(Yicai Global) Dec. 14 -- Weibo’s share price plunged after China’s most popular micro-blogging platform received this year’s umpteenth fine for spreading information that breached regulations.

Weibo [HKG: 9898] closed down 9.6 percent at HKD219.80 (USD28.17) today. The stock has lost about 19 percent of its value since its Hong Kong debut on Dec. 8. Its Nasdaq-listed shares [NASDAQ: WB] ended 5.6 percent lower yesterday at USD29.88 apiece.

The Cyberspace Administration summoned Weibo for talks, urging it to immediately rectify the issue, and fined it CNY3 million (USD471,300) for repeatedly publishing and disseminating information prohibited by laws or regulations, the watchdog said on its official WeChat account today.

The regulator fined Weibo 44 times from January to November, for a total of CNY14.3 million (USD2.2 million), it added in the statement.

At the request of the Cyberspace Administration, Weibo will set up a rectification team to focus on handling pornographic content and malicious marketing and will adopt manual and machine methods to intercept relevant information and accounts, the social media platform said today.

Editor: Futura Costaglione