The Zhitong Finance App learned that Weibo-SW (09898) fell by more than 4%. As of press release, it was down 4.03% to HK$73.9, with a turnover of HK$1,423,900.

According to the news, Bank of China International pointed out that Weibo's short-term revenue and profit performance will continue to be pressured by macroeconomic uncertainty, increased competition in the major advertiser industry and online advertising platforms, continued migration of major consumer advertising budgets to transactional advertising platforms, and RMB to US dollar exchange.

At the same time, based on the company's main business strategy, the macro environment, and the competitive pattern of Internet advertising platforms, the bank believes that the company lacks room for imagination for long-term growth in the face of expanding commercialization and monetization over a long period of time. Weibo's rating was downgraded to “hold”, and the target price was reduced to HK$79.