ESG areas for the fiscal year of 2023. Data privacy and cybersecurity .
In 2024, we remain dedicated to fulfilling our social responsibilities through leveraging our community and operating our platform in a responsible manner. We expect to publish our 2024 ESG (environmental, social and governance) report in April 2025, which outlines our initiatives and performance in key ESG areas for the fiscal year of 2024.
The Implementation of Online Game Monitoring System of the Guardians of Minors, a circular jointly issued by the Ministry of Culture, the Ministry of Industry and Information Technology and six other central government authorities in 2011, aimed to provide specific protective measures to monitor the online game activities of minors and curb addictive online game play behavior by minors.
The operation of an online game may be terminated if the operator is found to be in violation of this notice. 109 Table of Contents The Implementation of Online Game Monitoring System of the Guardians of Minors, a circular jointly issued by the Ministry of Culture, the Ministry of Industry and Information Technology and six other central government authorities in 2011, aimed to provide specific protective measures to monitor the online game activities of minors and curb addictive online game play behavior by minors.
As of the date of this annual report, this draft has not been formally adopted. On August 25, 2017, the Cyberspace Administration of China promulgated the Administrative Provisions on Internet Follow-up Comment Services, which was amended on November 16, 2022 with effect from December 15, 2022.
On August 25, 2017, the Cyberspace Administration of China promulgated the Administrative Provisions on Internet Follow-up Comment Services, which was amended on November 16, 2022 with effect from December 15, 2022.
On February 24, 2023, the CSRC together with other PRC governmental authorities issued the Provisions on Strengthening the Management of Confidentiality and Archives regarding Overseas Securities Offerings and Listings by Domestic Companies, with effect from March 31, 2023, pursuant to which, domestic companies, securities companies and securities service institutions involved in the overseas offerings and listings by PRC domestic companies, either in direct or indirect form, must establish a system of confidentiality and archival management to prevent disclosure of state secrets or harm to the state and public interests.
Violations of these rules may result in sanctions and penalties such as orders to correct, suspension or termination of the provision of services, confiscation of illegal income, and fines. 98 Table of Contents On February 24, 2023, the CSRC together with other PRC governmental authorities issued the Provisions on Strengthening the Management of Confidentiality and Archives regarding Overseas Securities Offerings and Listings by Domestic Companies, with effect from March 31, 2023, pursuant to which, domestic companies, securities companies and securities service institutions involved in the overseas offerings and listings by PRC domestic companies, either in direct or indirect form, must establish a system of confidentiality and archival management to prevent disclosure of state secrets or harm to the state and public interests.
In addition, we have established a “machine learning plus manual inspection” model for content governance to efficiently identify misinformation and malicious speech on our platform. Equality and diversity . We promote the value of an inclusive and diverse culture with gender equality, which we believe attracts the best talent.
In addition, we have incorporated AI technology into content governance to efficiently identify misinformation and malicious speech on our platform. Equality and diversity . We promote the value of an inclusive and diverse culture with gender equality, which we believe attracts the best talent.
These regulations implement more stringent operational requirements for controllers of personal data, including, for example, expanded disclosures about how personal information is to be used, limitations on retention of information and pseudonymized data, increased cyber security requirements, mandatory data breach notification requirements and higher standards for controllers to demonstrate that they have obtained a valid legal basis for certain data processing activities. 98 Table of Contents The activities of data processors will be regulated for the first time, and companies undertaking processing activities are required to offer certain guarantees in relation to the security of such processing and the handling of personal data.
These regulations implement more stringent operational requirements for controllers of personal data, including, for example, expanded disclosures about how personal information is to be used, limitations on retention of information and pseudonymized data, increased cyber security requirements, mandatory data breach notification requirements and higher standards for controllers to demonstrate that they have obtained a valid legal basis for certain data processing activities.
On December 24, 2021, the National Development and Reform Commission together with other eight governmental authorities jointly issued the Opinions on Promoting the Healthy and Sustainable Development of the Platform Economy, which provides that monopolistic agreements, abuse of market dominant position and illegal concentration of business operators in the platform economy will be strictly investigated and punished in accordance with the laws.
On December 24, 2021, the National Development and Reform Commission together with other eight governmental authorities jointly issued the Opinions on Promoting the Healthy and Sustainable Development of the Platform Economy, which provides that monopolistic agreements, abuse of market dominant position and illegal concentration of business operators in the platform economy will be strictly investigated and punished in accordance with the laws. 104 Table of Contents On June 24, 2022, the Standing Committee of the National People’s Congress amended the PRC Anti-Monopoly Law, which came into effect on August 1, 2022.
We transact business either directly with customers or through third-party advertising agencies. 83 Table of Contents Due to the expertise required to carry out an effective online marketing campaign, many customers prefer to hire advertising agencies to handle their internet brand campaigns. These advertising agencies provide a broad spectrum of internet marketing and advertising services.
Due to the expertise required to carry out an effective online marketing campaign, many customers prefer to hire advertising agencies to handle their internet brand campaigns. These advertising agencies provide a broad spectrum of internet marketing and advertising services.
Weimeng holds a surveying and mapping qualification certificate (Class B) issued by Beijing Municipal Commission of Planning and Natural Resources, valid through October 11, 2026. 108 Table of Contents Regulations on Internet Drug Information Services According to the Provisions on the Administration of Internet Drug Information Services, promulgated by the State Food and Drug Administration and most recently amended in November 2017, an enterprise publishing drug-related information must obtain a qualification certificate from the provincial-level food and drug administration before it applies for the ICP license or files with the Ministry of Industry and Information Technology or its local provincial-level counterpart.
Regulations on Internet Drug Information Services According to the Provisions on the Administration of Internet Drug Information Services, promulgated by the State Food and Drug Administration and most recently amended in November 2017, an enterprise publishing drug-related information must obtain a qualification certificate from the provincial-level food and drug administration before it applies for the ICP license or files with the Ministry of Industry and Information Technology or its local provincial-level counterpart.
We have upgraded our live streaming engine to support millions of users watching live streaming simultaneously and to improve user experience with lower network latency even in poor internet conditions. Sales and Marketing We maintain our own sales operations team.
We have upgraded our live streaming engine to support millions of users watching live streaming simultaneously and to improve user experience with lower network latency even in poor internet conditions. 87 Table of Contents Sales and Marketing We maintain our own sales operations team. We transact business either directly with customers or through third-party advertising agencies.
Internet culture operating entities should establish a strict self-monitoring system of online music content and set up a special department in charge of such monitoring.
Internet culture operating entities should establish a strict self-monitoring system of online music content and set up a special department in charge of such monitoring. Weimeng has obtained an Online Culture Operating Permit, the scope of which covers online music operations.
According to these Regulations, commercial entities are required to apply to the local branch of the Ministry of Culture for an Online Culture Operating Permit if they engage in the production, duplication, importation, release or broadcasting of internet cultural products; the dissemination of online cultural products on the internet or the transmission of such products via internet or mobile phone networks to user terminals, such as computers, phones, television sets and gaming consoles, or internet surfing service sites such as internet cafes; or the holding or exhibition of contests related to internet cultural products.
According to these Regulations, commercial entities are required to apply to the local branch of the Ministry of Culture for an Online Culture Operating Permit if they engage in the production, duplication, importation, release or broadcasting of internet cultural products; the dissemination of online cultural products on the internet or the transmission of such products via internet or mobile phone networks to user terminals, such as computers, phones, television sets and gaming consoles, or internet surfing service sites such as internet cafes; or the holding or exhibition of contests related to internet cultural products. 107 Table of Contents The Administrative Measures for Content Self-review by Internet Culture Business Entities, which were issued by the Ministry of Culture on August 12, 2013, and took effect on December 1, 2013, require internet culture business entities to review the content of products and services before providing them to the public.
To address the problem of copyright infringement related to the content posted or transmitted over the internet, the National Copyright Administration and the Ministry of Industry and Information Technology jointly promulgated the Measures for Administrative Protection of Copyright Related to the Internet in 2005. 109 Table of Contents The Protection of the Right of Communication through Information Networks was promulgated by the State Council in 2006 and amended in 2013.
To address the problem of copyright infringement related to the content posted or transmitted over the internet, the National Copyright Administration and the Ministry of Industry and Information Technology jointly promulgated the Measures for Administrative Protection of Copyright Related to the Internet in 2005.
On November 26, 2015, the State Council enacted the Administrative Regulations on Maps, which took effect on January 1, 2016. These regulations require entities engaging in internet mapping services, such as geographic positioning, the uploading of geographic information or markings, and the development of a public map database, to obtain a qualification certificate for surveying and mapping.
These regulations require entities engaging in internet mapping services, such as geographic positioning, the uploading of geographic information or markings, and the development of a public map database, to obtain a qualification certificate for surveying and mapping.
Our company was incorporated under the laws of the Cayman Islands and is headquartered in Beijing, China. With offices throughout mainland China and Hong Kong, our principal place of operations is located at QIHAO Plaza 8/F, No. 8 Xinyuan S. Road, Chaoyang District, Beijing 100027, People’s Republic of China. Our telephone number is +86 10 5898-3336.
Our company was incorporated under the laws of the Cayman Islands and is headquartered in Beijing, China. With offices throughout mainland China and Hong Kong, our principal executive offices are located at QIHAO Plaza 8/F, No. 8 Xinyuan S.
In addition, we believe that our contractual arrangements with Weimeng and its individual shareholders provide us with sufficient and effective control over Weimeng. Accordingly, we currently do not plan to acquire any equity interest in Weimeng.
In addition, we believe that our contractual arrangements with Weimeng and its individual shareholders provide us with sufficient and effective control over Weimeng.

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Item 5. Market for Registrant's Common Equity

Market for Common Equity — stock, dividends, buybacks

83 edited+14 added−28 removed79 unchanged
Biggest changeThis information should be read together with our audited consolidated financial statements and related notes included elsewhere in this annual report on Form 20-F. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2021 2022 2023 ​ ​ (In US$ thousands, except for per share and per ADS data) Consolidated Statements of Operations Data: Revenues: Advertising and marketing revenues: Third parties ​ 1,633,242 ​ 1,392,723 ​ 1,344,354 Alibaba (1) ​ 181,241 ​ 107,197 ​ 111,608 SINA ​ 96,359 ​ 56,206 ​ 45,319 Other related parties ​ 69,953 ​ 40,524 ​ 32,733 Subtotal ​ 1,980,795 ​ 1,596,650 ​ 1,534,014 Value-added services revenues ​ 276,288 ​ 239,682 ​ 225,822 Total revenues ​ 2,257,083 ​ 1,836,332 ​ 1,759,836 Costs and expenses: ​ ​ ​ ​ ​ ​ Cost of revenues (2) ​ 403,841 ​ 400,585 ​ 374,279 Sales and marketing (2) ​ 591,682 ​ 477,107 ​ 461,421 Product development (2) ​ 430,673 ​ 415,190 ​ 333,628 General and administrative (2) ​ 133,475 ​ 52,806 ​ 117,574 Impairment of intangible assets ​ — ​ 10,176 ​ — Total costs and expenses ​ 1,559,671 ​ 1,355,864 ​ 1,286,902 Income from operations ​ 697,412 ​ 480,468 ​ 472,934 Income (loss) from equity method investments ​ 14,217 ​ (24,069) ​ 13,392 Realized gain (loss) from investments ​ 3,243 ​ 1,591 ​ (766) Fair value changes through earnings on investments, net ​ (72,787) ​ (243,619) ​ 43,002 Investment related impairment and provision ​ (106,800) ​ (71,081) ​ (23,642) Interest income ​ 77,280 ​ 105,434 ​ 118,209 Interest expense ​ (71,006) ​ (71,598) ​ (120,070) Other income (loss), net ​ 9,159 ​ (49,040) ​ (277) Income before income tax expenses ​ 550,718 ​ 128,086 ​ 502,782 Less: income tax expenses ​ 138,841 ​ 30,277 ​ 145,287 Net income ​ 411,877 ​ 97,809 ​ 357,495 Less: Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests ​ (16,442) ​ 12,254 ​ 2,095 Accretion to redeemable non-controlling interests ​ — ​ — ​ 12,802 Net income attributable to Weibo’s shareholders ​ 428,319 ​ 85,555 ​ 342,598 ​ ​ ​ ​ ​ ​ ​ Shares used in computing net income per share attributable to Weibo’s shareholders: ​ ​ ​ ​ ​ ​ Basic ​ 228,814 ​ 235,164 ​ 235,560 Diluted ​ 230,206 ​ 236,407 ​ 239,974 Income per ordinary share: ​ ​ ​ ​ ​ ​ Basic ​ 1.87 ​ 0.36 ​ 1.45 Diluted ​ 1.86 ​ 0.36 ​ 1.43 Income per ADS (3) : ​ ​ ​ ​ ​ ​ Basic ​ 1.87 ​ 0.36 ​ 1.45 Diluted ​ 1.86 ​ 0.36 ​ 1.43 (1) For the years ended December 31, 2021, 2022 and 2023, we recorded US$139.6 million, US$107.0 million and US$111.6 million, respectively, in advertising and marketing revenues from Alibaba as an advertiser.
Biggest changeThis information should be read together with our audited consolidated financial statements and related notes included elsewhere in this annual report on Form 20-F. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2022 2023 2024 ​ ​ (In US$ thousands, except for per share and per ADS data) Consolidated Statements of Operations Data: Revenues: Advertising and marketing revenues: Third parties ​ 1,392,723 ​ 1,344,354 ​ 1,315,055 Alibaba ​ 107,197 ​ 111,608 ​ 116,785 SINA ​ 56,206 ​ 45,319 ​ 25,022 Other related parties ​ 40,524 ​ 32,733 ​ 41,831 Subtotal ​ 1,596,650 ​ 1,534,014 ​ 1,498,693 Value-added services revenues ​ 239,682 ​ 225,822 ​ 255,984 Total revenues ​ 1,836,332 ​ 1,759,836 ​ 1,754,677 Costs and expenses: ​ ​ ​ ​ ​ ​ Cost of revenues (1) ​ 400,585 ​ 374,279 ​ 369,521 Sales and marketing (1) ​ 477,107 ​ 461,421 ​ 480,791 Product development (1) ​ 415,190 ​ 333,628 ​ 308,747 General and administrative (1) ​ 52,806 ​ 117,574 ​ 101,294 Impairment of intangible assets ​ 10,176 ​ — ​ — Total costs and expenses ​ 1,355,864 ​ 1,286,902 ​ 1,260,353 Income from operations ​ 480,468 ​ 472,934 ​ 494,324 Income (loss) from equity method investments ​ (24,069) ​ 13,392 ​ (12,170) Realized gain (loss) from investments ​ 1,591 ​ (766) ​ 261 Fair value changes through earnings on investments, net ​ (243,619) ​ 43,002 ​ 18,564 Investment related impairment and provision ​ (71,081) ​ (23,642) ​ (93,382) Interest income ​ 105,434 ​ 118,209 ​ 123,336 Interest expense ​ (71,598) ​ (120,070) ​ (105,397) Other loss, net ​ (49,040) ​ (277) ​ (4,881) Income before income tax expenses ​ 128,086 ​ 502,782 ​ 420,655 Less: income tax expenses ​ 30,277 ​ 145,287 ​ 110,550 Net income ​ 97,809 ​ 357,495 ​ 310,105 Less: Net income attributable to non-controlling interests and redeemable non-controlling interests ​ 12,254 ​ 2,095 ​ 2,556 Accretion to redeemable non-controlling interests ​ — ​ 12,802 ​ 6,748 Net income attributable to Weibo’s shareholders ​ 85,555 ​ 342,598 ​ 300,801 ​ ​ ​ ​ ​ ​ ​ Shares used in computing net income per share attributable to Weibo’s shareholders: ​ ​ ​ ​ ​ ​ Basic ​ 235,164 ​ 235,560 ​ 237,324 Diluted ​ 236,407 ​ 239,974 ​ 265,241 Income per ordinary share: ​ ​ ​ ​ ​ ​ Basic ​ 0.36 ​ 1.45 ​ 1.27 Diluted ​ 0.36 ​ 1.43 ​ 1.16 Income per ADS (2) : ​ ​ ​ ​ ​ ​ Basic ​ 0.36 ​ 1.45 ​ 1.27 Diluted ​ 0.36 ​ 1.43 ​ 1.16 (1) Stock-based compensation was allocated in costs and expenses as follows: ​ 129 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2022 2023 2024 ​ ​ (In US$ thousands) Cost of revenues 9,417 8,933 5,954 Sales and marketing 18,910 16,528 13,041 Product development 55,294 51,441 33,403 General and administrative 28,092 24,229 17,316 Total 111,713 101,131 69,714 (2) Each ADS represents one Class A ordinary share.
In the fourth quarter of 2023, the WFOE distributed cash dividend of US$406.1 million (in equivalent of RMB2.97 billion) to Weibo Hong Kong Limited, including withholding tax of US$20.5 million directly paid to the PRC tax authorities, based on partial of the accumulated net profits of the WFOE related to the years before 2023.
In the fourth quarter of 2023, the WFOE distributed cash dividend of US$406.1 million (in equivalent of RMB2.97 billion) to Weibo Hong Kong Limited, including withholding tax of US$20.5 million paid directly to the PRC tax authorities, based on partial of the accumulated net profits of the WFOE related to the years before 2023.
Financing Activities Net cash provided by financing activities in 2023 was US$21.7 million, which primarily consisted of proceeds from the offering of 2030 Convertible Notes (net of issuance cost) of US$321.7 million, partially offset by dividends paid to shareholders of US$200.1 million and repayment of 2027 Loans of US$100.0 million.
Net cash provided by financing activities in 2023 was US$21.7 million, which primarily consisted of proceeds from the offering of 2030 Convertible Notes (net of issuance cost) of US$321.7 million, partially offset by dividends paid to shareholders of US$200.1 million and repayment of 2027 Loans of US$100.0 million.
Critical Accounting Estimates We prepare our consolidated financial statements in accordance with U.S. GAAP, which requires our management to make estimates that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the balance sheet dates, as well as the reported amounts of revenues and expenses during the reporting periods.
E. Critical Accounting Estimates We prepare our consolidated financial statements in accordance with U.S. GAAP, which requires our management to make estimates that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the balance sheet dates, as well as the reported amounts of revenues and expenses during the reporting periods.
We have developed and are continually refining our interest-based recommendation engine, which enables our customers to perform social marketing and target audiences based on user demographics, social relationships and interests to achieve greater relevance, engagement and marketing effectiveness on Weibo. 118 Table of Contents The value we create for our users and customers is enhanced by our platform partners, which include content creators such as key opinion leaders, media outlets and other organizations with media rights, multi-channel networks, which are professional agencies for influencers, self-medias and app developers.
We have developed and are continually refining our interest-based recommendation engine, which enables our customers to perform social marketing and target audiences based on user demographics, social relationships and interests to achieve greater relevance, engagement and marketing effectiveness on Weibo. 124 Table of Contents The value we create for our users and customers is enhanced by our platform partners, which include content creators such as key opinion leaders, media outlets and other organizations with media rights, multi-channel networks, which are professional agencies for influencers, self-medias and app developers.
We refer to these together as the 2027 Loans. We have fully withdrawn the US$900 million bullet maturity term loan and partially withdrawn US$5 million under the revolving facility as of December 31, 2023, and repaid US$100 million bullet maturity term loan in the fourth quarter of 2023.
We refer to these together as the 2027 Loans. We have fully withdrawn the US$900 million bullet maturity term loan and partially withdrawn US$5 million under the revolving facility as of December 31, 2024, and repaid US$100 million bullet maturity term loan in the fourth quarter of 2023.
Material cash requirements Our material cash requirements as of December 31, 2023 primarily include our capital expenditures, operating lease obligations, purchase commitments, and obligations under our 2024 Senior Notes, 2030 Senior Notes, 2027 Loans and 2030 Convertible Notes. Our capital expenditures primarily consist of purchases of servers, computers, and other office equipment.
Material cash requirements Our material cash requirements as of December 31, 2024, primarily include our capital expenditures, operating lease obligations, purchase commitments, and obligations under our 2030 Senior Notes, 2027 Loans and 2030 Convertible Notes. Our capital expenditures primarily consist of purchases of servers, computers, and other office equipment.
Other than as discussed above, we did not have any significant capital and other commitments, long-term obligations or guarantees as of December 31, 2023. Holding Company Structure Weibo Corporation is a holding company that conducts its operations primarily through Weibo Technology (WFOE), the VIEs and their subsidiaries, all of which are incorporated in China.
Other than as discussed above, we did not have any significant capital and other commitments, long-term obligations or guarantees as of December 31, 2024. Holding Company Structure Weibo Corporation is a holding company that conducts its operations primarily through Weibo Technology (WFOE), the VIEs and their subsidiaries, all of which are incorporated in China.
Taxation We generate the majority of our operating income from our PRC operations and have recorded income tax provisions for the periods presented. 120 Table of Contents Cayman Islands According to Maples and Calder (Hong Kong) LLP, our Cayman Islands counsel, the Cayman Islands currently levies no taxes on corporations based upon profits, income, gains or appreciation.
Taxation We generate the majority of our operating income from our PRC operations and have recorded income tax provisions for the periods presented. 126 Table of Contents Cayman Islands According to Maples and Calder (Hong Kong) LLP, our Cayman Islands counsel, the Cayman Islands currently levies no taxes on corporations based upon profits, income, gains or appreciation.
Risk Factors—Risks Relating to Doing Business in China—Any limitation on the ability of our PRC subsidiaries to make payments to us, or the tax implications of making payments to us, could have a material adverse effect on our ability to conduct our business or our financial condition.” 121 Table of Contents If our holding company in the Cayman Islands, Weibo Corporation, were deemed to be a “PRC resident enterprise” under the Enterprise Income Tax Law, it would be subject to enterprise income tax on its global income at a rate of 25%.
Risk Factors—Risks Relating to Doing Business in China—Any limitation on the ability of our PRC subsidiaries to make payments to us, or the tax implications of making payments to us, could have a material adverse effect on our ability to conduct our business or our financial condition.” If our holding company in the Cayman Islands, Weibo Corporation, were deemed to be a “PRC resident enterprise” under the Enterprise Income Tax Law, it would be subject to enterprise income tax on its global income at a rate of 25%.
For example, in 2017 and 2020, we initiated two rounds of comprehensive revamp on our advertisement system to drive bidding efficiency as well as diversify our advertising offerings. We generate revenues from value-added services primarily by providing membership and online game services.
For example, in 2017 and 2020, we initiated two rounds of comprehensive revamp on our advertisement system to drive bidding efficiency as well as diversify our advertising offerings. We generate revenues from value-added services primarily by providing membership and game-related services.
Such classification would likely result in unfavorable tax consequences to us and our non-PRC shareholders and have a material adverse effect on our results of operations and the value of your investment.” If Weibo Corporation were regarded as a “PRC non-resident enterprise” and Weibo HK were deemed to be a “PRC resident enterprise” under the Enterprise Income Tax Law, dividends payable by Weibo HK to Weibo Corporation may become subject to 10% PRC dividend withholding tax.
Such classification would likely result in unfavorable tax consequences to us and our non-PRC shareholders and have a material adverse effect on our results of operations and the value of your investment.” 127 Table of Contents If Weibo Corporation were regarded as a “PRC non-resident enterprise” and Weibo HK were deemed to be a “PRC resident enterprise” under the Enterprise Income Tax Law, dividends payable by Weibo HK to Weibo Corporation may become subject to 10% PRC dividend withholding tax.
We plan to continue to make significant investments in product development and refining the capabilities of Weibo’s SIG recommendation engine, and we may invest in or acquire businesses or assets to enhance our products, services and technical capabilities. 119 Table of Contents Content Ecosystem.
We plan to continue to make significant investments in product development and refining the capabilities of Weibo’s SIG recommendation engine, and we may invest in or acquire businesses or assets to enhance our products, services and technical capabilities. 125 Table of Contents Content Ecosystem.
We believe that our existing cash, cash equivalents and short-term investments balance as of December 31, 2023 is sufficient to fund our operating activities, capital expenditures and other obligations for at least the next twelve months.
We believe that our existing cash, cash equivalents and short-term investments balance as of December 31, 2024 is sufficient to fund our operating activities, capital expenditures and other obligations for at least the next twelve months.
If Weibo HK satisfies all the requirements under the Arrangement between the PRC and the Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income and receives approval from the tax authority, dividends paid by Weibo Technology to Weibo HK will be subject to a withholding tax rate of 5% instead.
If Weibo HK satisfies all the requirements under the Arrangement between the Mainland China and the Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income and receives approval from the tax authority, dividends paid by Weibo Technology to Weibo HK will be subject to a withholding tax rate of 5% instead.
Significant Accounting Policies” of our audited consolidated financial statements included elsewhere in this annual report. 122 Table of Contents Results of Operations The following table sets forth a summary of our consolidated results of operations for the periods presented.
Significant Accounting Policies” of our audited consolidated financial statements included elsewhere in this annual report. 128 Table of Contents Results of Operations The following table sets forth a summary of our consolidated results of operations for the periods presented.
The difference between net cash provided by operating activities and our net income of US$357.5 million in 2023 was primarily due to a non-cash charge of US$101.1 million of stock-based compensation, a non-cash charge of US$58.5 million of depreciation and amortization, an increase of US$40.7 million in income taxes payable, a decrease of US$30.7 million in amount due from SINA, a non-cash charge of US$24.0 million deferred income taxes, a non-cash investment related impairment and provision of US$23.6 million, an increase of US$19.7 million in accounts payable, and a non-cash charge of US$19.1 million of provision of allowance for credit losses, partially offset by a non-cash gain of US$43.0 million from fair value change of investments.
The difference between net cash provided by operating activities and our net income of US$357.5 million in 2023 was primarily due to a non-cash charge of US$101.1 million of stock-based compensation, a non-cash charge of US$58.5 million of depreciation and amortization, an increase of US$40.7 million in income taxes payable, a decrease of US$30.7 million in amount due from SINA, a non-cash charge of US$24.0 million deferred income taxes, a non-cash investment related impairment and provision of US$23.6 million, an increase of US$19.7 million in accounts payable, and a non-cash charge of US$19.1 million of provision of allowance for credit losses, partially offset by a non-cash gain of US$43.0 million from fair value change of investments. 134 Table of Contents Net cash provided by operating activities in 2022 was US$564.1 million.
Trend Information Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for the period since January 1, 2024 that are reasonably likely to have a material effect on our revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future operating results or financial conditions. 131 Table of Contents E.
Trend Information Other than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for the period since January 1, 2025 that are reasonably likely to have a material effect on our revenues, income, profitability, liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future operating results or financial conditions.
The proceeds from the facilities were used for refinancing of the indebtedness existing then, general corporate purposes and payment of transaction related fees and expenses. 130 Table of Contents 2030 Convertible Notes represents future maximum commitment relating to the principal amount, interests and cash upon conversion in connection with the issuance of US$330 million in aggregate principal amount of convertible senior notes bearing an annual interest rate of 1.375%, which will mature on December 1, 2030.
The proceeds from the facilities were used for refinancing of the indebtedness existing then, general corporate purposes and payment of transaction related fees and expenses. 2030 Convertible Notes represents future maximum commitment relating to the principal amount and interests in connection with the issuance of US$330 million in aggregate principal amount of convertible senior notes bearing an annual interest rate of 1.375%, which will mature on December 1, 2030.
Significant Accounting Policies ” in the accompanying notes to consolidated financial statements included in this annual report on Form 20-F. Allowance for credit losses – Loans to and interest receivable from other related parties Nature of the estimates required.
Significant Accounting Policies ” in the accompanying notes to consolidated financial statements included in this annual report on Form 20-F. Allowance for credit losses – Loans to and interest receivable from a related party Nature of the estimates required.
See “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—Restrictions on the remittance of RMB into and out of China and governmental control of currency conversion may limit our ability to pay dividends and other obligations, and affect the value of your investment.” Operating Activities Net cash provided by operating activities in 2023 was US$672.8 million.
See “Item 3. Key Information—D. Risk Factors—Risks Relating to Doing Business in China—Restrictions on the remittance of RMB into and out of China and governmental control of currency conversion may limit our ability to pay dividends and other obligations, and affect the value of your investment.” Operating Activities Net cash provided by operating activities in 2024 was US$639.9 million.
Business Overview—Regulation—Regulations on Foreign Exchange.” 128 Table of Contents Substantially all of our future revenues are likely to continue to be in the form of RMB.
Business Overview—Regulation—Regulations on Foreign Exchange.” Substantially all of our future revenues are likely to continue to be in the form of RMB.
Our capital expenditures were US$35.1 million in 2021, US$43.1 million in 2022 and US$36.8 million in 2023. We will continue to make capital expenditures to meet the expected growth of our business. Our operating lease obligations consist of the commitments under the lease agreements for our office premises.
Our capital expenditures were US$43.1 million in 2022, US$36.8 million in 2023 and US$61.5 million in 2024. We will continue to make capital expenditures to meet the expected growth of our business. Our operating lease obligations consist of the commitments under the lease agreements for our office premises.
As of December 31, 2023, our purchase commitments were US$705.5 million. 2024 Senior Notes represents future maximum commitment relating to the principal amount and interests in connection with the issuance of US$800 million in aggregate principal amount of senior notes bearing an annual interest rate of 3.50%, which will mature on July 5, 2024. 2030 Senior Notes represents future maximum commitment relating to the principal amount and interests in connection with the issuance of US$750 million in aggregate principal amount of senior notes bearing an annual interest rate of 3.375%, which will mature on July 8, 2030.
As of December 31, 2024, our purchase commitments were US$647.0 million. 2030 Senior Notes represents future maximum commitment relating to the principal amount and interests in connection with the issuance of US$750 million in aggregate principal amount of senior notes bearing an annual interest rate of 3.375%, which will mature on July 8, 2030.
Due to the size and scale we have achieved, our user base may decrease, not continue to grow as quickly or at all. Due to the media nature of our platform, the growth of our users may not be linear.
Due to the size and scale we have achieved, our user base experienced slight decrease, and may not continue to grow as quickly as in the past years or at all. Due to the media nature of our platform, the growth of our users may not be linear.
These reserve funds and staff welfare and bonus funds are not distributable as cash dividends. As of December 31, 2023, the amount restricted, including paid-in capital, as determined in accordance with PRC accounting standards and regulations, was US$567.2 million.
These reserve funds and staff welfare and bonus funds are not distributable as cash dividends. As of December 31, 2024, the amount restricted, including paid-in capital, as determined in accordance with PRC accounting standards and regulations, was US$575.5 million.
Cash payment for billings from SINA for costs and expenses allocated was presented under operating activities in the consolidated statements of cash flows.
The loans to SINA were presented under investing activities in the consolidated statements of cash flows. Cash payment for billings from SINA for costs and expenses allocated was presented under operating activities in the consolidated statements of cash flows.
This was primarily attributable to purchases of bank time deposits and wealth management products of US$629.9 million, cash paid on long-term investments of US$193.8 million, prepayment for purchase of SINA Plaza of US$153.6 million, purchase of property and equipment of US$43.1 million, partially offset by US$859.1 million in cash from maturities of bank time deposits and wealth management products and proceeds from the disposal and refund of prepayment on long-term investments of US$141.8 million. 129 Table of Contents Net cash used in investing activities in 2021 was US$424.0 million.
This was primarily attributable to purchases of bank time deposits and wealth management products of US$629.9 million, cash paid on long-term investments of US$193.8 million, prepayment for purchase of SINA Plaza of US$153.6 million, purchase of property and equipment of US$43.1 million, partially offset by US$859.1 million in cash from maturities of bank time deposits and wealth management products and proceeds from the disposal and refund of prepayment on long-term investments of US$141.8 million.
For the year ended December 31, 2023, a sustained decrease of our stock price was deemed as an impairment indicator, and we performed quantitative analyses as of June 30, 2023 and December 31, 2023. A third-party valuation firm was engaged to help management determine the fair value of the two reporting units by applying a discounted cash flow model.
For the year ended December 31, 2024, a sustained relatively low price of our stocks was deemed as an impairment indicator, and we performed quantitative analyses as of December 31, 2024. A third-party valuation firm was engaged to help management determine the fair value of the two reporting units by applying a discounted cash flow model.
We have not entered into contractual arrangements that support the credit, liquidity or market risk for transferred assets.
We have not retained or contingent interests in assets transferred. We have not entered into contractual arrangements that support the credit, liquidity or market risk for transferred assets.
Our product development expenses decreased by 20% from US$415.2 million in 2022 to US$333.6 million in 2023. The decrease was mostly attributable to a decrease of US$50.0 million in personnel-related expenses. ● General and Administrative. Our general and administrative expenses increased by 123% from US$52.8 million in 2022 to US$117.6 million in 2023.
The decrease was mostly attributable to a decrease of US$50.0 million in personnel-related expenses. ● General and Administrative. Our general and administrative expenses increased by 123% from US$52.8 million in 2022 to US$117.6 million in 2023.
The “High and New Technology Enterprise” qualification is subject to annual evaluation and a three-year review by the authorities in China. In addition, certain of our other PRC entities also qualify as a “software enterprise,” and/or “High and New Technology Enterprise,” and currently enjoy the respective preferential tax treatments.
This certificate will expire on November 30, 2026 unless renewed. The “High and New Technology Enterprise” qualification is subject to annual evaluation and a three-year review by the authorities in China. In addition, certain of our other PRC entities also qualify as a “software enterprise,” and/or “High and New Technology Enterprise,” and currently enjoy the respective preferential tax treatments.
We recorded US$106.8 million, US$71.1 million and US$23.6 million in investment related impairment and provision charges in 2021, 2022 and 2023, respectively, due to the unsatisfied financial performance of these investments with no obvious upturn or potential financing solutions in the foreseeable future or them incapable of making repayments in accordance with the respective agreements.
We recorded US$71.1 million, US$23.6 million and US$93.4 million in investment related impairment and provision charges in 2022, 2023 and 2024, respectively, due to the unsatisfied financial performance of these investments with no obvious upturn or potential financing solutions in the foreseeable future or them incapable of making repayments in accordance with the respective agreements or adverse changes in their regulatory environment.
We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties that have or are reasonably likely to have any effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, cash requirements or capital resources. We have not retained or contingent interests in assets transferred.
We have not entered into any financial guarantees or other commitments to guarantee the payment obligations of any third parties that have or are reasonably likely to have any effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, cash requirements or capital resources. We have not entered into any off-balance sheet derivative instruments.
Cost of revenues decreased by 7% from US$400.6 million in 2022 to US$374.3 million in 2023. The decrease was primarily due to a decrease of US$21.4 million in labor cost and a decrease of US$15.9 million in bandwidth expenditure, partially offset by an increase of US$16.3 million in advertisement production cost. ● Sales and Marketing.
The decrease was primarily due to a decrease of US$21.4 million in labor cost and a decrease of US$15.9 million in bandwidth expenditure, partially offset by an increase of US$16.3 million in advertisement production cost. ● Sales and Marketing. Our sales and marketing expenses decreased by 3% from US$477.1 million in 2022 to US$461.4 million in 2023.
Liquidity and Capital Resources Cash Flows and Working Capital The following table sets forth the movements of our cash and cash equivalents for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2021 2022 2023 ​ ​ (in US$ thousands) Net cash provided by operating activities 814,020 564,104 672,820 Net cash used in investing activities (423,960) (33,014) (736,846) Net cash provided by (used in) financing activities 189,442 (91,141) 21,690 Effect of exchange rate changes on cash and cash equivalents 29,357 (172,884) (63,797) Net increase (decrease) in cash and cash equivalents 608,859 267,065 (106,133) Cash and cash equivalents at the beginning of year 1,814,844 2,423,703 2,690,768 Cash and cash equivalents at the end of year 2,423,703 2,690,768 2,584,635 ​ As of December 31, 2021, 2022 and 2023, our total cash, cash equivalents and short-term investments were US$3,134.8 million, US$3,171.2 million and US$3,225.7 million, respectively.
Liquidity and Capital Resources Cash Flows and Working Capital The following table sets forth the movements of our cash and cash equivalents for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2022 2023 2024 ​ ​ (In US$ thousands) Net cash provided by operating activities 564,104 ​ 672,820 ​ 639,898 Net cash used in investing activities (33,014) ​ (736,846) ​ (246,900) Net cash provided by (used in) financing activities (91,141) ​ 21,690 ​ (1,029,439) Effect of exchange rate changes on cash and cash equivalents (172,884) ​ (63,797) ​ (57,562) Net increase (decrease) in cash and cash equivalents 267,065 ​ (106,133) ​ (694,003) Cash and cash equivalents at the beginning of year 2,423,703 ​ 2,690,768 ​ 2,584,635 Cash and cash equivalents at the end of year 2,690,768 ​ 2,584,635 ​ 1,890,632 ​ As of December 31, 2022, 2023 and 2024, our total cash, cash equivalents and short-term investments were US$3,171.2 million, US$3,225.7 million and US$2,350.5 million, respectively.
Preferential tax treatments will be granted to companies conducting businesses in certain encouraged sectors and to entities qualified as a “software enterprise,” “key software enterprise” and/or “High and New Technology Enterprise.” Weibo Technology is entitled to a preferential tax rate of 15% because of its qualification as a “High and New Technology Enterprise.” This status will expire in 2025 unless renewed.
Preferential tax treatments will be granted to companies conducting businesses in certain encouraged sectors and to entities qualified as a “software enterprise,” “key software enterprise” and/or “High and New Technology Enterprise.” Weibo Technology is entitled to a preferential tax rate of 15% because of its qualification as a “High and New Technology Enterprise” with a certificate issued on November 30, 2023.
As of December 31, 2023, our consolidated affiliated entities within China held US$1,877.8 million of cash, cash equivalents and short-term investments, including US$661.4 million held by the VIEs and the subsidiaries of VIEs.
As of December 31, 2023, our consolidated affiliated entities in mainland China held US$1,877.8 million of cash, cash equivalents and short-term investments, including US$661.4 million held by the VIEs and VIEs’ subsidiaries. The remaining cash and short-term investments balance of US$1,347.9 million was held by our entities outside mainland China.
Our sales and marketing expenses decreased by 3% from US$477.1 million in 2022 to US$461.4 million in 2023. The decrease mainly resulted from a decrease of US$9.7 million in personnel-related expenses and a decrease of US$8.1 million in marketing and promotional expenses. ● Product Development.
The decrease mainly resulted from a decrease of US$9.7 million in personnel-related expenses and a decrease of US$8.1 million in marketing and promotional expenses. ● Product Development. Our product development expenses decreased by 20% from US$415.2 million in 2022 to US$333.6 million in 2023.
The key assumptions used in the process of estimating the provision for credit losses include portfolio composition, probability of default, loss given default, and application of macroeconomic forecasts. The key factors considered when determining the above allowances for credit losses include the estimated loan collection schedule, discount rate, and assets and financial performance of the borrowers. Sensitivity Analysis.
The key assumptions used in the process of estimating the provision for credit losses include portfolio composition, probability of default, loss given default, and application of macroeconomic forecasts. The key factors considered when determining the above allowances for credit losses related to the fair values of the assets of the borrowers. Sensitivity Analysis.
The interest expense remained stable from 2021 to 2022. 126 Table of Contents Provision of Income Taxes The following table sets forth the income of Weibo Corporation, its subsidiaries, the VIEs and the VIEs’ subsidiaries as a group before income taxes. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2022 2023 ​ ​ (In US$ thousands, except percentage) Loss from non-China operations ​ (232,830) ​ (422,860) ​ (145,244) ​ Income from China operations ​ 783,548 ​ 550,946 ​ 648,026 ​ Total income before income tax expenses ​ 550,718 ​ 128,086 ​ 502,782 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense (benefits) applicable to non-China operations ​ 1,355 ​ (14,176) ​ 45,441 ​ Income tax expense applicable to China operations ​ 137,486 ​ 44,453 ​ 99,846 ​ Total income tax expenses ​ 138,841 ​ 30,277 ​ 145,287 ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective tax rate for China operations 17.5 % 8.1 % 15.4 % Effective tax rate for the Group (1) ​ 25.2 % 23.6 % 28.9 % Note: (1) Weibo Corporation, its subsidiaries, the VIEs and VIEs’ subsidiaries together are referred to as “the Group.” We recorded income tax expenses of US$138.8 million, US$30.3 million and US$145.3 million in 2021, 2022 and 2023, respectively.
Provision of Income Taxes The following table sets forth the income of Weibo Corporation, its subsidiaries, the VIEs and the VIEs’ subsidiaries as a group before income taxes. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2023 2024 ​ ​ (In US$ thousands, except percentage) Loss from non-China operations ​ (422,860) ​ (145,244) ​ (148,862) ​ Income from China operations ​ 550,946 ​ 648,026 ​ 569,517 ​ Total income before income tax expenses ​ 128,086 ​ 502,782 ​ 420,655 ​ ​ ​ ​ ​ ​ ​ ​ ​ Income tax expense (benefits) applicable to non-China operations ​ (14,176) ​ 45,441 ​ 22,671 ​ Income tax expense applicable to China operations ​ 44,453 ​ 99,846 ​ 87,879 ​ Total income tax expenses ​ 30,277 ​ 145,287 ​ 110,550 ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective tax rate for China operations 8.1 % 15.4 % 15.4 % Effective tax rate for the Group (1) ​ 23.6 % 28.9 % 26.3 % Note: (1) Weibo Corporation, its subsidiaries, the VIEs and VIEs’ subsidiaries together are referred to as “the Group.” 132 Table of Contents We recorded income tax expenses of US$30.3 million, US$145.3 million and US$110.6 million in 2022, 2023 and 2024, respectively.
Our principal sources of liquidity have been net proceeds from cash from operations, issuance of unsecured senior notes and convertible senior notes, public offerings of our ordinary shares, long-term loans, and other financing activities. ● The increase in our cash, cash equivalents and short-term investments as of December 31, 2023 compared to that of December 31, 2022, was primarily due to US$672.8 million in cash provided by operating activities, proceeds from disposal of/refund of prepayment on long-term investments of US$347.8 million and proceeds from the offering of 2030 Convertible Notes (net of issuance cost paid) of US$321.7 million, partially offset by cash paid on long-term investments of US$602.7 million, cash paid for acquisitions (net of cash acquired) of US$243.4 million, dividends paid to shareholders of US$200.1 million and repayment of 2027 Loans of US$100.0 million.
The remaining cash and short-term investments balance of US$862.3 million was held by our entities outside mainland China. 133 Table of Contents ● The increase in our cash, cash equivalents and short-term investments as of December 31, 2023 compared to that of December 31, 2022, was primarily due to US$672.8 million in cash provided by operating activities, proceeds from disposal of/refund of prepayment on long-term investments of US$347.8 million and proceeds from the offering of 2030 Convertible Notes (net of issuance cost paid) of US$321.7 million, partially offset by cash paid on long-term investments of US$602.7 million, cash paid for acquisitions (net of cash acquired) of US$243.4 million, dividends paid to shareholders of US$200.1 million and repayment of 2027 Loans of US$100.0 million.
General and administrative expenses consist primarily of personnel-related expenses, stock-based compensation professional services fees and provision of allowance for credit losses. 2023 Compared to 2022 Our costs and expenses decreased by 5% from US$1,355.9 million in 2022 to US$1,286.9 million in 2023.
General and administrative expenses consist primarily of personnel-related expenses, stock-based compensation, professional services fees and provision of allowance for credit losses. 2024 Compared to 2023 Our costs and expenses decreased by 2% from US$1,286.9 million in 2023 to US$1,260.4 million in 2024. The decrease was primarily attributable to less stock-based compensation recognized in 2024 compared to that in 2023.
We concluded that there was no impairment of goodwill as of June 30, 2023 and December 31, 2023.
We concluded that there was no impairment of goodwill as of December 31, 2024. ​ ​
The first HK$2 million of profits earned by entities incorporated in Hong Kong will be taxed at the rate of 8.25% while the remaining profits will be taxed at the rate of 16.5%. Hong Kong does not impose a withholding tax on dividends.
The first HK$2 million of profits earned by entities incorporated in Hong Kong will be taxed at the rate of 8.25% while the remaining profits will be taxed at the rate of 16.5%. Hong Kong does not impose a withholding tax on dividends. For the year ended December 31, 2024, Weibo HK had a cumulative net profit of US$0.1 million.
We lease our office facilities under non-cancelable operating leases with various expiration dates. Our leasing expense was US$17.7 million, US$21.9 million and US$19.5 million, for the years ended December 31, 2021, 2022 and 2023, respectively. The majority of our operating lease commitments are related to our office lease agreements in China.
We lease our office facilities under non-cancelable operating leases with various expiration dates. Our leasing expense was US$21.9 million, US$19.5 million and US$18.5 million for the years ended December 31, 2022, 2023 and 2024, respectively.
As of December 31, 2023, goodwill balance associated with the advertising and marketing reporting unit were US$74.8 million and goodwill balance associated with the value-added services reporting unit were US$91.6 million. 132 Table of Contents Assumptions and Approach Used. The application of a goodwill impairment assessment involves significant management judgment, particularly in assessing the fair value of the reporting units.
As of December 31, 2024, goodwill balance associated with the advertising and marketing reporting unit was US$72.9 million and goodwill balance associated with the value-added services reporting unit was US$89.3 million. Assumptions and Approach Used. The application of a goodwill impairment assessment involves significant management judgment, particularly in assessing the fair value of the reporting units.
In the fourth quarter of 2023, the WFOE distributed cash dividend of US$406.1 million (in equivalent of RMB2.97 billion) to Weibo Hong Kong Limited, including withholding tax of US$20.5 million directly paid to the PRC tax authorities, based on partial of the accumulated net profits of the WFOE related to the years before 2023.
For the year ended December 31, 2024, the WFOE distributed cash dividend of US$401.6 million (in equivalent of RMB2.93 billion) in the fourth quarter of 2024 to Weibo Hong Kong Limited, including withholding tax of US$20.1 million paid directly to the PRC tax authorities, based on the net profits of the WFOE related to the year of 2023.
The increase of income tax expenses in 2023 compared to 2022 was mainly driven by the withholding tax paid and accrued in 2023 related to the WFOE’s earnings distributed and to be distributed to Weibo Hong Kong Limited in the foreseeable future, which may be used to fund its demand for, including, without limitation, U.S. dollars in business operations, payments of dividends and debts and potential investments, and to a lesser extent, the reversal recorded in the fourth quarter of 2022 of previously recognized tax liabilities related to uncertain tax positions.
In 2024, we accrued a $22.1 million withholding tax related to the WFOE’s earnings for 2024. 2023 Compared to 2022 The increase of income tax expenses in 2023 compared to 2022 was mainly driven by the withholding tax accrued in 2023 related to the WFOE’s earnings, which have been and are expected to be remitted to Weibo HK to fund the demand for U.S. dollars in business operations, payments of dividends and debts, and potential investments, and to a lesser extent, the reversal recorded in the fourth quarter of 2022 of previously recognized tax liabilities related to uncertain tax positions.
For the year ended December 31, 2023, we recognized reversal of US$2.1 million credit losses on loans to and interest receivable from other related parties based on the expected collection schedule of these loans.
For the year ended December 31, 2024, we recognized nil credit losses on loans to and interest receivable from a related party based on the expected collection schedule of these loans.
We assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test, by taking into consideration of macroeconomics, overall financial performance, industry and market conditions and our share price.
We test goodwill for impairment at least annually, or when an event occurs or circumstances change that indicate the asset may be impaired. We assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test, by taking into consideration of macroeconomics, overall financial performance, industry and market conditions and our share price.
The decrease in accounts receivable due from third parties was in line with the trend of revenues from third parties. Net cash provided by operating activities in 2021 was US$814.0 million.
The decrease in accounts receivable due from third parties was in line with the trend of revenues from third parties. Investing Activities Net cash used in investing activities in 2024 was US$246.9 million.
The increase was partially offset by the decrease in interest expense from our 1.25% convertible notes due 2022, which was fully repaid in November 2022 upon its maturity.
The increase was partially offset by the decrease in interest expense from our 1.25% convertible notes due 2022, which was fully repaid in November 2022 upon its maturity. The increase in interest income in 2023 compared to 2022 was in line with the increase in the balance of cash and cash equivalents and short-term investments.
Weibo Technology was entitled to a tax reduction of US$55.1 million, US$26.9 million and US$42.2 million for the “High and New Technology Enterprise” status in 2021, 2022 and 2023, respectively. Weibo Technology recognized tax benefits of research and development super deduction of US$41.4 million, US$26.9 million and US$22.2 million in 2021, 2022 and 2023, respectively.
Weibo Technology was entitled to a tax reduction of US$26.9 million, US$42.2 million and US$38.0 million for the “High and New Technology Enterprise” status in 2022, 2023 and 2024, respectively.
Net cash provided by operating activities in 2022 was US$564.1 million.
Net cash provided by operating activities in 2023 was US$672.8 million.
Our product development expenses decreased by 4% from US$430.7 million in 2021 to US$415.2 million in 2022. The decrease was mostly attributable to a decrease of US$13.2 million in personnel-related expenses and a decrease of US$10.0 million in infrastructure cost, partially offset by an increase of US$11.7 million in stock-based compensation. ● General and Administrative.
The decrease was mostly attributable to a decrease of US$18.0 million in stock-based compensation and a decrease of US$8.6 million in personnel-related expenses, partially offset by an increase of US$6.2 million in infrastructure cost. ● General and Administrative. Our general and administrative expenses decreased by 14% from US$117.6 million in 2023 to US$101.3 million in 2024.
This was primarily attributable to cash paid on long-term investments of US$1,593.9 million, purchases of bank time deposits and wealth management products of US$1,170.1 million, prepayment for purchase of SINA Plaza of US$132.5 million, net cash paid for acquisitions of US$61.2 million, partially offset by maturities of bank time deposits and wealth management products of US$2,040.6 million, proceeds from the disposal and refund of prepayment on long-term investments of US$447.4 million, and net repayment of loan by SINA of US$80.4 million.
This was primarily attributable to purchases of bank time deposits and wealth management products of US$1,608.8 million, cash paid on long-term investments of US$79.8 million, purchase of property and equipment of US$61.5 million, partially offset by maturities of bank time deposits and wealth management products of US$1,410.3 million and proceeds from the disposal and refund of prepayment on long-term investments of US$93.2 million.
The WFOE has not paid dividends in the years ended December 31, 2021 and 2022. C. Research and Development, Patents and Licenses, etc. Our success has benefited from our continuous efforts in protecting our intellectual property, including patents, trademarks, copyrights and trade secrets. See “Item 4. Information on the Company—B.
Research and Development, Patents and Licenses, etc. Our success has benefited from our continuous efforts in protecting our intellectual property, including patents, trademarks, copyrights and trade secrets. See “Item 4. Information on the Company—B. Business Overview—Intellectual Property” for a description on the protection of our intellectual property. D.
Our revenues in 2021, 2022 and 2023 were US$2,257.1 million, US$1,836.3 million and US$1,759.8 million, respectively. We had a net income attributable to Weibo’s shareholders of US$428.3 million in 2021, US$85.6 million in 2022 and US$342.6 million in 2023.
We had a net income attributable to Weibo’s shareholders of US$85.6 million in 2022, US$342.6 million in 2023, and US$300.8 million in 2024.
The decrease was primarily attributable to the impact from the overall depreciation of RMB against the U.S. dollar on a year-over-year basis and the decrease of personnel-related costs. We expect our costs and expenses to increase in the absolute amount in the foreseeable future. ● Cost of Revenues.
The decrease was primarily attributable to the impact from the overall depreciation of RMB against the U.S. dollar on a year-over-year basis and the decrease of personnel-related costs. ● Cost of Revenues. Cost of revenues decreased by 7% from US$400.6 million in 2022 to US$374.3 million in 2023.
The decrease was primarily due to a decrease in advertisement production cost of US$37.6 million, a decrease in revenue sharing cost of US$27.2 million and a decrease in bandwidth cost of US$3.8 million, partially offset by an increase of US$29.7 million in labor cost, an increase of US$20.1 million in turnover taxes and an increase of US$15.6 million in content cost. ● Sales and Marketing.
The decrease was primarily due to a decrease of US$7.9 million in bandwidth expenditure, a decrease of US$6.6 million in personnel-related expenses, and a decrease of US$3.4 million in revenue-share cost, partially offset by an increase of US$14.1 million in advertisement production cost. ● Sales and Marketing.
The ratio of average DAUs to MAUs remained stable at 43% during the periods presented above. We offer a wide range of advertising and marketing solutions to our customers, ranging from large brand advertisers to small medium-sized enterprises, enabling them to promote their brands, products and services to our users.
We offer a wide range of advertising and marketing solutions to our customers, ranging from large brand advertisers to small medium-sized enterprises, enabling them to promote their brands, products and services to our users. Advertising and marketing services contribute the majority of our revenues, mainly including the sale of social display and promoted feeds advertisements.
The difference between net cash provided by operating activities and our net income of US$411.9 million in 2021 was primarily due to a non-cash investment related impairment of US$106.8 million, a non-cash charge of US$88.0 million of stock-based compensation, a non-cash loss of US$72.8 million from fair value change of investments, a non-cash charge of US$55.0 million of depreciation and amortization, an increase of US$274.8 million in accrued and other liabilities, a decrease of US$49.0 million in accounts receivable due from Alibaba, an increase of US$41.8 million in accounts payable, an increase of US$38.9 million in income taxes payable, partially offset by an increase of US$273.7 million in accounts receivable due from third parties and a decrease of US$56.2 million in deferred revenues.
The difference between net cash provided by operating activities and our net income of US$310.1 million in 2024 was primarily due to a non-cash investment related impairment and provision of US$93.4 million, a non-cash charge of US$69.7 million of stock-based compensation, a non-cash charge of US$58.1 million of depreciation and amortization, and a decrease of US$70.8 million in accounts receivable from third parties, partially offset by a decrease of US$27.1 million in income tax payable, an increase of US$23.2 million in other non-current assets, and a non-cash gain of US$18.6 million from fair value change of investments.
Advertising and marketing services contribute the majority of our revenues, mainly including the sale of social display and promoted feeds advertisements.
Revenues We generate the majority of our revenues from advertising and marketing services, such as social display advertisements, and promoted marketing.
The advertising spending from Alibaba highly correlates to its own business operation, especially its marketing strategies, which fluctuates from time to time. 124 Table of Contents ● Value-added Services Revenues.
Revenues generated from Alibaba increased by 5% from US$111.6 million in 2023 to US$116.8 million in 2024. The advertising spending from Alibaba highly correlates to its own business operation, especially its marketing strategies, which fluctuates from time to time. ● Value-added Services Revenues.
As of December 31, 2022, our consolidated affiliated entities within China held US$1,826.4 million of cash, cash equivalents and short-term investments, including US$711.4 million held by the VIEs and the subsidiaries of VIEs. The remaining cash and short-term investments balance of US$1,344.8 million was held by our entities outside China.
As of December 31, 2024, our consolidated affiliated entities in mainland China held US$1,488.2 million of cash, cash equivalents and short-term investments, including US$773.3 million held by the VIEs and VIEs’ subsidiaries.
Our advertising and marketing revenues are also subject to cultural business construction fees at a rate of 3%, which has been reduced to 1.5% since July 1, 2019, valid until December 31, 2024.
Our advertising and marketing revenues are also subject to cultural business construction fees at a rate of 1.5% for each of the years ended December 31, 2022, 2023 and 2024, respectively.
The increase was mostly caused by the reversal of US$58.8 million compensation costs recorded in 2022 as Shanghai Jiamian Information Technology Co., Ltd. failed to meet the performance conditions provided in the share purchase agreements signed when we acquired the majority equity interests of this company. 2022 Compared to 2021 Our costs and expenses decreased by 13% from US$1,559.7 million in 2021 to US$1,355.9 million in 2022. ● Cost of Revenues.
The increase was mostly caused by the reversal of US$58.8 million compensation costs recorded in 2022 as Shanghai Jiamian Information Technology Co., Ltd. failed to meet the performance conditions provided in the share purchase agreements signed when we acquired the majority equity interests of this company. 131 Table of Contents Investment Related Impairment and Provision We perform impairment assessments of our investments and determine if an investment is impaired due to the changes in quoted market price or other impairment indicators.
For more information regarding expected credit losses and for additional information regarding the allowance for credit losses for loans to and interest receivable from other related parties, see “ Note 10. Related Party Transactions ” and “ Note 2. Significant Accounting Policies ” in the accompanying notes to consolidated financial statements included in this annual report on Form 20-F.
For more information regarding expected credit losses and for additional information regarding the allowance for credit losses for loans to and interest receivable from a related party, see “ Note 10. Related Party Transactions ” and “ Note 2.
Significant Accounting Policies” in the accompanying notes to consolidated financial statements included in this annual report on Form 20-F.
For a detailed description of accounting treatment of our investment related impairment and the performance of the investments, see “Note 2. Significant Accounting Policies” in the accompanying notes to consolidated financial statements included in this annual report on Form 20-F.
Weibo began monetization in 2012 primarily through the sale of advertising and marketing services and to a lesser extent, through value added services, mainly including membership and game related services.
Weibo began monetization in 2012 primarily through the sale of advertising and marketing services and to a lesser extent, through value added services, mainly including membership and game related services. We place great emphasis on product innovation and our steady stream of introductions of new advertisement products has led to solid and healthy revenue growth since our IPO.
The WFOE reinvested the remaining accumulated net profits in its PRC operations for the development and growth of the business. Distributions made by the WFOE to Weibo Hong Kong Limited is subject to a 5% withholding tax under the Enterprise Income Tax Law, due to the tax treaty arrangement between mainland China and Hong Kong.
Distributions made by the WFOE to Weibo Hong Kong Limited is subject to a 5% withholding tax under the Enterprise Income Tax Law, due to the tax treaty arrangement between Mainland China and Hong Kong. The WFOE has not paid any dividends in the year ended December 31, 2022 to Weibo Hong Kong Limited. 136 Table of Contents C.
Value-added services revenues decreased by 6% from US$239.7 million in 2022 to US$225.8 million in 2023, primarily as a result of unfavorable impact from the overall depreciation of RMB against the U.S. dollars in 2023 compared to 2022. 2022 Compared to 2021 Our total net revenues decreased by 19% from US$2,257.1 million in 2021 to US$1,836.3 million in 2022.
Value-added services revenues decreased by 6% from US$239.7 million in 2022 to US$225.8 million in 2023, primarily as a result of unfavorable impact from the overall depreciation of RMB against the U.S. dollars in 2023 compared to 2022. 130 Table of Contents Costs and Expenses Our costs and expenses consist of cost of revenues, sales and marketing, product development, general and administrative expenses and impairment of intangible assets, including costs and expenses allocated from SINA during the presented periods.
Revenues We generate the majority of our revenues from advertising and marketing services, such as social display advertisements, and promoted marketing. We also generate revenues from value-added services, mainly including membership and online game services. 2023 Compared to 2022 Our total net revenues decreased by 4% from US$1,836.3 million in 2022 to US$1,759.8 million in 2023.
We also generate revenues from value-added services to a lesser extent, mainly including membership and game-related services. 2024 Compared to 2023 Our total net revenues were US$1,754.7 million in 2024, relatively flat compared to US$1,759.8 million in 2023. ● Advertising and Marketing Revenues. Advertising and marketing revenues decreased by 2% from US$1,534.0 million in 2023 to US$1,498.7 million in 2024.
The impairment charges primarily included the full write-downs of US$75.3 million on investment in Yixia Tech in 2021, a US$15.4 million write-off on a community software and an impairment charge of US$14.2 million to a company operating a business social platform in 2022, and the impairment charge of US$15.9 million on an online education company in 2023.
The impairment charges primarily included (i) a US$15.4 million write-off on a community software and an impairment charge of US$14.2 million to a company operating a business social platform in 2022, (ii) an impairment charge of US$15.9 million on an online education company in 2023, and (iii) impairment charges of US$30.0 million on a US-based company manufacturing hydrogen-powered autonomous trucks and of US$49.0 million reflecting increased valuation uncertainty that arose in 2024 associated with the extended transaction timeline of a commercial property investment in 2024.
The remaining cash and short-term investments balance of US$1,347.9 million was held by our entities outside China. ● The increase in our cash, cash equivalents and short-term investments as of December 31, 2022 compared to that of December 31, 2021, was primarily due to US$564.1 million in cash provided by operating activities, proceeds from 2027 Loans, net of issuance cost of US$880.4 million, partially offset by US$900.0 million cash paid upon the maturity of our 1.25% convertible notes due 2022 and cash paid to investments of US$193.8 million.
Our principal sources of liquidity have been net proceeds from cash from operations, issuance of convertible senior notes, and long-term loans. ● The decrease in our cash, cash equivalents and short-term investments as of December 31, 2024 compared to that of December 31, 2023, was primarily due to repayment of 2024 Senior Notes of US$800 million and net dividends paid to shareholders of US$194.4 million, partially offset by US$639.9 million in cash provided by operating activities.
Our MAUs increased from 573 million in December 2021 to 586 million in December 2022, and further to 598 million in December 2023. Our average DAUs increased from 249 million in December 2021 to 252 million in December 2022, and further to 257 million in December 2023.
Our average DAUs increased from 252 million in December 2022 to 257 million in December 2023, and further to 260 million in December 2024. The ratio of average DAUs to MAUs remained stable at 43% in December 2022 and December 2023, and increased slightly to reach 44% in December 2024.
Interest Income and Interest Expense ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2021 2022 2023 ​ ​ (In US$ thousands) Interest income 77,280 105,434 118,209 Interest expense (71,006) (71,598) (120,070) ​ 2023 Compared to 2022 The increase in interest expense was mainly caused by the 2027 Loans, which was withdrawn in the fourth quarter of 2022.
Interest Income and Interest Expense ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Year Ended December 31, ​ 2022 2023 2024 ​ ​ (In US$ thousands) Interest income 105,434 118,209 123,336 Interest expense (71,598) (120,070) (105,397) ​ 2024 Compared to 2023 The increase in interest income in 2024 compared to 2023 was primary due to higher interest income recognized for USD-denominated bank time deposits and wealth management products.
The decrease was also caused by a decline of US$15.7 million in provision of allowance for credit losses. The decrease was partially offset by an increase of US$7.1 million in stock-based compensation.
The decrease was mostly caused by a decrease of US$6.9 million in stock-based compensation and a decrease of US$6.7 million in provision of allowance for credit losses. 2023 Compared to 2022 Our costs and expenses decreased by 5% from US$1,355.9 million in 2022 to US$1,286.9 million in 2023.
Our loss from non-China operations primarily included stock-based compensation, fair value changes through earnings on investments, investment-related impairment and interest expenses recorded by our non-China entities. The substantial majority of these items were recognized by our non-China entities in the Cayman Islands, which is a tax free jurisdiction. 127 Table of Contents B.
Furthermore, Weibo Technology and other qualified entities of our group recognized tax benefits of research and development super-deduction of US$26.9 million, US$22.2 million and US$22.3 million in 2022, 2023 and 2024, respectively. Our loss from non-China operations primarily included stock-based compensation, fair value changes through earnings on investments, investment-related impairment and provision and interest expenses recorded by our non-China entities.

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Item 6. [Reserved]

Selected Financial Data — reserved (removed by SEC in 2021)

38 edited+5 added−0 removed73 unchanged
Biggest changeThe following table summarizes, as of March 31, 2024, the outstanding options and restricted share units that we granted to our directors, executive officers and other grantees in the aggregate under the 2014 Plan and the 2023 Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary Shares ​ ​ ​ ​ ​ ​ ​ ​ Underlying ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ ​ ​ ​ ​ ​ ​ ​ Options and ​ ​ ​ ​ ​ ​ ​ ​ Restricted ​ Exercise Price ​ ​ ​ Expiration Name Share Units (US$/Share) Grant Date Date Charles Chao * ​ US$21.15 March 16, 2022 March 17, 2029 Hong Du * (1) ​ — July 27, 2021 — Bo Liu — ​ — — — Pehong Chen ​ * (1) ​ — ​ January 6, 2023 ​ — Pochin Christopher Lu * (1) ​ — August 13, 2020 — Gaofei Wang * (1) ​ — From July 27, 2021 to March 1, 2023 — ​ ​ * ​ US$21.15 ​ March 16, 2022 ​ March 17, 2029 Yan Wang * (1) ​ — May 10, 2021 — Fei Cao * (1) ​ — From August 14, 2020 to March 1, 2023 — ​ ​ * ​ US$21.15 ​ March 16, 2022 ​ March 17, 2029 Wei Wang * (1) ​ ​ From July 27, 2021 to March 1, 2023 — ​ * ​ US$21.15 March 16, 2022 March 17, 2029 Zenghui Cao * (1) ​ — From August 14, 2020 to March 1, 2023 — ​ * ​ US$32.68 August 14, 2020 August 14, 2027 ​ ​ * ​ US$21.15 ​ March 16, 2022 ​ March 17, 2029 ​ ​ * ​ US$3.87 ​ July 6, 2023 ​ July 7, 2030 Jingdong Ge ​ * (1) ​ — ​ From August 14, 2020 to March 1, 2023 ​ — ​ ​ * ​ US$32.68 ​ August 14, 2020 ​ August 14, 2027 ​ * ​ US$21.15 March 16, 2022 March 17, 2029 ​ ​ * ​ US$3.87 ​ July 6, 2023 ​ July 7, 2030 Other grantees * (1) ​ — From June 3, 2019 to January 30, 2024 — ​ ​ * ​ US$32.68 ​ August 14, 2020 ​ August 14, 2027 ​ ​ * ​ US$21.15 ​ March 16, 2022 ​ March 17, 2029 ​ ​ * ​ US$3.87 ​ From July 6, 2023 to October 23, 2023 ​ From July 7, 2030 to October 24, 2030 Total 8,814,743 ​ ​ ​ ​ ​ * Less than one percent of our total outstanding shares.
Biggest changeThe plan administrator may at any time terminate the operation of the 2023 Plan. 142 Table of Contents The following table summarizes, as of March 31, 2025, the outstanding options and restricted share units that we granted to our directors, executive officers and other grantees in the aggregate under the 2014 Plan and the 2023 Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary Shares ​ ​ ​ ​ ​ ​ ​ ​ Underlying ​ ​ ​ ​ ​ ​ ​ ​ Outstanding ​ ​ ​ ​ ​ ​ ​ ​ Options and ​ ​ ​ ​ ​ ​ ​ ​ Restricted ​ Exercise Price ​ ​ ​ Expiration Name Share Units (US$/Share) Grant Date Date Charles Chao * ​ US$21.15 ​ March 16, 2022 ​ March 17, 2029 ​ ​ * ​ US$2.69 ​ March 12, 2025 ​ March 12, 2032 Hong Du * (1) ​ — ​ July 27, 2021 ​ — Bo Liu — ​ — ​ — ​ — Pehong Chen ​ * (1) ​ — ​ January 6, 2023 ​ — Pochin Christopher Lu * (1) ​ — ​ March 12, 2025 ​ — Gaofei Wang * (1) ​ — ​ July 27, 2021 ​ — ​ ​ * ​ US$21.15 ​ March 16, 2022 ​ March 17, 2029 ​ ​ * ​ US$2.69 ​ March 12, 2025 ​ March 12, 2032 Yan Wang * (1) ​ — ​ May 10, 2021 ​ — Fei Cao * (1) ​ — ​ July 27, 2021 ​ — ​ ​ * ​ US$21.15 ​ March 16, 2022 ​ March 17, 2029 ​ * ​ US$2.69 ​ March 12, 2025 ​ March 12, 2032 Wei Wang * (1) ​ — ​ July 27, 2021 ​ — ​ * ​ US$21.15 ​ March 16, 2022 ​ March 17, 2029 ​ * ​ US$2.69 ​ March 12, 2025 ​ March 12, 2032 Zenghui Cao ​ * (1) ​ — ​ July 27, 2021 ​ — ​ ​ * ​ US$32.68 ​ August 14, 2020 ​ August 15, 2027 ​ ​ * ​ US$21.15 ​ March 16, 2022 ​ March 17, 2029 ​ ​ * ​ US$3.87 ​ July 6, 2023 ​ July 7, 2030 Jingdong Ge * (1) ​ — ​ From May 13, 2021 to July 27, 2021 ​ — ​ ​ * ​ US$32.68 ​ August 14, 2020 ​ August 15, 2027 ​ ​ * ​ US$21.15 ​ March 16, 2022 ​ March 17, 2029 ​ ​ * ​ US$3.87 ​ July 6, 2023 ​ July 7, 2030 Other grantees ​ * (1) ​ — ​ From October 2, 2019 to April 12, 2024 ​ — ​ ​ * ​ US$32.68 ​ August 14, 2020 ​ August 15, 2027 ​ * ​ US$21.15 ​ March 16, 2022 ​ March 17, 2029 ​ ​ * ​ US$3.87 ​ From July 6, 2023 to October 23, 2023 ​ From July 7, 2030 to October 24, 2030 ​ ​ * ​ US$2.38 ​ October 17, 2024 ​ October 18, 2031 ​ * ​ US$2.69 ​ March 12, 2025 ​ March 12, 2032 Total ​ 6,828,858 ​ ​ ​ ​ ​ ​ * Less than one percent of our total outstanding shares.
Each holder of Class A ordinary shares is entitled to one vote per share, and each holder of Class B ordinary shares is entitled to three votes per share on all matters subject to a shareholders’ vote.
Each holder of Class A ordinary shares is entitled to one vote per share, and each holder of Class B ordinary shares is entitled to three votes per share on all matters subject to a shareholders’ vote.
The audit committee is responsible for, among other things: ● selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm; ● reviewing with the independent registered public accounting firm any audit problems or difficulties and management’s response; ● reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act; ● discussing the annual audited financial statements with management and the independent registered public accounting firm; ● reviewing major issues as to the adequacy of our internal control and any special audit steps adopted in light of material control deficiencies; ● annually reviewing and reassessing the adequacy of our audit committee charter; ● meeting separately and periodically with management and the independent registered public accounting firm; and ● reporting regularly to the board. 138 Table of Contents Compensation Committee.
The audit committee is responsible for, among other things: ● selecting the independent registered public accounting firm and pre-approving all auditing and non-auditing services permitted to be performed by the independent registered public accounting firm; ● reviewing with the independent registered public accounting firm any audit problems or difficulties and management’s response; ● reviewing and approving all proposed related party transactions, as defined in Item 404 of Regulation S-K under the Securities Act; ● discussing the annual audited financial statements with management and the independent registered public accounting firm; ● reviewing major issues as to the adequacy of our internal control and any special audit steps adopted in light of material control deficiencies; ● annually reviewing and reassessing the adequacy of our audit committee charter; ● meeting separately and periodically with management and the independent registered public accounting firm; and ● reporting regularly to the board. 144 Table of Contents Compensation Committee.
A director will be removed from office automatically if, among other things, the director (1) becomes bankrupt or has a receiving order made against him or suspends payment or compounds with his creditors generally; (2) an order is made by any competent court or official on the grounds that he is or may be suffering from mental disorder or is otherwise incapable of managing his affairs and the board of directors resolves that his office be vacated; (3) without leave, is absent from meetings of the board for a continuous period of 12 months, and the board resolves that his office be vacated; (4) ceases to be or is prohibited from being a director by law or by virtue of any provisions in our articles of association; or (5) is removed from office by notice in writing served upon him signed by not less than three-fourths in number (or, if that is not a round number, the nearest lower round number) of our directors (including himself) then in office.
A director will be removed from office automatically if, among other things, the director (1) becomes bankrupt or has a receiving order made against him/her or suspends payment or compounds with his/her creditors generally; (2) an order is made by any competent court or official on the grounds that he/she is or may be suffering from mental disorder or is otherwise incapable of managing his/her affairs and the board of directors resolves that his/her office be vacated; (3) without leave, is absent from meetings of the board for a continuous period of 12 months, and the board resolves that his/her office be vacated; (4) ceases to be or is prohibited from being a director by law or by virtue of any provisions in our articles of association; or (5) is removed from office by notice in writing served upon him/her signed by not less than three-fourths in number (or, if that is not a round number, the nearest lower round number) of our directors (including himself/herself) then in office.
Exercise Price and Purchase Price. The exercise price in respect of any option shall be determined by the plan administrator and set forth in the award agreement which may be a fixed or variable price related to the fair market value of the shares.
The exercise price in respect of any option shall be determined by the plan administrator and set forth in the award agreement which may be a fixed or variable price related to the fair market value of the shares.
He joined Alibaba in 2005 and held various positions, including the head of Alimama business group of Alibaba’s Taobao and Tmall Group, the head of Taobao and Tmall Marketing Department, the President of Taobao University, General Manager of Juhuasuan, and General Manager of Tmall’s Operations Division. Mr.
He joined Alibaba in 2005 and held various positions, including the head of Alimama business group of Alibaba, the head of Taobao and Tmall Marketing Department, the President of Taobao University, General Manager of Juhuasuan, and General Manager of Tmall’s Operations Division. Mr.
Following such a declaration being made, subject to any separate requirement for audit committee approval under applicable law or the Listing Rules of Nasdaq, and unless disqualified by the chairman of any specific board meeting, a director may vote in respect of any contract or proposed contract or arrangement in which such director is interested and may be counted in the quorum at such meeting.
Following such a declaration being made, subject to any separate requirement for audit committee approval under applicable law or the Listing Rules of The Nasdaq Stock Market, and unless disqualified by the chairman of any specific board meeting, a director may vote in respect of any contract or proposed contract or arrangement in which such director is interested and may be counted in the quorum at such meeting.
(3) Represents (i) 87,822,024 Class B ordinary shares held by SINA Corporation, (ii) 545,510 Class A ordinary shares in the form of ADSs held by Charles Chao, and (iii) 37,500 Class A ordinary shares issuable upon the exercise of options exercisable within 60 days after March 31, 2024 held by Charles Chao.
(3) Represents (i) 87,822,024 Class B ordinary shares held by SINA Corporation, (ii) 545,510 Class A ordinary shares in the form of ADSs held by Charles Chao, and (iii) 37,500 Class A ordinary shares issuable upon the exercise of options exercisable within 60 days after March 31, 2025 held by Charles Chao.
Mr. Wang is a director of DiDi Global Inc. since June 2021. Mr. Wang holds a B.S. degree in Computer Science from Peking University and an EMBA degree from Guanghua School of Management of Peking University. 134 Table of Contents Yan Wang has served as our independent director since May 2021.
Mr. Wang is a director of DiDi Global Inc. since June 2021. Mr. Wang holds a B.S. degree in Computer Science from Peking University and an EMBA degree from Guanghua School of Management of Peking University. 139 Table of Contents Yan Wang has served as our independent director since May 2021.
Our Class B ordinary shares are convertible at any time by the holder into Class A ordinary shares on a one-for-one basis, whereas Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. ​ F. Disclosure of A Registrant’s Action to Recover Erroneously Awarded Compensation Not applicable. ​ 142 Table of Contents
Our Class B ordinary shares are convertible at any time by the holder into Class A ordinary shares on a one-for-one basis, whereas Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. ​ 148 Table of Contents F. Disclosure of A Registrant’s Action to Recover Erroneously Awarded Compensation Not applicable. ​
Share Ownership The following table sets forth information concerning the beneficial ownership of our ordinary shares as of March 31, 2024, by: ● each of our directors and executive officers; and ● each person known to us to beneficially own more than 5% of our total ordinary shares issued and outstanding.
Share Ownership The following table sets forth information concerning the beneficial ownership of our ordinary shares as of March 31, 2025, by: ● each of our directors and executive officers; and ● each person known to us to beneficially own more than 5% of our total ordinary shares issued and outstanding.
Pursuant to these agreements, we will be entitled to terminate a senior executive officer’s employment for cause at any time without remuneration for certain acts of the officer, such as being convicted of any criminal conduct, any act of gross or willful misconduct or any serious, willful, grossly negligent or persistent breach of any employment agreement provision, or engaging in any conduct which may make the continued employment of such officer detrimental to our company.
Pursuant to these agreements, we may terminate a senior executive officer’s employment for cause at any time without remuneration for certain acts of the officer, such as being convicted of any criminal conduct, any act of gross or willful misconduct or any serious, willful, grossly negligent or persistent breach of any employment agreement provision, or engaging in any conduct which may make the continued employment of such officer detrimental to our company.
Related Party Transactions—Our Relationship with Alibaba.” ​ 139 Table of Contents Board Diversity Matrix Board Diversity Matrix (As of March 31, 2024) Country of Principal Executive Offices: People’s Republic of China Foreign Private Issuer Yes Disclosure Prohibited Under Home Country Law No Total Number of Directors 7 ​ Female Male Non-Binary Did Not Disclose Gender Part I: Gender Identity Directors 1 6 0 0 Part II: Demographic Background Underrepresented Individual in Home Country Jurisdiction — LGBTQ+ — Did Not Disclose Demographic Background — ​ D.
Related Party Transactions—Our Relationship with Alibaba.” 145 Table of Contents Board Diversity Matrix Board Diversity Matrix (As of March 31, 2025) Country of Principal Executive Offices: People’s Republic of China Foreign Private Issuer Yes Disclosure Prohibited Under Home Country Law No Total Number of Directors 7 ​ Female Male Non-Binary Did Not Disclose Gender Part I: Gender Identity Directors 1 6 0 0 Part II: Demographic Background Underrepresented Individual in Home Country Jurisdiction — LGBTQ+ — Did Not Disclose Demographic Background — ​ D.
(1) Restricted share units. 137 Table of Contents C. Board Practices Our board of directors consists of seven directors. A director is not required to hold any shares in our company to qualify to serve as a director.
(1) Restricted share units. 143 Table of Contents C. Board Practices Our board of directors consists of seven directors. A director is not required to hold any shares in our company to qualify to serve as a director.
The exercise price per share subject to an option may be amended or adjusted in the absolute discretion of the plan administrator, the determination of which shall be final, binding and conclusive. Eligibility. We may grant awards to our employees, consultants or directors, employees of our parent company and subsidiaries. 136 Table of Contents Term of the Awards.
The exercise price per share subject to an option may be amended or adjusted in the absolute discretion of the plan administrator, the determination of which shall be final, binding and conclusive. Eligibility. We may grant awards to our employees, consultants or directors, employees of our parent company and subsidiaries. Term of the Awards.
The staff expenses related to the independent contractors recorded in 2023 was not significant. 140 Table of Contents We believe that we maintain a good working relationship with our employees and labor union in Beijing, and we have not experienced any material labor disputes. E.
The staff expenses related to the independent contractors recorded in 2024 was not significant. 146 Table of Contents We believe that we maintain a good working relationship with our employees and labor union in Beijing, and we have not experienced any material labor disputes. E.
After the completion of our initial public offering, at each annual general meeting of our company, one-third of our directors at the time, or, if their number is not three or a multiple of three, then the number nearest to, but not less than, one-third, shall retire from office by rotation.
At each annual general meeting of our company, one-third of our directors at the time, or, if their number is not three or a multiple of three, then the number nearest to, but not less than, one-third, shall retire from office by rotation.
(1) For each person and group included in this column, percentage ownership is calculated by dividing the number of ordinary shares beneficially owned by such person or group, including shares that such person or group has the right to acquire within 60 days after March 31, 2024, by the sum of (i) 243,314,778 which is the total number of ordinary shares outstanding as of March 31, 2024 and (ii) the number of ordinary shares that such person or group has the right to acquire within 60 days after March 31, 2024. 141 Table of Contents (2) For each person or group included in this column, the percentage of total voting power represents voting power based on both Class A and Class B ordinary shares held by such person or group with respect to all of our outstanding Class A and Class B ordinary shares as one class as of March 31, 2024.
(1) For each person and group included in this column, percentage ownership is calculated by dividing the number of ordinary shares beneficially owned by such person or group, including shares that such person or group has the right to acquire within 60 days after March 31, 2025, by the sum of (i) 244,825,280 which is the total number of ordinary shares outstanding as of March 31, 2025 and (ii) the number of ordinary shares that such person or group has the right to acquire within 60 days after March 31, 2025. 147 Table of Contents (2) For each person or group included in this column, the percentage of total voting power represents voting power based on both Class A and Class B ordinary shares held by such person or group with respect to all of our outstanding Class A and Class B ordinary shares as one class as of March 31, 2025.
In March 2023, SINA entered into a facility agreement with, among others, Goldman Sachs Bank USA as mandated lead arranger and bookrunner, and Citicorp International Limited as facility agent and as security agent, under which SINA is entitled to borrow up to US$300 million.
In January 2025, SINA entered into a facility agreement with, among others, Goldman Sachs Bank USA as mandated lead arranger and bookrunner, and Citicorp International Limited as facility agent and as security agent, under which SINA is entitled to borrow up to US$150 million.
There are no family relationships among any of the directors or executive officers of our company. ​ ​ ​ ​ ​ ​ Name Age Position Charles Guowei Chao 58 Chairman of the Board of Directors Hong Du 52 Director Bo Liu 43 Director Pochin Christopher Lu ​ 65 ​ Independent Director Pehong Chen 66 Independent Director Gaofei Wang 45 Director and Chief Executive Officer Yan Wang 51 Independent Director Fei Cao ​ 49 ​ Chief Financial Officer Wei Wang ​ 50 ​ Chief Operating Officer Zenghui Cao 46 Senior Vice President, Operation Jingdong Ge ​ 51 ​ Senior Vice President, Advertising Business ​ 133 Table of Contents Charles Guowei Chao has served as our Chairman of the board of directors since our inception.
There are no family relationships among any of the directors or executive officers of our company. ​ ​ ​ ​ ​ ​ Name Age Position Charles Guowei Chao 59 Chairman of the Board of Directors Hong Du 53 Director Bo Liu 44 Director Pochin Christopher Lu ​ 66 ​ Independent Director Pehong Chen 67 Independent Director Gaofei Wang 46 Director and Chief Executive Officer Yan Wang 52 Independent Director Fei Cao ​ 50 ​ Chief Financial Officer Wei Wang ​ 51 ​ Chief Operating Officer Zenghui Cao 47 Senior Vice President, Operation Jingdong Ge ​ 52 ​ Senior Vice President, Advertising Business ​ 138 Table of Contents Charles Guowei Chao has served as our Chairman of the board of directors since our inception.
Transfer Restrictions. Unless otherwise provided by applicable law and by the award agreement, awards under the 2023 Plan may not be transferred in any manner by the award holders and may be exercised only by such holders, subject to limited exceptions. Termination. The plan administrator may at any time terminate the operation of the 2023 Plan.
Transfer Restrictions. Unless otherwise provided by applicable law and by the award agreement, awards under the 2023 Plan may not be transferred in any manner by the award holders and may be exercised only by such holders, subject to limited exceptions. Termination.
As of the date of this document, New Wave MMXV Limited was owned as to 61.2% by Mr. Charles Chao, 30.0% by Mr. Yunli Liu and the remaining shares were held by other senior management members of SINA and Weibo, including Ms. Hong Du, Mr. Gaofei Wang and Ms.
As of the date of this annual report, New Wave MMXV Limited is owned as to 61.2% by Mr. Charles Chao, 30.0% by Mr. Yunli Liu and the remaining shares are held by other senior management members of SINA and Weibo, including Ms. Hong Du, Mr. Gaofei Wang and Ms.
In the event that SINA defaults under the facility agreement governing SINA’s loan, the security agent may exercise its rights and remedies in respect of the pledge, including the right to sell and/or foreclose on the shares subject to the pledge, which potentially could cause a change in control in our company.
In the event SINA defaults under the facility agreement governing SINA’s loan, the security agent may exercise its rights and remedies in respect of the pledge, including the right to sell and/or foreclose on the shares subject to the pledge, which potentially could cause a change in control in our company. Please see “Item 3. Key Information—D.
Bo Liu was appointed as a director of our company pursuant to the Shareholders Agreement by Ali WB, SINA and us. B. Compensation For the year ended December 31, 2023, we paid an aggregate of approximately US$3.9 million in cash and benefits to our executive officers, and we did not pay any cash compensation to our non-executive directors.
Bo Liu was appointed as a director of our company pursuant to the Shareholders Agreement by Ali WB, SINA and us. B. Compensation For the year ended December 31, 2024, we paid an aggregate of approximately US$5.0 million in cash and benefits to our executive officers, and we paid US$0.3 million cash compensation to our eligible non-executive directors.
To our knowledge, as of March 31, 2024, we had 34,141,459 ordinary shares outstanding on an as converted basis that were held by 27 record holders in the United States, including the depositary of our ADS program.
To our knowledge, as of March 31, 2025, we had 35,649,269 ordinary shares outstanding on an as converted basis that were held by 27 record holders in the United States, including the depositary of our ADS program.
The calculations in the table below are based on 243,314,778 ordinary shares issued and outstanding as of March 31, 2024, comprising of 155,492,754 Class A ordinary shares and 87,822,024 Class B ordinary shares. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary Shares Beneficially Owned ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ Class A ​ Class B ​ Total ​ % of Total ​ Aggregate ​ ​ ​ Ordinary ​ Ordinary ​ Ordinary ​ Ordinary ​ Voting ​ Shares Shares Shares Shares (1) Power (2) Directors and Executive Officers:** ​ ​ ​ ​ ​ Charles Chao (3) * ​ 87,822,024 ​ 88,405,034 ​ 36.3 % 63.0 % Hong Du * ​ — ​ * ​ * ​ * ​ Bo Liu — ​ — ​ — ​ — ​ — ​ Pochin Christopher Lu ​ * ​ — ​ * ​ * ​ * ​ Pehong Chen * ​ — ​ * ​ * ​ * ​ Gaofei Wang * ​ — ​ * ​ * ​ * ​ Yan Wang * ​ — ​ * ​ * ​ * ​ Fei Cao * ​ — ​ * ​ * ​ * ​ Wei Wang * ​ — ​ * ​ * ​ * ​ Zenghui Cao ​ * ​ — ​ * ​ * ​ * ​ Jingdong Ge ​ * ​ — ​ * ​ * ​ * ​ All directors and executive officers as a group 3,364,173 ​ 87,822,024 ​ 91,186,197 ​ 37.4 % 63.6 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Shareholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SINA Corporation (4) — ​ 87,822,024 ​ 87,822,024 ​ 36.1 % 62.9 % Ali WB Investment Holding Limited (5) 67,883,086 ​ — ​ 67,883,086 ​ 27.9 % 16.2 % Notes: * Less than 1% of our total outstanding shares. ** The business address for Charles Chao and Hong Du is No. 8 SINA Plaza, Courtyard 10, the West, Xibeiwang E.
The calculations in the table below are based on 244,825,280 ordinary shares issued and outstanding as of March 31, 2025, comprising of 157,003,256 Class A ordinary shares and 87,822,024 Class B ordinary shares. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ordinary Shares Beneficially Owned ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ​ ​ ​ Class A ​ Class B ​ Total ​ % of Total ​ Aggregate ​ ​ ​ Ordinary ​ Ordinary ​ Ordinary ​ Ordinary ​ Voting ​ Shares Shares Shares Shares (1) Power (2) Directors and Executive Officers:** ​ ​ ​ ​ ​ Charles Chao (3) * ​ 87,822,024 ​ 88,405,034 ​ 36.1 % 62.8 % Hong Du * ​ — ​ * ​ * ​ * ​ Bo Liu — ​ — ​ — ​ — ​ — ​ Pochin Christopher Lu ​ * ​ — ​ * ​ * ​ * ​ Pehong Chen * ​ — ​ * ​ * ​ * ​ Gaofei Wang * ​ — ​ * ​ * ​ * ​ Yan Wang * ​ — ​ * ​ * ​ * ​ Fei Cao * ​ — ​ * ​ * ​ * ​ Wei Wang * ​ — ​ * ​ * ​ * ​ Zenghui Cao ​ * ​ — ​ * ​ * ​ * ​ Jingdong Ge ​ * ​ — ​ * ​ * ​ * ​ All directors and executive officers as a group 3,468,635 ​ 87,822,024 ​ 91,290,659 ​ 37.3 % 63.4 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Shareholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SINA Corporation (4) — ​ 87,822,024 ​ 87,822,024 ​ 35.9 % 62.7 % Ali WB Investment Holding Limited (5) 67,883,086 ​ — ​ 67,883,086 ​ 27.7 % 16.1 % Notes: * Less than 1% of our total outstanding shares. ** The business address for Charles Chao and Hong Du is No. 8 SINA Plaza, Courtyard 10, the West, Xibeiwang E.
Since February 2013, Ms. Du has served as SINA’s Co-President and Chief Operating Officer. Ms. Du joined SINA in November 1999 and worked in Business Development until April 2004. From May 2004 to January 2005, Ms. Du served as Deputy General Manager of 1Pai.com, a joint venture between SINA and Yahoo! Ms.
Du joined SINA in November 1999 and worked in Business Development until April 2004. From May 2004 to January 2005, Ms. Du served as Deputy General Manager of 1Pai.com, a joint venture between SINA and Yahoo! Ms.
Liu is currently the President of Tmall business group of Alibaba’s Taobao and Tmall Group. He was appointed as the Vice President of Alibaba Group in March 2020.
Liu is currently the Vice President of Alibaba Group; President of Tmall; President of Alimama; and President of e-commerce livestreaming business group of Alibaba. He was appointed as the Vice President of Alibaba Group in March 2020.
Employees We had 6,147, 5,935 and 5,268 employees, respectively as of December 31, 2021, 2022 and 2023. Our employees are mainly based in Beijing, Shanghai, Tianjin and Xi’an.
Employees We had 5,935, 5,268 and 4,982 employees, respectively as of December 31, 2022, 2023 and 2024. Our employees are mainly based in Beijing, Shanghai and Tianjin.
Ge joined SINA in 2000 and held multiple positions, including SINA’s Vice President, Sales from June 2015 and Vice President and General Manager in charge of automobile business from March 2017 to December 2018. Mr. Ge holds an M.B.A. degree from the University of Hong Kong.
Ge joined SINA in 2000 and held multiple positions, including SINA’s Vice President, Sales from June 2015 and Vice President and General Manager in charge of automobile business from March 2017 to December 2018. Mr.
The following table sets forth the numbers of our employees categorized by function as of December 31, 2023: ​ ​ ​ ​ Function: Number of Employees Operations 1,336 Sales, customer service and marketing 1,483 Product development 2,284 General administration and human resources 165 Total 5,268 ​ The employee numbers in this “Item 6. Directors, Senior Management and Employees—D.
The following table sets forth the numbers of our employees categorized by function as of December 31, 2024: ​ ​ ​ Function: Number of Employees Operations 1,300 Sales, customer service and marketing 1,389 Product development 2,125 General administration and human resources 168 Total 4,982 ​ The employee numbers in this “Item 6. Directors, Senior Management and Employees—D.
Chao has served as a director of Leju Holdings Ltd. since 2014. Mr. Chao holds a B.A. in Journalism from Fudan University in Shanghai, China, an M.A. degree from the University of Oklahoma and a Master of Professional Accounting degree from the University of Texas at Austin. Hong Du has served as our director since January 2014.
Chao holds a B.A. in Journalism from Fudan University in Shanghai, China, an M.A. degree from the University of Oklahoma and a Master of Professional Accounting degree from the University of Texas at Austin. Hong Du has served as our director since January 2014. Since February 2013, Ms. Du has served as SINA’s Co-President and Chief Operating Officer. Ms.
As of March 31, 2024, an aggregate of 5,049,241 options and 3,765,502 restricted share units were granted and outstanding under the 2014 Plan and the 2023 Plan. The following paragraphs summarize the terms of the 2023 Plan. Types of Awards. The 2023 Plan permits the awards of options, restricted shares and restricted share units. Plan Administration.
As of March 31, 2025, an aggregate of 6,059,401 options and 769,457 restricted share units were granted and outstanding under the 2014 Plan and the 2023 Plan. The following paragraphs summarize the terms of the 2023 Plan. Types of Awards. The 2023 Plan permits the awards of options, restricted shares and restricted share units. Plan Administration.
Our PRC subsidiaries, the VIEs and their subsidiaries are required by law to make contributions equal to certain percentages of each employee’s salary for his or her pension insurance, medical insurance, unemployment insurance and other statutory benefits and a housing provident fund. 135 Table of Contents Employment Agreements We have entered into employment agreements with our senior executive officers.
Compensation—Share Incentive Plans.” We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our executive officers and directors. 140 Table of Contents Our PRC subsidiaries, the VIEs and their subsidiaries are required by law to make contributions equal to certain percentages of each employee’s salary for his or her pension insurance, medical insurance, unemployment insurance and other statutory benefits and a housing provident fund.
Our board or a committee of one or more members of our board duly authorized for the purpose of the 2023 Plan can act as the plan administrator. Award Agreement. Options, restricted shares or restricted share units granted under the 2023 Plan are evidenced by an award agreement that sets forth the terms, conditions and limitations for each grant.
Options, restricted shares or restricted share units granted under the 2023 Plan are evidenced by an award agreement that sets forth the terms, conditions and limitations for each grant. 141 Table of Contents Exercise Price and Purchase Price.
Please see “Risk Factors—Risks Relating to Our Relationship with SINA—SINA has pledged all of the Class B ordinary shares held by it in our company to secure a syndicate loan, and if SINA defaults on the underlying loan, we could experience a change in control.” (5) Represents (i) 58,883,086 Class A ordinary shares and (ii) 9,000,000 Class A ordinary shares represented by ADSs.
The potential default by SINA on the underlying loans or the potential for SINA to pledge additional Class B ordinary shares in our company poses a risk of change in control.” (5) Represents (i) 58,883,086 Class A ordinary shares and (ii) 9,000,000 Class A ordinary shares represented by ADSs.
For share incentive grants to our officers and directors, see “Item 6. Directors, Senior Management and Employees—B. Compensation—Share Incentive Plans.” We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our executive officers and directors.
For share incentive grants to our officers and directors, see “Item 6. Directors, Senior Management and Employees—B.
Shortly thereafter, SINA pledged all of the Class B ordinary shares held by it in our company in favor of the security agent.
Risk Factors—Risks Relating to Our Relationship with SINA—SINA has pledged half of the Class B ordinary shares held by it in our company to secure a syndicate loan and might from time to time pledge additional Class B ordinary shares held by it in our company.
Added
Ge is currently a director of INMYSHOW Digital Technology (Group) Co., Ltd., a Shanghai Stock Exchange-listed company (SSE: 600556) providing social and new media marketing services. Mr. Ge holds an M.B.A. degree from the University of Hong Kong.
Added
Employment Agreements We have entered into employment agreements with our senior executive officers.
Added
Our board or a committee of one or more members of our board duly authorized for the purpose of the 2023 Plan can act as the plan administrator. Award Agreement.
Added
This facility agreement refinances in full the US$300 million facility agreement entered into by SINA in March 2023 with, among others, Goldman Sachs Bank USA as mandated lead arranger and bookrunner, and Citicorp International Limited as facility agent and as security agent. Such March 2023 facility agreement has been repaid and discharged in full on March 13, 2025.
Added
On March 13, 2025, SINA pledged half of the Class B ordinary shares held by it in our company as at such date in favor of the security agent of the January 2025 facility, which represented 17.9% of our total issued and outstanding shares and 31.3% of our voting power as of March 31, 2025, and might from time to time pledge additional Class B ordinary shares held by it in our company, pursuant to the terms of such share pledge.

Item 7. Management's Discussion & Analysis

Management's Discussion & Analysis (MD&A) — revenue / margin commentary

33 edited+1 added−4 removed54 unchanged
Biggest changeStrategic Collaboration with Alibaba In April 2013, we entered into a strategic collaboration agreement and a marketing cooperation agreement to form a strategic alliance between several of our affiliated entities, including Weibo Technology, Weimeng, and Beijing SINA Internet Information Service Co., Ltd., an affiliate of SINA, and several entities affiliated with Alibaba, including Alibaba (China) Co., Ltd., Taobao (China) Software Co., Ltd., Zhejiang Tmall.com Technology Co., Ltd. and Alibaba (China) Technology Co., Ltd., to jointly explore social commerce and develop innovative marketing solutions to enable merchants on Alibaba e-commerce platforms to better connect and build relationships with Weibo users.
Biggest changeSee below “Our Relationship with Alibaba—Registration Rights Agreement.” Our Relationship with Alibaba In April 2013, we entered into a strategic collaboration agreement and a marketing cooperation agreement to form a strategic alliance between several of our affiliated entities and several entities affiliated with Alibaba.
As of December 31, 2023, we had outstanding balances related to other related parties of US$38.2 million in accounts receivable, US$36.8 million in accounts payable, and US$6.0 million in accrued and other liabilities.
As of December 31, 2023, we had outstanding balances related to other related parties of US$38.2 million in net accounts receivable, US$36.8 million in accounts payable, and US$6.0 million in accrued and other liabilities.
See “—Voting Agreement.” 145 Table of Contents Voting Agreement Pursuant to the voting agreement entered into by SINA and Ali WB on April 24, 2014, Ali WB has the right to appoint or nominate such number of directors as is proportional to the percentage of its ownership in our company on a fully diluted basis (such number of directors to be rounded down the closest integer).
See “—Voting Agreement.” 151 Table of Contents Voting Agreement Pursuant to the voting agreement entered into by SINA and Ali WB on April 24, 2014, Ali WB has the right to appoint or nominate such number of directors as is proportional to the percentage of its ownership in our company on a fully diluted basis (such number of directors to be rounded down the closest integer).
As of December 31, 2023, we had a total of US$61.1 million in accounts receivable due from Alibaba. 147 Table of Contents During 2022, we recorded a total of US$107.0 million in advertising and marketing revenues from Alibaba as an advertiser and US$33.7 million of cost and expenses for the services provided by Alibaba.
As of December 31, 2023, we had a total of US$61.1 million in accounts receivable due from Alibaba. 153 Table of Contents During 2022, we recorded a total of US$107.0 million in advertising and marketing revenues from Alibaba as an advertiser and US$33.7 million of cost and expenses for the services provided by Alibaba.
We beneficially owned 480,342,364 shares of INMYSHOW Digital Technology (Group) Co., Ltd., representing approximately 26.57% of its total issued shares, immediately following the consummation of this transaction and taking into account our existing shareholding. 146 Table of Contents During 2022, we recorded US$76.9 million in revenues billed through SINA to third parties/for services provided to SINA.
We beneficially owned 480,342,364 shares of INMYSHOW Digital Technology (Group) Co., Ltd., representing approximately 26.57% of its total issued shares, immediately following the consummation of this transaction and taking into account our existing shareholding. During 2022, we recorded US$76.9 million in revenues billed through SINA to third parties/for services provided to SINA.
In 2021, we entered into a series of one-year loan agreements with SINA, pursuant to which SINA is entitled to withdraw loans from us to facilitate SINA’s business operations or to meet SINA’s short term capital needs.
In 2024, we entered into a series of one-year loan agreements with SINA, pursuant to which SINA is entitled to withdraw loans from us to facilitate SINA’s business operations or to meet SINA’s short term capital needs.
Indirect costs include office occupancy, information technology support and other overhead costs of the department incurring the direct costs of providing the service. Intellectual Property License Agreement The intellectual property license agreement was entered into by and between SINA and us as a part of Ali WB’s purchase of our ordinary and preferred shares in April 2013.
Indirect costs include office occupancy, information technology support and other overhead costs of the department incurring the direct costs of providing the service. 150 Table of Contents Intellectual Property License Agreement The intellectual property license agreement was entered into by and between SINA and us as a part of Ali WB’s purchase of our ordinary and preferred shares in April 2013.
Transactions with Alibaba During 2023, we recorded US$111.6 million in advertising and marketing revenues from Alibaba and US$23.4 million of cost and expenses for the services provided by Alibaba.
During 2023, we recorded US$111.6 million in advertising and marketing revenues from Alibaba and US$23.4 million of cost and expenses for the services provided by Alibaba.
Organizational Structure—Contractual Arrangements with the VIEs and Their Respective Individual Shareholders” for a description of the contractual arrangements between Weibo Technology, the VIEs and the shareholders of VIEs. Transactions with SINA During 2023, we recorded US$66.8 million in revenues billed through SINA to third parties/for services provided to SINA.
Organizational Structure—Contractual Arrangements with the VIEs and Their Respective Individual Shareholders” for a description of the contractual arrangements between Weibo Technology, the VIEs and the shareholders of VIEs. Transactions with SINA During 2024, we recorded US$46.6 million in revenues billed through SINA to third parties/for services provided to SINA.
We had costs and expenses allocated from SINA of US$38.3 million and another US$48.0 million billed by SINA for other costs and expenses associated with Weibo business. In addition, we allocated US$0.8 million to SINA for costs and expenses related to certain of SINA’s activities for which Weibo made the payments.
We had costs and expenses allocated from SINA of US$33.2 million and another US$38.5 million billed by SINA for other costs and expenses associated with Weibo business. In addition, we allocated US$8.6 million to SINA for costs and expenses related to certain of SINA’s activities for which Weibo made the payments.
These other related parties mainly included an equity investee in real estate business, accounting US$480.8 million, and an investee providing online brokerage services, accounting US$211.6 million of the outstanding balance as of December 31, 2021. Employment Agreements See “Item 6. Directors, Senior Management and Employees—B. Compensation—Employment Agreements.” Share Incentives See “Item 6. Directors, Senior Management and Employees—B.
These other related parties mainly included an equity investee in real estate business, accounting US$454.9 million, and an investee providing online brokerage services, accounting US$110.0 million of the outstanding balance as of December 31, 2022. Employment Agreements See “Item 6. Directors, Senior Management and Employees—B. Compensation—Employment Agreements.” Share Incentives See “Item 6. Directors, Senior Management and Employees—B.
Furthermore, under the master transaction agreement, we have agreed to use our reasonable best efforts to use the same independent certified public accounting firm selected by SINA and to maintain the same fiscal year as SINA until the first SINA fiscal year-end following the earlier of (1) the first date when SINA no longer owns at least 20% of the voting power of our then outstanding securities and (2) the first date when SINA ceases to be the largest beneficial owner of our then outstanding voting securities (without considering holdings by certain institutional investors).
The general release does not apply to liabilities allocated between the parties under the master transaction agreement or the other intercompany agreements. 149 Table of Contents Furthermore, under the master transaction agreement, we have agreed to use our reasonable best efforts to use the same independent certified public accounting firm selected by SINA and to maintain the same fiscal year as SINA until the first SINA fiscal year-end following the earlier of (1) the first date when SINA no longer owns at least 20% of the voting power of our then outstanding securities and (2) the first date when SINA ceases to be the largest beneficial owner of our then outstanding voting securities (without considering holdings by certain institutional investors).
Moreover, we recorded loans to and interest receivables from other related parties of US$700.5 million at annual interest rates ranging from 4.0% to 10.0% as of December 31, 2021.
Moreover, we recorded loans to and interest receivables from other related parties of US$447.0 million at annual interest rates ranging from 5.0% to 6.6% as of December 31, 2024.
As of December 31, 2023, the outstanding balance of amounts due from SINA (excluding loans to and interest receivable from SINA) was US$41.2 million.
As of December 31, 2024, the outstanding balance of amounts due from SINA (excluding loans to and interest receivable from SINA) was US$35.1 million.
These other related parties mainly included an equity investee in real estate business, accounting US$454.9 million, and an investee providing online brokerage services, accounting US$110.0 million of the outstanding balance as of December 31, 2022.
These other related parties mainly included an equity investee in real estate business, accounting US$358.5 million, and an investee providing online brokerage services, accounting US$88.5 million of the outstanding balance as of December 31, 2024.
The following are summaries of our strategic alliance with Alibaba and major rights that Ali WB has as our shareholder.
The following are summaries of the major rights that Ali WB has as our shareholder.
Costs and expenses allocated from SINA represent services that were provided by various subsidiaries and VIEs of SINA. The service fees were incurred using an allocation methodology based on proportional utilization. See “—Our Relationship with SINA” and “Note 2. Significant Accounting Policies” in the accompanying notes to consolidated financial statements included in this annual report on Form 20-F.
The service fees were incurred using an allocation methodology based on proportional utilization. See “—Our Relationship with SINA” and “Note 2. Significant Accounting Policies” in the accompanying notes to consolidated financial statements included in this annual report on Form 20-F.
In 2021, SINA has withdrawn a total of US$978.2 million of loans from us and repaid US$1,058.6 million to us while we recognized US$17.9 million interest income on the loans to SINA. As of December 31, 2021, the outstanding balance of the loans to and interest receivable from SINA was US$479.6 million.
In 2024, SINA has withdrawn a total of US$966.6 million of loans from us and repaid US$970.9 million to us while we recognized US$13.1 million interest income on the loans to SINA. As of December 31, 2024, the outstanding balance of the loans to and interest receivable from SINA was US$417.7 million.
See below “Our Relationship with Alibaba—Registration Rights Agreement.” Our Relationship with Alibaba In April 2013, concurrently with forming a strategic alliance with several of our affiliated entities, Alibaba invested US$585.8 million through Ali WB, its wholly owned subsidiary, to purchase our ordinary and preferred shares representing approximately 18% of our then total outstanding shares on a fully diluted basis.
Concurrently with forming the strategic alliance, Alibaba invested US$585.8 million through Ali WB, its wholly owned subsidiary, to purchase our ordinary and preferred shares representing approximately 18% of our then total outstanding shares on a fully diluted basis.
During 2021, other than revenues generated from SINA and Alibaba, we recorded US$73.3 million in revenues from other related parties and US$62.6 million in cost and expenses for services received from other related parties.
During 2023, other than revenues generated from SINA and Alibaba, we recorded US$35.4 million in revenues from other related parties and US$33.9 million in cost and expenses for services received from other related parties.
In 2023, SINA has withdrawn a total of US$1,105.7 million of loans from us and repaid US$1,071.1 million to us while we recognized US$14.9 million interest income on the loans to SINA. As of December 31, 2023, the outstanding balance of the loans to and interest receivable from SINA was US$445.2 million. On March 1, 2023, Weibo Holding (Singapore) Pte.
In 2023, SINA has withdrawn a total of US$1,105.7 million of loans from us and repaid US$1,071.1 million to us while we recognized US$14.9 million interest income on the loans to SINA.
We grant SINA and its affiliates a non-exclusive, perpetual, worldwide, non-sublicensable, non-transferable limited license of certain of our intellectual property to use, reproduce, modify, prepare derivative works of, perform, display or otherwise exploit such intellectual property.
We grant SINA and its affiliates a non-exclusive, perpetual, worldwide, non-sublicensable, non-transferable limited license of certain of our intellectual property to use, reproduce, modify, prepare derivative works of, perform, display or otherwise exploit such intellectual property. This agreement commenced on April 29, 2013 and will continue in effect unless and until terminated as provided in the agreement.
As of December 31, 2021, we had outstanding balances related to other related parties of US$55.8 million in accounts receivable, US$44.3 million in accounts payable, and US$8.3 million in accrued and other liabilities.
As of December 31, 2024, we had outstanding balances related to other related parties of US$39.6 million in accounts receivable, US$25.0 million in accounts payable, and US$5.6 million in accrued and other liabilities.
However, Alibaba is still our significant customer, as we continue to serve as an important marketing partner for Alibaba and we continue to jointly develop innovative marketing solutions for both of our customers and explore social e-commerce opportunities for their merchants.
Although the strategic collaboration agreement and the marketing cooperation agreement expired in January 2016, Alibaba remains a significant customer of ours, as we continue to serve as an important marketing partner for Alibaba and we continue to jointly develop innovative marketing solutions for both of our customers and explore social e-commerce opportunities for their merchants.
Loan from SINA is presented under cash flow from financing activities, whereas loan to SINA is presented under investing activities in the consolidated statements of cash flows. Cash payment for billings from SINA for costs and expenses allocated to Weibo is presented under operating activities in the consolidated statements of cash flows.
Loans to SINA is presented under investing activities in the consolidated statements of cash flows. Cash payment for billings from SINA for costs and expenses allocated to Weibo is presented under operating activities in the consolidated statements of cash flows. Costs and expenses allocated from SINA represent services that were provided by various subsidiaries and VIEs of SINA.
We had costs and expenses allocated from SINA of US$36.5 million and another US$24.9 million billed by SINA for other costs and expenses associated with Weibo business. In addition, we allocated US$9.9 million to SINA for costs and expenses related to certain of SINA’s activities for which Weibo made the payments.
During 2023, we recorded US$66.8 million in revenues billed through SINA to third parties/for services provided to SINA. We had costs and expenses allocated from SINA of US$36.5 million and another US$24.9 million billed by SINA for other costs and expenses associated with Weibo business.
The total balance of prepayment for SINA Plaza was eliminated as we consolidated the financial statements of Sina.com Technology (China) Co., Ltd. on December 31, 2023. During 2021, we recorded US$111.5 million in revenues billed through SINA to third parties/for services provided to SINA.
The total balance of prepayment for SINA Plaza was eliminated as we consolidated the financial statements of Sina.com Technology (China) Co., Ltd. on December 31, 2022.
We also have agreed to use our reasonable best efforts to complete our audit and provide SINA with all financial and other information on a timely basis so that SINA may meet its deadlines for its filing of annual and quarterly financial statements. 143 Table of Contents Under the master transaction agreement, the parties also agree to cooperate in sharing information and data collected from each party’s business operation, including, without limitation, user information and data relating to user activities.
We refer to this earlier date as the control ending date. We also have agreed to use our reasonable best efforts to complete our audit and provide SINA with all financial and other information on a timely basis so that SINA may meet its deadlines for its filing of annual and quarterly financial statements.
Ltd., our wholly owned subsidiary, entered into a share purchase agreement with ShowWorld Holding Limited, an indirect subsidiary of SINA, pursuant to which Weibo Holding (Singapore) Pte.
As of December 31, 2023, the outstanding balance of the loans to and interest receivable from SINA was US$445.2 million. 152 Table of Contents On March 1, 2023, Weibo Holding (Singapore) Pte. Ltd., our wholly owned subsidiary, entered into a share purchase agreement with ShowWorld Holding Limited, an indirect subsidiary of SINA, pursuant to which Weibo Holding (Singapore) Pte.
The parties agree not to charge any fees for their cooperation provided under the agreement unless they separately and explicitly agree otherwise.
Under the master transaction agreement, the parties also agree to cooperate in sharing information and data collected from each party’s business operation, including, without limitation, user information and data relating to user activities. The parties agree not to charge any fees for their cooperation provided under the agreement unless they separately and explicitly agree otherwise.
As of December 31, 2021, we had a total of US$89.3 million in accounts receivable due from Alibaba. Transactions with Other Related Parties During 2023, other than revenues generated from SINA and Alibaba, we recorded US$35.4 million in revenues from other related parties and US$33.9 million in cost and expenses for services received from other related parties.
Transactions with Alibaba During 2024, we recorded US$116.8 million in advertising and marketing revenues from Alibaba and US$22.5 million of cost and expenses for the services provided by Alibaba. As of December 31, 2024, we had a total of US$43.5 million in accounts receivable due from Alibaba.
This agreement commenced on April 29, 2013 and will continue in effect unless and until terminated as provided in the agreement. 144 Table of Contents SINA’s Registration Rights SINA has the same registration rights as those that have been granted to Ali WB.
SINA’s Registration Rights SINA has the same registration rights as those that have been granted to Ali WB.
As of December 31, 2021, the outstanding balance of amounts due from SINA (excluding loans to and interest receivable from SINA) was US$14.6 million. In 2021, we entered into a letter of intent to purchase the office building (SINA Plaza) from SINA. As of December 31, 2021, the balance of prepayment for SINA Plaza was US$133.7 million.
In addition, we allocated US$9.9 million to SINA for costs and expenses related to certain of SINA’s activities for which Weibo made the payments. As of December 31, 2023, the outstanding balance of amounts due from SINA (excluding loans to and interest receivable from SINA) was US$41.2 million.
Removed
The general release does not apply to liabilities allocated between the parties under the master transaction agreement or the other intercompany agreements.
Added
Transactions with Other Related Parties During 2024, other than revenues generated from SINA and Alibaba, we recorded US$45.2 million in revenues from other related parties and US$32.8 million in cost and expenses for services received from other related parties.
Removed
We refer to this earlier date as the control ending date.
Removed
Under these agreements, the parties agreed to cooperate on a non-exclusive basis in respect of user account sharing, data sharing, platform integration, product development, payment supporting for both personal computer and mobile businesses, marketing activities and other aspects of the parties’ businesses. The strategic collaboration agreement and marketing cooperation agreement expired in January 2016.
Removed
During 2021, we recorded US$139.6 million in advertising and marketing revenues from Alibaba as an advertiser and US$44.0 million of cost and expenses for the services provided by Alibaba. One of Alibaba’s subsidiaries engaged in the business of advertising agency and contributed another US$41.7 million to our total revenues during 2021.

Other WB 10-K year-over-year comparisons