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Operations | 12 Months Ended
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Dec. 31, 2025
Operations |
Operations | 1. Operations Weibo Corporation (“Weibo” or the “Company”) is a leading social media platform in China for people to create, discover and distribute content. By providing a simple and inspirational way for people and organizations in China and the global Chinese communities to express themselves publicly in real time, interact with others on a platform with vast scale and stay connected with the world, Weibo has had a profound social impact in China. Launched in 2009, Weibo has been committed to enabling faster, easier, and richer connections among people and has become an integral part of many of Weibo users’ daily lives. Incorporated in the Cayman Islands, Weibo Corporation is a controlled subsidiary of Sina Corporation (the “Parent” or “SINA”). In April 2014, the Company completed an initial public offering (the “IPO”) and received US$306.5 million in net proceeds. Immediately prior to the completion of the IPO, all the ordinary shares held by SINA were converted into an equal number of the Class B ordinary shares, all the ordinary shares held by other shareholders converted into an equal number of the Class A ordinary shares, and all of its outstanding preferred shares automatically converted into Class A ordinary shares. Each Class A ordinary share is entitled to one vote per share and each Class B ordinary share is entitled to three votes per share. Each Class B ordinary share can be converted into one Class A ordinary share at any time, while Class A ordinary shares cannot be converted into Class B ordinary shares. In December 2021, the Company successfully listed its Class A ordinary shares on the main board of the Hong Kong Stock Exchange. Net proceeds from the offering, after deducting estimated underwriting fees and other offering expenses, were approximately US$178.4 million. Weibo Corporation is an exempted company with limited liability under the laws of the Cayman Islands. WB Online and Weibo HK are wholly owned subsidiaries of the Company, and Weibo Technology, a wholly foreign-owned enterprise, (“the WFOE”), is a subsidiary of Weibo HK. The operation of Weibo business is carried out by various subsidiaries and variable interest entities (“VIE”) of the Company. The Company’s VIEs and VIEs’ subsidiaries are controlled by the WFOE through a series of contractual agreements. Weibo Corporation, its subsidiaries, VIEs and VIEs’ subsidiaries together are referred to as “the Group”. The following sets forth the Company’s major subsidiaries and major VIEs: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Percentage of |
​ | ​ | ​ | ​ | ​ | ​ | Direct/ |
​ | ​ | ​ | ​ | ​ | ​ | Indirect |
​ | ​ | Date of | ​ | Place of | ​ | Economic |
Company | ​ ​ ​ | Incorporation | ​ ​ ​ | Incorporation | ​ ​ ​ | Interest |
Major Subsidiaries | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weibo Hong Kong Limited (“Weibo HK”) |  | July 19, 2010 |  | Hong Kong |  | 100 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weibo Internet Technology (China) Co., Ltd. (“Weibo Technology”) |  | October 11, 2010 |  | PRC |  | 100 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
WB Online Investment Limited (“WB Online”) | ​ | June 5, 2014 | ​ | Cayman Islands | ​ | 100 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Major VIEs | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beijing Weimeng Technology Co., Ltd (“Weimeng”) |  | August 9, 2010 |  | PRC |  | 99 | %
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Beijing Weimeng Chuangke Investment Management Co., Ltd. (“Weimeng Chuangke”) | ​ | April 9, 2014 | ​ | PRC | ​ | 100 | %
​ ​ 1. Operations (Continued) Intellectual Property License Agreement The intellectual property license agreement was entered into by and between SINA and the Company in April 2013. Under this agreement, SINA granted the Company and its subsidiaries a perpetual, worldwide, royalty-free, fully paid-up, non-sub licensable, non-transferable, limited, exclusive license of certain trademarks and a non-exclusive license of certain other intellectual property owned by SINA to make, sell, offer to sell and distribute products, services and applications on a microblogging and social networking platform. The Company granted SINA and its affiliates a non-exclusive, perpetual, worldwide, non-sub licensable, non-transferable limited license of certain of the Company’s intellectual property to use, reproduce, modify, prepare derivative works of, perform, display or otherwise exploit such intellectual property. This agreement commenced on April 29, 2013 and will continue to be in effect unless and until terminated as provided in the agreement. There are no capitalized assets or other impacts recorded on the consolidated balance sheets related to these licenses. Transactions between SINA and Weibo Accounts receivable directly related to the Group but for which SINA will receive payments and remit payments to the Group, as well as accounts receivable directly from SINA, are included in the amount due from SINA. Liabilities directly related to the Group but for which SINA will make payments and receive reimbursements from the Group, as well as liabilities directly to SINA, are included in the amount due to SINA. The amount due from/to SINA is presented as an offsetting balance on the Group’s consolidated balance sheets. Loans to SINA are presented under investing activities in the consolidated statements of cash flows. Cash payment for billings from SINA for costs and expenses allocated to the Group is presented under operating activities in the consolidated statements of cash flows. The Group’s consolidated statements of comprehensive income contain all the related costs and expenses of the Weibo business, including allocation to the cost of revenues, sales and marketing expenses, product development expenses, and general and administrative expenses, which are incurred by SINA but related to the Weibo business. These allocations were based on proportional cost allocation by considering proportion of the revenues, infrastructure usage metrics and labor usage metrics, among other things, attributable to the Group and are made on a basis considered reasonable by mutual managements. Total costs and expenses allocated from SINA were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Year Ended December 31,
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
​ | ​ | (In US$ thousands)
Cost of revenues | ​ | $ | 12,313 | ​ | $ | 9,835 | ​ | $ | 5,547
Product development | ​ |  | 6,850 | ​ |  | 7,042 | ​ | ​ | 8,202
General and administrative | ​ |  | 17,320 | ​ |  | 16,280 | ​ |  | 17,975
​ | ​ | $ | 36,483 | ​ | $ | 33,157 | ​ | $ | 31,724
​ ​ 1. Operations (Continued) Consolidation The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, VIEs controlled by the WFOE through a series of contractual agreements, and VIEs’ subsidiaries. All significant intercompany balances and transactions have been eliminated. To comply with PRC laws and regulations, the Group provides a substantial amount of its services in China via the VIEs, which hold critical operating licenses that enable the Group to do business in China. Most of the Group’s revenues, costs and expenses, and net income before intercompany transactions in China were generated directly or indirectly through the VIEs and VIEs’ subsidiaries. The Company relies on contractual arrangements among its PRC subsidiaries, the VIEs and their shareholders to control the business operations of the VIEs and VIEs’ subsidiaries and the Group has determined that Weibo Technology, the WFOE, is the primary beneficiary of the VIEs through its contractual arrangements with the VIEs. Accordingly, the Company has consolidated the results of operations and assets and liabilities of VIEs and VIEs’ subsidiaries in the Group’s financial statements pursuant to the United States Generally Accepted Accounting Principles (“US GAAP”) for all the periods presented. Shareholders of the VIEs are certain nominee shareholders from the Company or SINA. The capital for their investments in the VIEs is funded by the Company and recorded as interest-free loans to these individuals. These loans were eliminated with the capital of the VIEs during consolidation. Each shareholder of the VIEs has agreed to transfer their equity interest in the VIEs to Weibo Technology when permitted by PRC laws and regulations or to designees of the Company at any time for the amount of loans outstanding. All voting rights of the VIEs, including without limitation the right to appoint all directors of the VIEs, has been assigned to Weibo Technology. Weibo Technology has also entered into exclusive technical service agreements with the VIEs under which Weibo Technology provides technical and other services to the VIEs in exchange for substantially all net income of the VIEs. In addition, the shareholders of the VIEs have pledged their shares in the VIEs as collateral for the non-payment of loans or for the technical and other services fees due to Weibo Technology. As of December 31, 2024 and 2025, the total amounts of interest-free loans to the VIEs’ shareholders were US$80.2 million and US$83.6 million, respectively. The VIEs and VIEs’ subsidiaries had accumulated deficit of US$117.3 million and income of US$14.0 million as of December 31, 2024 and 2025, respectively, which were included in the Group’s consolidated financial statements. ​ 1. Operations (Continued) Consolidation (Continued) The following table sets forth the assets, liabilities, results of operations and cash flows of the VIEs and VIEs’ subsidiaries taken as a whole, which are included in the Group’s consolidated balance sheets and consolidated statements of comprehensive income: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
​ | ​ | (In US$ thousands)
Cash and cash equivalents | ​ | $ | 678,562 | ​ | $ | 757,963
Short-term investments | ​ | ​ | 94,770 | ​ | ​ | 78,918
Accounts receivable | ​ |  | 315,354 | ​ |  | 382,712
Prepaid expenses and other current assets | ​ | ​ | 168,186 | ​ | ​ | 187,900
Amount due from (to) SINA | ​ | ​ | (2,357) | ​ | ​ | 4,218
Property and equipment, net | ​ |  | 1,276 | ​ |  | 55,205
Operating lease assets | ​ | ​ | 20,922 | ​ | ​ | 26,537
Intangible assets, net | ​ |  | 109,577 | ​ |  | 96,081
Goodwill | ​ |  | 162,223 | ​ |  | 169,280
Long-term investments | ​ | ​ | 238,142 | ​ | ​ | 389,262
Other non-current assets | ​ | ​ | 166,591 | ​ | ​ | 63,550
Total assets | ​ | $ | 1,953,246 | ​ | $ | 2,211,626
​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts payable | ​ | $ | 114,034 | ​ | $ | 183,768
Accrued and other liabilities | ​ | ​ | 389,208 | ​ | ​ | 356,918
Income taxes payable | ​ | ​ | 27,439 | ​ | ​ | 28,352
Deferred revenues | ​ | ​ | 38,066 | ​ | ​ | 40,202
Amount due to the subsidiaries of the Group | ​ | ​ | 1,325,148 | ​ | ​ | 1,398,290
Operating lease liabilities | ​ | ​ | 25,304 | ​ | ​ | 31,600
Deferred tax liabilities | ​ | ​ | 22,558 | ​ | ​ | 39,036
Other non-current liabilities | ​ |  | 3,069 | ​ |  | 16,591
Total liabilities | ​ | ​ | 1,944,826 | ​ | ​ | 2,094,757
​ | ​ | ​ | ​ | ​ | ​ | ​
Redeemable non-controlling interests | ​ | ​ | 45,103 | ​ | ​ | 32,828
​ | ​ | ​ | ​ | ​ | ​ | ​
Total shareholders’ equity (deficit) | ​ | ​ | (36,683) | ​ | ​ | 84,041
​ | ​ | ​ | ​ | ​ | ​ | ​
Total liabilities, redeemable non-controlling interests and shareholders’ equity | ​ | $ | 1,953,246 | ​ | $ | 2,211,626
​ 1. Operations (Continued) Consolidation (Continued) ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
​ | ​ | (In US$ thousands)
Total revenues | ​ | $ | 1,531,675 | ​ | $ | 1,512,278 | ​ | $ | 1,509,928
Net income | ​ | $ | 25,343 | ​ | $ | 8,220 | ​ | $ | 131,201
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ | ​ ​ ​ | 2023 | ​ ​ ​ | 2024 | ​ ​ ​ | 2025
​ | ​ | (In US$ thousands)
Net cash provided by operating activities | ​ | $ | 159,891 | ​ | $ | 202,668 | ​ | $ | 60,922
Net cash provided by (used in) investing activities | ​ | $ | 88,119 | ​ | $ | (75,876) | ​ | $ | (22,453)
Net cash provided by (used in) financing activities | ​ | $ | (260,289) | ​ | $ | (56,719) | ​ | $ | 10,127
​ Under the contractual arrangements with the VIEs, the Company has the power to direct activities of the VIEs through Weibo Technology and can have assets transferred freely out of the VIEs without restrictions. Therefore, the Company considers that there is no asset of the VIEs that can only be used to settle obligations of the VIEs and VIEs’ subsidiaries, except for the registered capital and non-distributable reserve funds of the VIEs and VIEs’ subsidiaries, amounting to US$202.5 million and US$210.9 million as of December 31, 2024 and 2025, respectively. Since the VIEs are incorporated as limited liability companies under the PRC Company Law, creditors of the VIEs do not have recourse to the general credit of the Company. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIEs. As the Company is conducting certain businesses mainly through the VIEs, the Company may provide such support on a discretionary basis in the future, which could expose the Company to a loss. The total amount of costs and expenses allocated from SINA to the VIEs was US$6.6 million, US$6.7 million and US$7.7 million for the years ended December 31, 2023, 2024 and 2025, respectively. The VIEs hold assets with no carrying value in the consolidated balance sheets that are important to the Company’s ability to produce revenue (referred to as unrecognized revenue-producing assets). Unrecognized revenue-producing assets held by the VIEs include the Internet Content Provision License, the Online Culture Operating Permit, the domain names of Weibo.com, Weibo.cn and Weibo.com.cn and so on. Recognized revenue-producing assets held by the VIEs include game technology, supplier-relationship contracts, and trademark and domain names, which were acquired through the previous acquisitions. Unrecognized revenue-producing assets, including customer lists relating to advertising and marketing services, membership, and game-related services, as well as trademarks, are also held by Weibo Technology. The following is a summary of the VIE agreements with Weimeng. The VIE agreements with Weimeng Chuangke are substantially the same as those described below: Loan Agreements. Weibo Technology has granted interest-free loans to the shareholders of Weimeng, who are PRC employees of the Group or SINA, but not the controlling shareholders of SINA, with the sole purpose of providing funds necessary for those shareholders to make capital injections to Weimeng. The term of the loans is 10 years and Weibo Technology has the right, at its own discretion, to shorten or extend the term of the loans if necessary. In the consolidated financial statements, these loans are eliminated with the capital of Weimeng during consolidation. Share Transfer Agreements. Each shareholder of Weimeng has granted Weibo Technology an option to purchase his shares in Weimeng at a purchase price equal to the amount of capital injection. Weibo Technology may exercise such option at any time until it has acquired all shares of Weimeng, subject to applicable PRC laws. The options will be effective until the earlier of (i) Weibo Technology and the shareholders of Weimeng have fully performed their obligations under these agreements, and (ii) Weibo Technology and the shareholders of Weimeng agree in writing to terminate these agreements. Loan Repayment Agreements. Each shareholder of Weimeng has agreed with Weibo Technology that the interest-free loans under the loan agreements shall only be repaid through share transfers. Once the share transfers are completed, the purchase price for the share transfer will be set off against the loan repayment. These agreements will be effective until the earlier of (i) Weibo Technology and the shareholders of Weimeng have fully performed their obligations under these agreements, and (ii) Weibo Technology and the shareholders of Weimeng agree in writing to terminate these agreements. 1. Operations (Continued) Consolidation (Continued) Agreement on Authorization to Exercise Shareholder’s Voting Power. Each shareholder of Weimeng has authorized Weibo Technology to exercise all his voting power as a shareholder of the applicable VIE on all matters requiring shareholders’ approval under PRC laws and regulations and the articles of association of Weimeng, including, without limitation, appointment of directors, transfer, mortgage or disposal of Weimeng’s assets, transfer of any equity interest in Weimeng, and merger, split, dissolution and liquidation of Weimeng. The authorizations are irrevocable and will not expire until Weimeng dissolves. Share Pledge Agreements. Each shareholder of Weimeng has pledged all of his shares in Weimeng and all other rights relevant to his rights in those shares to Weibo Technology as security for his obligations to pay off all debts to Weibo Technology under the loan agreement. In the event of default of such obligations, Weibo Technology will be entitled to certain rights, including transferring the pledged shares to itself and disposing of the pledged shares through sale or auction. During the term of the agreements, Weibo Technology is entitled to receive all dividends and distributions paid on the pledged shares. The pledges will be effective until the earlier of (i) the third anniversary of the due date of the last guaranteed debt, (ii) Weimeng and its shareholders have fully performed their obligations under these agreements, and (iii) Weibo Technology consents to terminate these agreements. Weimeng has completed registration of equity pledges with the relevant office of the administration for industry and commerce in accordance with the PRC Civil Code. Exclusive Technical Services Agreement, Exclusive Sales Agency Agreement and Trademark License Agreement. Weimeng has entered into an exclusive technical services agreement, an exclusive sales agency agreement and a trademark license agreement with Weibo Technology. Under the exclusive technical services agreement, Weibo Technology is engaged to provide technical services for Weimeng’s online advertising and other related businesses. Under the exclusive sales agency agreement, Weimeng has granted Weibo Technology the exclusive right to distribute, sell and provide agency services for all the products and services provided by Weimeng. Due to its control over Weimeng, Weibo Technology has the right to determine the service fee to be charged to Weimeng under these agreements by considering, among other things, the technical complexity of the services, the actual cost that may be incurred for providing such services, the operations of Weimeng, applicable tax rates, planned capital expenditure and business strategies. These agreements can only be prematurely terminated by Weibo Technology, and will not expire until Weimeng dissolves. Under the trademark license agreement, Weibo Technology has granted Weimeng trademark licenses to use the trademarks held by or licensed to Weibo Technology in specific areas, and Weimeng is obligated to pay license fees to Weibo Technology. The term of this agreement is one year and is automatically renewed provided there is no objection from Weibo Technology. Spousal Consent Letters. Each of the spouses of the shareholders of Weimeng signed the spousal consent letters. The shareholders, except for the third-party minority stakeholder, collectively hold 99% equity interest in Weimeng. Pursuant to the spousal consent letters, each signing spouse unconditionally and irrevocably agreed that the spouse is aware of the abovementioned loan agreements, share transfer agreements, loan repayment agreements, agreement on authorization to exercise shareholder’s voting power and share pledge agreements and has read and understood the contractual arrangements. Each signing spouse has committed not to make any assertions in connection with the equity interests of the relevant shareholder’s interest in Weimeng, to execute all necessary documents and take all necessary actions to ensure appropriate performance of the abovementioned agreements, and, if the spouse obtains any equity interests of Weimeng, to be bound by the abovementioned agreements, comply with the obligations thereunder as a shareholder of Weimeng and sign a series of written documents in substantially the same format and content as the abovementioned agreements. These VIE agreements provide Weibo Technology with the power to direct the activities that most significantly affect the economic performance of the Group’s consolidated VIEs and enable the Group to receive substantially all of the economic benefits generated by them. For the years ended December 31, 2023, 2024 and 2025, the total amount of service fees that Weibo Technology charged to Weimeng under these service agreements and trademark license agreement was US$714.8 million, US$712.4 million and US$651.6 million, respectively, which were based on the actual cost incurred from providing the services and the operations of Weimeng and eliminated on consolidation level. Weibo Technology, Weimeng Chuangke and Weimeng Chuangke’s shareholders have entered into contractual arrangements which contain agreements and terms substantially similar to Weibo Technology’s contractual arrangements with Weimeng and Weimeng’s shareholders described above. ​ 1. Operations (Continued) Consolidation (Continued) Minority Investment in Weimeng In April 2020, WangTouTongDa (Beijing) Technology Co., Ltd., made an investment of approximately RMB10.7 million in Weimeng for 1% of Weimeng’s enlarged registered capital. Such third-party minority stake holder is entitled to customary economic rights in proportion to its equity ownership, and certain minority shareholder rights such as the right to appoint a director to Weimeng’s three-member board of directors, and veto rights over certain matters related to content decision, and certain future financings of Weimeng. The third-party minority stake holder is not a party to the contractual arrangements mentioned above that are currently in effect among Weimeng, Weibo Technology and Weimeng’s other shareholders. As such, despite the fact that the Company is still able to enjoy economic benefits and exercise effective control over Weimeng and its subsidiaries, the Company is not able to purchase or have the third-party minority stake holder pledge its 1% equity interests in Weimeng in the same manner as agreed under existing contractual arrangements, nor is it granted the authorization of voting rights over these 1% equity interests. The Company believes Weibo Technology, the wholly-owned PRC subsidiary, still controls and is the primary beneficiary of Weimeng (for accounting purpose only) as it continues to have a controlling financial interest in Weimeng pursuant to ASC 810-10-25-38A after the issuance of such 1% equity interests. The Company believes that the contractual arrangements among the WFOE, VIEs and VIEs’ shareholders are not in conflict with the current PRC laws and regulations. However, uncertainties in the interpretation and enforcement of the PRC laws, regulations and policies could limit the Company’s ability to enforce these contractual arrangements. As a result, the Company may be unable to consolidate the VIEs and VIEs’ subsidiaries in the consolidated financial statements. The Company’s ability to control the VIEs also depends on the authorization by the shareholders of the VIEs to exercise voting rights on all matters requiring shareholder approval in the VIEs. The Company believes that the agreements on authorization to exercise shareholder’s voting power are legally enforceable. In addition, if the legal structure and contractual arrangements with the VIEs were found to be in violation of any future PRC laws and regulations, the Company may be subject to fines or other actions. The Company believes the possibility that it will no longer be able to control and consolidate the VIEs as a result of the aforementioned risks and uncertainties is remote.

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