SEC Adds Weibo To Its Provisional List Under Holding Foreign Companies Accountable Act

• The SEC added the Chinese social media platform Weibo Corp (NASDAQ:WB) to its provisional list of companies identified under the Holding Foreign Companies Accountable Act. 
• The SEC is required to identify public companies that have retained a public accounting firm to issue an audit report where the firm has a branch or office that: (1) is located in a foreign jurisdiction, and (2) the Public Company Accounting Oversight Board (“PCAOB”) has determined that it is unable to inspect or investigate entirely because of a position taken by an authority in the foreign jurisdiction.
• Earlier this month, Weibo reported Q4 revenue growth of 20% year-on-year to $616.3 million, beating the consensus of $607.8 million. Non-GAAP EPS of $0.83 beat the consensus of $0.81.
• Price Action: WB shares traded lower by 1..1% at $26.81 on the last check Wednesday.