Oct. 26 (Bloomberg) -- Sina Corp., the owner of the Twitter-like Weibo service in China, fell the most in four weeks in New York after China’s ruling Communist Party pledged to strengthen management of online social media sites.
The company’s shares declined 8.9 percent to $80.87 at 10:58 a.m. New York time. They earlier sank as much as 10 percent, the biggest intraday loss since Sept. 29.
The party’s central Committee said it will supervise the world’s biggest online community more closely, promote “constructive” websites and punish the spread of “harmful information,” according to a communique from its Oct. 15-18 meeting released overnight by the official Xinhua News Agency.
--Editor: Marie-France Han
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