Share Structure and Voting Rights - As of January 31, 2022, the total number of Class B ordinary shares held by different voting rights beneficiaries is 94,825,338, representing approximately 66.7% of the voting power for shareholder voting matters[3]. - The total number of ordinary shares outstanding as of December 31, 2021, is 236,553,460, which includes 140,274,502 Class A ordinary shares and 96,278,958 Class B ordinary shares[8]. - Each Class B ordinary share can be converted into one Class A ordinary share, which would result in the issuance of 94,825,338 Class A ordinary shares, approximately 66.9% of the total Class A ordinary shares outstanding as of January 31, 2022[3]. - If the total number of Class B ordinary shares held by Sina and its affiliates falls below 5%, each Class B ordinary share will automatically convert into one Class A ordinary share[4]. - The company operates under a dual-class share structure, where Class A shares have one vote per share and Class B shares have three votes per share[2]. - The company emphasizes the potential risks associated with investing in companies with different voting rights structures, as the interests of different voting rights beneficiaries may not always align with those of other shareholders[4]. Financial Performance - Total revenue for the year was $1.8 billion, a 20% increase from the previous year[13]. - Advertising revenue accounted for approximately 80% of total revenue, amounting to $1.44 billion, up 22% year-over-year[13]. - Weibo Corporation reported an increase in daily active users (DAUs) to 241 million, representing a year-over-year growth of 5%[11]. - The average monthly active users (MAUs) reached 550 million, showing a 3% increase compared to the previous year[12]. - The company expects revenue growth to continue in the next fiscal year, projecting a 15-20% increase[13]. - Weibo's management emphasized the importance of regulatory compliance and adapting to changing market conditions in China[13]. User Engagement and Growth - The company faces significant risks related to user growth and engagement, which could adversely affect its financial performance[49]. - The majority of the company's revenue is generated from online advertising and marketing services, making it vulnerable to fluctuations in this area[49]. - The company has implemented various initiatives to stimulate user engagement, including features like hot topics, search, short videos, live streaming, and interest feeds[56]. - The success of the platform relies on the ability to provide interesting and useful content, which depends on contributions from users and platform partners[57]. - The company acknowledges that the effectiveness of its strategies to enhance user engagement may not be guaranteed[56]. Regulatory and Compliance Risks - The company faces various legal and operational risks related to complex and changing Chinese regulations, including those concerning foreign investment and cybersecurity[18]. - The Chinese government has significant power to regulate operations and foreign investments, which may severely restrict the company's ability to issue securities[19]. - The company is subject to uncertainties regarding the interpretation and application of current and future Chinese laws affecting its VIE structure[19]. - The company is actively communicating with regulatory authorities regarding the application for necessary licenses, including the internet broadcasting license, which may impact future operations[23]. - The company has not received any approvals or rejections from Chinese authorities regarding the issuance of securities to foreign investors as of the report date[23]. Variable Interest Entities (VIEs) - The company operates through contractual arrangements with VIEs and their subsidiaries in China due to restrictions on foreign ownership in internet-related businesses[16]. - There are significant risks associated with the contractual arrangements with VIEs, including potential penalties or loss of rights if found non-compliant with Chinese laws[17]. - The company does not directly own the equity of its VIEs, which may limit operational control compared to direct ownership[16]. - The company’s American Depositary Shares (ADS) do not represent ownership in the Chinese operating entities but rather in the Cayman Islands holding company[16]. - The company may incur substantial costs to enforce the terms of the contractual arrangements with VIEs[16]. Financial Position and Assets - Total assets amounted to $7,519,522, with significant contributions from cash and cash equivalents of $2,423,703 and short-term investments of $711,062[37]. - The total liabilities reached $3,831,502, with convertible bonds at $896,541 and unsecured senior notes at $1,538,415[37]. - Shareholders' equity totaled $3,621,398, reflecting a strong capital position despite a decrease in equity from variable interest entities[37]. - The company has made substantial investments in long-term assets, with total long-term investments amounting to $1,207,651[37]. Competition and Market Challenges - The competition for user traffic and engagement is intense, with major competitors like Tencent and ByteDance directly competing for resources, content, and user attention[59]. - The company faces significant competition in advertising and marketing spending from major competitors like Tencent, ByteDance, Baidu, and others, which could adversely affect its business and operational performance[67]. - The overall revenue growth may slow down due to intensified competition in the smartphone market and potential disruptions from economic factors such as the pandemic or geopolitical changes[61]. Data Privacy and Security - The company collects user personal data to better understand user needs and assist clients in identifying specific target audiences[82]. - The company has taken steps to comply with existing data protection laws and regulations, including completing self-inspection and correction work as part of a 2021 special rectification action[86]. - The company faces legal and regulatory risks related to potential misuse of user data by third parties, which could severely damage its business[82]. - The company has invested substantial resources in technology and product development to prevent user data leaks and other security vulnerabilities[82]. Strategic Partnerships and Collaborations - The company has initiated strategic collaborations with various brands to boost advertising effectiveness and reach[13]. - Alibaba remains the largest customer and strategic partner, contributing a significant portion of the company's revenue, although its share has decreased over the years[71]. - The company relies on partnerships with app pre-installation partners and programmatic buying partners for user acquisition and activation, which may be adversely affected by a slowdown in the smartphone market and shipment growth in China[58]. Future Outlook and Strategic Plans - The company plans to invest in new technologies and product development to enhance user engagement and monetization strategies[13]. - Weibo aims to expand its market presence by targeting younger demographics and increasing partnerships with content creators[13]. - The company is exploring new business initiatives and models, which may involve significant time and resource investments, and could face operational and compliance challenges[61].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...

Financial Data and Key Metrics Changes - In Q4 2021, Weibo's total revenue reached $616.3 million, a 20% increase year-over-year. For the full year 2021, total revenues were $2.26 billion, up 34% year-over-year [6][7][28] - Advertising and marketing revenues in Q4 were $550.8 million, a 21% increase year-over-year, with mobile revenues accounting for 94% of total ad revenues [7][29] - Non-GAAP operating income for Q4 was $219.8 million, representing a non-GAAP operating margin of 36%. For the full year, non-GAAP operating income was $829.9 million, a 43% increase year-over-year, with a margin of 37% [7][28][37] - Net income attributable to Weibo for Q4 was $195.5 million, with a net margin of 32%. For the full year, net income was $718.5 million, maintaining a net margin of 32% [28][38] Business Line Data and Key Metrics Changes - The advertising and marketing segment saw a revenue increase of 33% year-over-year, reaching $1.98 billion for the full year 2021 [7][29] - Value-added service (VAS) revenue was $65.5 million in Q4, a 9% increase, and $276.3 million for the full year, a 36% increase [36][28] Market Data and Key Metrics Changes - Weibo's MAUs reached 573 million, and average DAUs were 249 million in December 2021, representing a 10% and 11% increase year-over-year, respectively [7][27] - The top three verticals contributing to revenue were FMCG, e-commerce, and 3C products, with luxury being the fastest-growing vertical [30][32] Company Strategy and Development Direction - The company aims to enhance its core competitiveness by focusing on social attributes and improving monetization efficiency through strategic partnerships in media, entertainment, gaming, and sports [16][19] - In 2022, Weibo plans to invest in key content verticals such as sports and online gaming to tap into a broader user community and improve engagement [27][49] Management's Comments on Operating Environment and Future Outlook - Management noted that despite macroeconomic and regulatory headwinds, the advertising business showed resilience, particularly in sectors like beauty, food and beverage, and automobiles [21][22] - The company expects softness in the overall advertising market in 2022 but believes the headwinds could be transient rather than structural [35] Other Important Information - Weibo successfully listed on the Hong Kong Stock Exchange on December 8, 2021, and will no longer provide financial guidance on net revenue growth [40] - The company generated $778.9 million in free cash flow in 2021, an increase of 10% year-over-year [39] Q&A Session Summary Question: Can management provide insights on advertiser sentiment in January or February? - Management indicated strong growth in advertisement placements in FMCG, 3C products, and luxury sectors, but noted negative growth in education and live streaming e-commerce due to regulatory headwinds [42][43] Question: Can management elaborate on the verticalization strategy for 2022, especially for sports and online gaming? - Management highlighted the importance of the sports vertical, especially with upcoming events like the Asia Games and World Cup, and emphasized investment in content to drive traffic and user engagement [45][49]

Financial Data and Key Metrics Changes - Weibo's net revenue for Q3 2021 was $607.4 million, representing a 30% year-over-year increase [33] - Operating income increased by 39% to $248.7 million, with an operating margin of 41% [33][37] - Net income attributable to Weibo was $209.6 million, a 37% increase, resulting in a net margin of 34% [33][38] - Diluted EPS rose to $0.90 from $0.66 in Q3 2020 [33] Business Line Data and Key Metrics Changes - Advertising and marketing revenues reached $537.6 million, up 29% year-over-year, with mobile ad revenue contributing approximately 92% [33][34] - Value-added service revenues increased by 42% to $69.8 million, primarily due to revenue from an interactive entertainment company acquired in November 2020 [37] Market Data and Key Metrics Changes - Monthly Active Users (MAUs) reached 573 million, with Daily Active Users (DAUs) at 248 million, marking an increase of 62 million and 23 million year-over-year, respectively [7][31] - 94% of Weibo's MAUs came from mobile in September 2021 [7] Company Strategy and Development Direction - Weibo is focusing on enhancing its competitive edge in social features and core functionalities to drive user engagement [13] - The company is investing in the gaming and eSports sectors, which have become significant content verticals, alongside traditional entertainment [19][62] - Weibo aims to adapt to regulatory changes by diversifying content offerings and enhancing compliance measures [27][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by regulatory headwinds but expressed confidence in Weibo's ability to navigate these changes [29] - The company anticipates Q4 2021 revenue growth of 15% to 20% year-over-year on a constant currency basis [39] - Management emphasized the importance of maintaining strong relationships with government authorities to ensure compliance and operational stability [45] Other Important Information - Weibo's advertising revenue growth was supported by strong engagement during the Tokyo Olympics, with over 400 billion views and 170 million discussions related to Olympic topics [14] - The company is actively adjusting its advertising strategies in response to regulatory changes affecting various industries, particularly education and entertainment [22][23] Q&A Session Summary Question: Changes in Weibo's behavior post-implementation of the personal information protection law - Management noted that the law represents a megatrend affecting the industry, requiring adjustments in operations and compliance [41][43] Question: Advertising industry performance amidst macro and regulatory challenges - Management highlighted that Weibo maintained double-digit growth in ad revenue due to optimized ad sector structure and diversified coverage [42][47] Question: Impact of entertainment sector regulations on user engagement and monetization - Management stated that proactive measures taken prior to regulations helped minimize traffic impact, and they are focusing on diversifying content to mitigate risks [55][58] Question: Progress in eSports and gaming-related content - Management confirmed significant investments in the gaming sector, which is now one of the largest verticals for Weibo, and plans to continue expanding in this area [62][63] Question: Latest observations on advertising regulations and their impact - Management indicated that while regulations have affected the industry, Weibo's social media nature allows it to adapt and maintain ad revenue through alternative strategies [66][70]

Weibo Corporation (NASDAQ:WB) Q2 2021 Results Earnings Conference Call August 18, 2021 7:00 AM ET Company Participants Gaofei Wang - Chief Executive Officer Fei Cao - Chief Financial Officer Conference Call Participants Thomas Chong - Jefferies Alex Ko - Morgan Stanley Miranda Zhuang - Bank of America Securities Operator Good day and thank you for standing by. Welcome to the Weibo Reports Second Quarter 2021 Financial Results Conference Call. At this time, all participants are in a listen-only mode. And aft ...

Weibo Corporation (NASDAQ:WB) Q1 2021 Earnings Conference Call May 10, 2021 7:00 AM ET Company Participants Sandra Zhang - Investor Relations Gaofei Wang - Chief Executive Officer Fei Cao - Chief Financial Officer Conference Call Participants Alicia Yap - Citigroup Alex Xie - Credit Suisse Thomas Chong - Jefferies Alex Ko - Morgan Stanley Operator Good day and thank you for standing by. Welcome to Weibo's First Quarter 2021 Financial Results Conference Call. At this time, all participants are in a listen-on ...

Weibo Corporation (NASDAQ:WB) Q4 2020 Earnings Conference Call March 18, 2021 7:00 AM ET Company Participants Sandra Zhang - Investor Relations Gaofei Wang - Chief Executive Officer Fei Cao - Chief Financial Officer Conference Call Participants Tian Hou - TH Capital Miranda Zhuang - Bank of America Alicia Yap - Citigroup Operator Ladies and gentlemen, thank you for standing by, and welcome to Weibo Reports Fourth Quarter and Fiscal Year 2020 Financial Results Conference Call. At this time, all participants ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2020 reached $465.7 million, flat year-over-year, with advertising and marketing revenues increasing by 1% to $416.7 million [6][25] - Operating income was $179.4 million, representing an operating margin of 39%, compared to 41% last year [30] - Net income attributable to Weibo was $152.9 million, with a diluted EPS of $0.56 [25][30] Business Line Data and Key Metrics Changes - Mobile advertising revenues accounted for approximately 90% of total ad revenue, increasing from 87% the previous year [26] - Key Accounts (KA) revenue reached $221.2 million, up 12% year-over-year and 33% quarter-over-quarter, driven by a notable increase in brand advertisers [26][18] - Small and Medium Enterprises (SME) ad revenue decreased by 15% year-over-year but increased by 20% quarter-over-quarter, with gaming and online education sectors showing triple-digit growth [28][20] Market Data and Key Metrics Changes - Monthly Active Users (MAUs) grew 3% year-over-year to 511 million, while Daily Active Users (DAUs) increased by 4% year-over-year to 224 million [6][25] - The FMCG category saw growth acceleration, benefiting from an increase in the number of customers, while entertainment and travel sectors remained on a negative growth trajectory [18][27] Company Strategy and Development Direction - The company plans to enhance its competitiveness by investing in social attributes and video areas, focusing on user engagement and retention [8][10] - There is a strategic shift towards online business for SMEs, particularly in online education and gaming, to optimize services provided to these sectors [38][36] - The company aims to solidify its advantage in public and social media functions to grow its user base and improve user engagement [17][10] Management's Comments on Operating Environment and Future Outlook - Management noted that the pandemic has not significantly impacted brand ad revenue, but SMEs have faced challenges due to a focus on offline businesses [35][36] - The competitive landscape is expected to remain intense, particularly from short video platforms, but management believes that Weibo's unique offerings will help mitigate this [39][42] - The company anticipates a modest revenue increase of 1% to 3% year-over-year for Q4 2020, reflecting ongoing recovery trends [31] Other Important Information - Cash, cash equivalents, and short-term investments totaled $3.2 billion as of September 30, 2020, up from $2.4 billion at the end of 2019 [31] - The company has over 750,000 content creators participating in its video account program, with significant growth in daily video submissions and viewership [15][16] Q&A Session Summary Question: Advertising budget sentiments and recovery trends in China - Management indicated that the pandemic has not significantly impacted brand ad revenue, while SMEs have shifted focus to online business due to pandemic effects [35][36] Question: Competition from short video companies - Management acknowledged the intense competition but emphasized that Weibo's unique offerings and investments in video content will help maintain its market position [39][42] Question: Short video account growth and advertising revenue expectations - Over 700,000 video accounts have been opened, with 13,000 having over 1 million followers, and management expects continued growth in this area [44][45] Question: Preliminary outlook for the advertising business next year - Management plans to focus on both KA and SME sectors, with an emphasis on verticals like gaming and FMCG to drive future growth [52][53]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES ...