The shares of Chinese social media giant Weibo dropped more than 9% to hit a new low on Dec. 14, according to the Internet Information Office of the Chinese Communist Party.
It is a new record low since Weibo debuted in Hong Kong stock exchange on Dec. 8, when its shares immediately fell 7.2%.
While Weibo shares hit rock bottom, the Hang Seng Technology Index dropped 2.28%.
Weibo’s shares fell sharply after the Cyberspace Administration of China (CAC) imposed penalties on the company. According to Aboluo Wang, the CAC announced that it had imposed 44 penalties on the company, with a total fine of 14.3 million yuan ($2.2 million).
Reuters reported that the CCP went after Weibo for publishing content it classified as illegal. Beijing’s local cyberspace regulator said the Chinese version of Twitter broke a cybersecurity rule aimed at protecting minors, in addition to other violations.
The CAC said in a statement that Weibo had been required to “immediately rectify and deal with relevant responsible persons seriously.”
Earlier this month, the CAC also punished renowned the movie review site Douban 1.5 million yuan ($2.3 million) for “unlawful dissemination of information.”