UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of August 2023
Commission File Number: 001-36397
Weibo Corporation
(Registrant’s Name)
8/F, QIHAO Plaza, No. 8 Xinyuan S. Road
Chaoyang District, Beijing 100027
People’s Republic of China
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F o
EXPLANATORY NOTE
On August 24, 2023, Hong Kong time, we published
our unaudited financial results for the second quarter and six months ended June 30, 2023 as our interim report for the six months ended
June 30, 2023 (the “HK Interim Report”) under Rule 13.48(1) of the Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited (the “Hong Kong Listing Rules”) on the website of The Stock Exchange of Hong Kong Limited. Pursuant
to the Hong Kong Listing Rules, our HK Interim Report contains supplemental disclosure of reconciliation of the material differences between
our consolidated financial statements prepared under the U.S. GAAP and International Financial Reporting Standards, which is attached
hereto as exhibit 99.1.
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
WEIBO CORPORATION |
|
|
Date: August 24, 2023 |
By: |
/s/ Fei Cao |
|
|
Fei Cao |
|
|
Chief Financial Officer |
Exhibit 99.1
Reconciliation between U.S. GAAP and International Financial Reporting
Standards
PricewaterhouseCoopers
was engaged by the Company to conduct limited assurance engagement in accordance with International Standard on Assurance
Engagements 3000 (Revised) “Assurance Engagements Other Than Audits or Reviews of Historical Financial Information”
(“ISAE 3000 (Revised)”) on the reconciliation statement of the unaudited financial information of the Company, its
subsidiaries, VIEs and VIEs’ subsidiaries (collectively referred to as “the Group”) setting out the differences
between the unaudited interim condensed consolidated financial information for the six months ended June 30, 2023 prepared
under U.S. GAAP and the International Financial Reporting Standards (“IFRS”) (the “Reconciliation
Statement”).
The extent of procedures selected depends on the PricewaterhouseCoopers’s
judgment and their assessment of the risk. These procedures included:
(i) comparing the amounts in the columns “Amounts as reported
under U.S. GAAP” as set out in the Reconciliation Statement with the corresponding amounts set out in the unaudited interim condensed
consolidated financial information of the Group prepared under U.S. GAAP for the six months ended June 30, 2023;
(ii) assessing the appropriateness of the adjustments made in
arriving at the “Amounts as reported under IFRS” as set out in the Reconciliation Statement, which included evaluating the
differences between the Group’s accounting policies adopted under U.S. GAAP and IFRS for the six months ended June 30, 2023,
and examining evidence supporting the adjustments made in arriving at the “Amounts as reported under IFRS”; and
(iii) checking the arithmetic accuracy of the calculation of the amounts
in the columns “Amounts as reported under IFRS” as set out in the Reconciliation Statement.
The procedures performed by PricewaterhouseCoopers in this limited
assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently,
the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained
had a reasonable assurance engagement been performed. For the purposes of this engagement, PricewaterhouseCoopers is not responsible for updating or reissuing any reports or opinions on any
historical financial information used in compiling the Reconciliation Statement. PricewaterhouseCoopers’s engagement was intended solely for the use of the Directors in connection with this Reconciliation Statement
and may not be suitable for another purpose.
Based on the procedures performed and evidence obtained, PricewaterhouseCoopers
have concluded that nothing has come to their attention that causes them to believe that:
(i) the amounts in the column “Amounts as reported under
U.S. GAAP” as set out in the Reconciliation Statement are not in agreement with the corresponding amounts in the unaudited interim
condensed consolidated financial information of the Group under U.S. GAAP for the six months ended June 30, 2023;
(ii) the Reconciliation Statement is not prepared, in all material
respects, in accordance with the basis of preparation; and
(iii) the calculation of the amounts in the columns “Amounts
as reported under IFRS” as set out in the Reconciliation Statement are not arithmetically accurate.
The unaudited condensed consolidated
financial information are prepared in accordance with U.S. GAAP, which differ in certain respects from International Financial Reporting
Standards. The effects of material differences between the unaudited condensed consolidated financial information
of the Group prepared under U.S. GAAP and IFRS are as follows:
Reconciliation of unaudited condensed consolidated
statements of operations (in US$ thousands):
|
|
|
|
|
For the Six Months Ended June 30, 2022
IFRS adjustments |
|
|
|
|
|
|
Amounts
as reported
under
U.S. GAAP |
|
|
Convertible debts (Note (i)) |
|
|
Leases (Note (ii)) |
|
|
Investments measured at fair value (Note (iii)) |
|
|
Share-based compensation (Note (iv)) |
|
|
Redeemable non-controlling interest (Note (v)) |
|
|
Amounts
as reported
under IFRS |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
200,115 |
|
|
|
— |
|
|
|
(158 |
) |
|
|
— |
|
|
|
2,189 |
|
|
|
— |
|
|
|
202,146 |
|
Sales and marketing |
|
|
240,823 |
|
|
|
— |
|
|
|
(379 |
) |
|
|
— |
|
|
|
3,440 |
|
|
|
— |
|
|
|
243,884 |
|
Product development |
|
|
218,837 |
|
|
|
— |
|
|
|
(334 |
) |
|
|
— |
|
|
|
6,908 |
|
|
|
— |
|
|
|
225,411 |
|
General and administrative |
|
|
68,036 |
|
|
|
— |
|
|
|
(426 |
) |
|
|
— |
|
|
|
3,409 |
|
|
|
— |
|
|
|
71,019 |
|
Total costs and expenses |
|
|
737,987 |
|
|
|
— |
|
|
|
(1,297 |
) |
|
|
— |
|
|
|
15,946 |
|
|
|
— |
|
|
|
752,636 |
|
Investment related gain (loss), net |
|
|
(203,626 |
) |
|
|
— |
|
|
|
— |
|
|
|
1,606 |
|
|
|
— |
|
|
|
— |
|
|
|
(202,020 |
) |
Interest and other income (loss), net |
|
|
(7,305 |
) |
|
|
7,696 |
|
|
|
(1,551 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,160 |
) |
Fair value changes of convertible debts |
|
|
— |
|
|
|
(20,250 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(20,250 |
) |
Financial expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(807 |
) |
|
|
(807 |
) |
Loss before income tax expenses |
|
|
(14,144 |
) |
|
|
(12,554 |
) |
|
|
(254 |
) |
|
|
1,606 |
|
|
|
(15,946 |
) |
|
|
(807 |
) |
|
|
(42,099 |
) |
Less: income tax expenses |
|
|
29,218 |
|
|
|
— |
|
|
|
— |
|
|
|
(211 |
) |
|
|
— |
|
|
|
— |
|
|
|
29,007 |
|
Net loss |
|
|
(43,362 |
) |
|
|
(12,554 |
) |
|
|
(254 |
) |
|
|
1,817 |
|
|
|
(15,946 |
) |
|
|
(807 |
) |
|
|
(71,106 |
) |
Net loss attributable to Weibo's shareholders |
|
|
(39,224 |
) |
|
|
(12,554 |
) |
|
|
(254 |
) |
|
|
1,817 |
|
|
|
(15,946 |
) |
|
|
(807 |
) |
|
|
(66,968 |
) |
|
|
|
|
|
For the Six Months Ended June 30, 2023
IFRS adjustments |
|
|
|
|
|
|
Amounts
as reported
under
U.S. GAAP |
|
|
Convertible debts (Note (i)) |
|
|
Leases (Note (ii)) |
|
|
Investments measured at fair value (Note (iii)) |
|
|
Share-based compensation (Note (iv)) |
|
|
Redeemable non-controlling interest (Note (v)) |
|
|
Amounts
as reported
under IFRS |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
180,125 |
|
|
|
— |
|
|
|
(202 |
) |
|
|
— |
|
|
|
(1,196 |
) |
|
|
— |
|
|
|
178,727 |
|
Sales and marketing |
|
|
211,919 |
|
|
|
— |
|
|
|
(353 |
) |
|
|
— |
|
|
|
(1,593 |
) |
|
|
— |
|
|
|
209,973 |
|
Product development |
|
|
183,621 |
|
|
|
— |
|
|
|
(283 |
) |
|
|
— |
|
|
|
(6,905 |
) |
|
|
— |
|
|
|
176,433 |
|
General and administrative |
|
|
58,410 |
|
|
|
— |
|
|
|
(434 |
) |
|
|
— |
|
|
|
(2,112 |
) |
|
|
— |
|
|
|
55,864 |
|
Total costs and expenses |
|
|
634,075 |
|
|
|
— |
|
|
|
(1,272 |
) |
|
|
— |
|
|
|
(11,806 |
) |
|
|
— |
|
|
|
620,997 |
|
Investment related gain (loss), net |
|
|
1,965 |
|
|
|
— |
|
|
|
— |
|
|
|
1,046 |
|
|
|
— |
|
|
|
— |
|
|
|
3,011 |
|
Interest and other income (loss), net |
|
|
14,039 |
|
|
|
— |
|
|
|
(1,569 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,470 |
|
Financial expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,358 |
) |
|
|
(1,358 |
) |
Income before income tax expenses |
|
|
235,947 |
|
|
|
— |
|
|
|
(297 |
) |
|
|
1,046 |
|
|
|
11,806 |
|
|
|
(1,358 |
) |
|
|
247,144 |
|
Net income |
|
|
188,645 |
|
|
|
— |
|
|
|
(297 |
) |
|
|
1,046 |
|
|
|
11,806 |
|
|
|
(1,358 |
) |
|
|
199,842 |
|
Less: Net income attributable to non-controlling interests |
|
|
813 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,859 |
|
|
|
4,672 |
|
Accretion to redeemable non-controlling interests |
|
|
5,953 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,953 |
) |
|
|
— |
|
Net income attributable to Weibo's shareholders |
|
|
181,879 |
|
|
|
— |
|
|
|
(297 |
) |
|
|
1,046 |
|
|
|
11,806 |
|
|
|
736 |
|
|
|
195,170 |
|
Reconciliation of unaudited condensed consolidated
balance sheets (in US$ thousands):
|
|
|
|
|
As of December 31, 2022
IFRS adjustments |
|
|
|
|
|
|
Amounts
as reported
under
U.S. GAAP |
|
|
Convertible debts (Note (i)) |
|
|
Leases (Note (ii)) |
|
|
Investments measured at fair value (Note (iii)) |
|
|
Share-based compensation (Note (iv)) |
|
|
Redeemable non-controlling interest (Note (v)) |
|
|
Amounts
as reported
under IFRS |
|
Goodwill and intangible assets, net |
|
|
245,223 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(11,450 |
) |
|
|
233,773 |
|
Long-term investments |
|
|
993,630 |
|
|
|
— |
|
|
|
— |
|
|
|
36,612 |
|
|
|
— |
|
|
|
— |
|
|
|
1,030,242 |
|
Other non-current assets |
|
|
1,088,790 |
|
|
|
— |
|
|
|
(1,636 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,087,154 |
|
Total assets |
|
|
7,129,454 |
|
|
|
— |
|
|
|
(1,636 |
) |
|
|
36,612 |
|
|
|
— |
|
|
|
(11,450 |
) |
|
|
7,152,980 |
|
Financial liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
59,464 |
|
|
|
59,464 |
|
Other long-term liabilities |
|
|
97,404 |
|
|
|
— |
|
|
|
— |
|
|
|
9,486 |
|
|
|
— |
|
|
|
— |
|
|
|
106,890 |
|
Total liabilities |
|
|
3,738,914 |
|
|
|
— |
|
|
|
— |
|
|
|
9,486 |
|
|
|
— |
|
|
|
59,464 |
|
|
|
3,807,864 |
|
Redeemable non-controlling interest |
|
|
45,795 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(45,795 |
) |
|
|
— |
|
Weibo shareholders' equity |
|
|
3,330,250 |
|
|
|
— |
|
|
|
(1,636 |
) |
|
|
27,126 |
|
|
|
— |
|
|
|
(59,464 |
) |
|
|
3,296,276 |
|
Non-controlling interests |
|
|
14,495 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
34,345 |
|
|
|
48,840 |
|
Total shareholders' equity |
|
|
3,344,745 |
|
|
|
— |
|
|
|
(1,636 |
) |
|
|
27,126 |
|
|
|
— |
|
|
|
(25,119 |
) |
|
|
3,345,116 |
|
Total liabilities, redeemable non-controlling interests and shareholders' equity |
|
|
7,129,454 |
|
|
|
— |
|
|
|
(1,636 |
) |
|
|
36,612 |
|
|
|
— |
|
|
|
(11,450 |
) |
|
|
7,152,980 |
|
|
|
|
|
|
As of June 30, 2023
IFRS adjustments |
|
|
|
|
|
|
Amounts
as reported
under
U.S. GAAP |
|
|
Convertible debts (Note (i)) |
|
|
Leases (Note (ii)) |
|
|
Investments measured at fair value (Note (iii)) |
|
|
Share-based compensation (Note (iv)) |
|
|
Redeemable non-controlling interest (Note (v)) |
|
|
Amounts
as reported
under IFRS |
|
Goodwill and intangible assets, net |
|
|
224,202 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,890 |
) |
|
|
213,312 |
|
Long-term investments |
|
|
1,309,217 |
|
|
|
— |
|
|
|
— |
|
|
|
35,949 |
|
|
|
— |
|
|
|
— |
|
|
|
1,345,166 |
|
Other non-current assets |
|
|
947,982 |
|
|
|
— |
|
|
|
(1,839 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
946,143 |
|
Total assets |
|
|
6,878,933 |
|
|
|
— |
|
|
|
(1,839 |
) |
|
|
35,949 |
|
|
|
— |
|
|
|
(10,890 |
) |
|
|
6,902,153 |
|
Financial liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
63,413 |
|
|
|
63,413 |
|
Other long-term liabilities |
|
|
89,212 |
|
|
|
— |
|
|
|
— |
|
|
|
9,022 |
|
|
|
— |
|
|
|
— |
|
|
|
98,234 |
|
Total liabilities |
|
|
3,685,299 |
|
|
|
— |
|
|
|
— |
|
|
|
9,022 |
|
|
|
— |
|
|
|
63,413 |
|
|
|
3,757,734 |
|
Redeemable non-controlling interest |
|
|
54,875 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(54,875 |
) |
|
|
— |
|
Weibo shareholders' equity |
|
|
3,124,261 |
|
|
|
— |
|
|
|
(1,839 |
) |
|
|
26,927 |
|
|
|
— |
|
|
|
(55,784 |
) |
|
|
3,093,565 |
|
Non-controlling interests |
|
|
14,498 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
36,356 |
|
|
|
50,854 |
|
Total shareholders' equity |
|
|
3,138,759 |
|
|
|
— |
|
|
|
(1,839 |
) |
|
|
26,927 |
|
|
|
— |
|
|
|
(19,428 |
) |
|
|
3,144,419 |
|
Total liabilities, redeemable non-controlling interests and shareholders' equity |
|
|
6,878,933 |
|
|
|
— |
|
|
|
(1,839 |
) |
|
|
35,949 |
|
|
|
— |
|
|
|
(10,890 |
) |
|
|
6,902,153 |
|
Notes:
Basis of Preparation
The Directors of the Company are responsible
for preparation of the Reconciliation Statement in accordance with the relevant requirements of the Hong Kong Listing Rules and relevant
guidance in HKEX-GL111-22. The Reconciliation Statement was prepared based on the Group’s unaudited interim condensed consolidated
financial information for the six months ended June 30, 2023 prepared under U.S. GAAP, with adjustments made (if any) thereto in
arriving at the unaudited financial information of the Group prepared under IFRS. The adjustments reflect the differences between the
Group’s accounting policies under U.S. GAAP and IFRS.
Under U.S. GAAP, the convertible debts
were measured at amortized cost, with any difference between the initial carrying value and the repayment amount recognized as interest
expenses using the effective interest method over the period from the issuance date to the maturity date. Under IFRS, the Group’s
convertible debts were designated as at fair value through profit or loss such that the convertible debts were initially recognized at
fair values. Subsequent to initial recognition, the Group considered that the amounts of changes in fair value of the convertible debts
that were attributed to changes in own credit risk of the convertible debts recognized in other comprehensive income were insignificant.
Therefore, the amounts of changes in fair value of the convertible debts were recognized in the profit or loss.
Under U.S. GAAP, the amortization of
the right-of-use assets and interest expense related to the lease liabilities are recorded together as lease cost to produce a straight-line
recognition effect in the income statement. Under IFRS, the amortization of the right-of-use asset is on a straight-line basis while the
interest expense related to the lease liabilities are the amount that produces a constant periodic rate of interest on the remaining balance
of the lease liability. The amortization of the right-of-use assets is recorded as lease expense and the interest expense is required
to be presented in separate line items.
| (iii) | Investments measured at fair value |
Under U.S. GAAP, convertible redeemable
preferred shares and ordinary shares with preferential rights issued by privately-held companies without readily determinable fair values
could be valued by an accounting policy elected by the Group. The Group elects the measurement alternative to record these equity investments
without readily determinable fair values at cost, less impairment, and plus or minus subsequent adjustments for observable price changes.
Under IFRS, these investments were classified as financial assets at fair value through profit or loss and measured at fair value with
changes in fair value recognized through profit or loss. Fair value changes of these long-term investments were recognized in the profit
or loss.
| (iv) | Share-based compensation |
Under U.S. GAAP, companies are permitted
to make an accounting policy election regarding the attribution method for awards with service-only conditions and graded vesting features.
The valuation method that the company uses (single award or multiple tranches of individual awards) is not required to align with the
choice in attribution method used (straight-line or accelerated tranche by tranche). A performance target that may be met after the requisite
service period is complete is a performance vesting condition. The fair value of the award should not incorporate the probability of a
performance condition vesting, but rather should be recognized only if the performance condition is probable of being achieved. Under
IFRS, companies are not permitted to choose how the valuation or attribution method is applied to awards with graded-vesting features.
Companies should treat each installment of the award as a separate grant. This means that each installment would be separately measured
and attributed to expense over the related vesting period, which would accelerate the expense recognition. A performance target that may
be met after the requisite service period is a non-vesting condition and is reflected in the measurement of the fair value of an award
on grant date.
| (v) | Redeemable non-controlling interest |
On October 31, 2020, the Group
entered into a series of share purchase agreements with then existing shareholders of Shanghai Jiamian Information Technology Co., Ltd.
or JM Tech, to acquire the majority of JM Tech’s equity interest. The Group agreed to redeem the non-controlling interests (“NCI”)
held by founders and CEO of JM Tech under certain circumstances. Under US GAAP, the Group determined that the NCI with redemption rights
should be bundled and classified as redeemable NCI as mezzanine equity on the balance sheets, since they are contingently redeemable upon
the occurrence of certain conditional events, which are not solely within the control of the Group. The redeemable NCI is recognized at
fair value on the acquisition date taking into account the probability of future redemption as well as estimated redemption amount. Such
fair value includes the right of redemption, which is viewed as part of the accounting purchase price when acquisition accounting applied.
Subsequently, the Group records accretion on the redeemable NCI as a whole to the redemption value over the period from the date of the
acquisition to the date of earliest redemption. The accretion using the effective interest method, is recorded as deemed dividends to
NCI holders. Under IFRS, as it is considered that the Group undertakes the obligation to purchase the remaining equity of JM Tech held
by the founders and CEO at fair value, the risk and reward of the shares reside with non-controlling interests in the consolidated statements.
Therefore, the Company recognized the NCI at fair value as permanent equity on acquisition date, and the fair value of such permanent
equity NCI does not consider the redemption right. IFRS requires the fair value of NCI redemption right (present value of the estimated
redemption amount) to be recognized as a separate financial liability on the balance sheet because the Group has an obligation to pay
cash in the future to purchase the NCI shares. This separate financial liability is not viewed as part of accounting purchase price when
applying acquisition accounting, which resulted in lower purchase price and therefore, a lower goodwill being recognized from the acquisition.
The initial recognition of this financial liability is a reduction of the parent’s equity. Subsequent changes in the carrying amount
of the financial liability are recognized as finance charges in the income statement.
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