HK Stock Market Move | WB-SW(09898) fell more than 5% again. Institutions suggest that macroeconomic factors and competition may put pressure on the advertising performance in the second half of the year.

WB-SW (09898) fell over 5% again, and as of the time of writing, it is down 4.51%, at HKD 54.05, with a transaction volume of HKD 11.4671 million. On the news front, Weibo's recently released Q2 financial report shows total revenue of USD 454 million, a year-on-year increase of 2%, of which advertising revenue is USD 381 million, a year-on-year decrease of 1%. The adjusted operating profit for Q2 is USD 125 million. In terms of users, by the end of Q2, Weibo's monthly active users reached 561 million, with daily active users at 254 million. GF SEC published a research report stating that macroeconomic factors and competition continue to exert pressure on advertising revenue. By industry, the automotive sector is expected to maintain growth momentum, internet applications are expected to remain flat or slightly increase, but advertising spending in the mobile phone sector is cautious and requires observation of market reactions after the September Apple launch event. The e-commerce and local life sectors faced a high base due to last year's delivery battles, and the reduction in competition this year has led to a year-on-year decline in spending. It is anticipated that the performance of the mobile phone and local life industries will exert downward pressure on advertising performance for Q3 2026, with expected advertising revenue to decrease 7% year-on-year at constant exchange rates and 3% in USD terms.