Weibo Publishes 2023 Environmental, Social and Governance Report

Rhea-AI Summary

Weibo has released its 2023 Environmental, Social and Governance Report, highlighting its commitment to sustainable development. The report covers key ESG areas such as cybersecurity, human capital, content quality, social responsibility, and green operations. Weibo's achievements include optimizing corporate governance, fostering content ecosystems, supporting human capital development, engaging in social endeavors, and promoting green development.

Positive

• Weibo continues to optimize its corporate governance structure and integrate ESG concepts into daily operations, focusing on cybersecurity, user privacy, and data rights.
• Weibo has reached 598 million monthly active users and 257 million average daily active users by December 2023, with 4.3 million verified accounts on the platform.
• Weibo values diversity and inclusivity, with female employees accounting for 51.7% of the total employees in 2023, offering various employee care and benefit programs.
• Weibo has undertaken more than 24,000 public welfare projects by the end of 2023, with donations exceeding RMB 700 million and supporting emergency relief and rural revitalization.
• Weibo is committed to green development, focusing on reducing energy consumption, promoting low-carbon development, and raising awareness among users about environmental conservation.

Negative

• None.

BEIJING, April 19, 2024 /PRNewswire/ -- Weibo Corporation ("Weibo" or the "Company") (NASDAQ: WB and HKEX: 9898), a leading social media in China, today announced that it has published its 2023 Environmental, Social and Governance ("ESG") Report and is accessible on the Company's investor relations website at http://ir.weibo.com. The ESG report detailed the Company's initiatives and progress in key ESG areas, such as cybersecurity and privacy protection, human capital, content quality, social responsibility and green operations, etc. The ESG practices described in the report demonstrate our long-term commitment to sustainable development, covering the impact on our users, content creators, employees, business partners and other stakeholders.

Weibo is steadfast in the vision of "making the world a better place with the power of Weibo." Looking ahead, we will strive to further refine our ESG governance system and enhance our ESG performance. We invite all participants and stakeholders around Weibo's ecosystem to jointly achieve the sustainable development goals of the Company as well as the society.  

Highlights of Weibo's 2023 ESG achievements:

1.      Corporate Governance and Responsible Platform

Weibo continues to optimize its corporate governance structure and proactively integrate ESG concepts into daily operations. We work relentlessly to create a platform of trust and responsibility, with focus on protection of cybersecurity, user privacy and data rights. In 2023, Weibo:

• Established a sound business ethics system and adopted quarterly internal audit on business ethics.
• Prioritized the protection of minors and launched a Minor Mode in 2019; continuously optimized the features of Minor Mode, offering safe and friendly community vibe for minors.

2.      Content Ecosystem and Product Experience

Weibo has always been committed to serving its users, offering quality content and creating seamless user experience. In 2023, we focused on fostering our content verticals and empowering content creators, leveraging our relentless efforts to optimize product features, innovate on technologies, and diversify content formats. In 2023, Weibo:

• Enabled our user community to stay connected to the world and facilitated vibrant social interactions. In December 2023, Weibo's monthly active users and average daily active users reached 598 million and 257 million, respectively.
• Had 4.3 million verified accounts on Weibo as of the end of 2023, mainly including celebrities, KOLs, media, enterprises, governments and non-profit organizations, etc.
• Covered 39 content verticals as of December 2023, with major categories such as entertainment, events, hot trends, industry-based and life style-related, etc., which fulfill the diversified content consumption needs of our user community.

3.      Human Capital and Diverse Corporate Culture

Weibo has always been dedicated to creating an inclusive, diverse and open corporate culture, safeguarding the legitimate rights and interests of employees, while stimulating their creativity and vitality. We strive to nurture talents by supporting their career growth and offering competitive benefits. In 2023, Weibo:

• Consistently adhered to the principle of equality during recruitment, retained a diverse employee structure, and established a structured training program, covering 100% of employees, with the average training time reaching 34 hours in 2023.
• Highly valued female employees' rights, mental and physical healthy and career development. In 2023, female employees accounted for 51.7% of the total.
• Offered diverse employee care and benefit programs, covering aspects of life, health, family and leisure, etc.

4.      Social Endeavors

Weibo advocates the greater good of society and proactively undertakes social responsibilities, leveraging our platform advantage. We focus on social and livelihood issues, such as emergency relief, rural revitalization, and care for distress and vulnerable groups. We are also devoted to promoting the traditional Chinese culture and creating social value together with our user community. In 2023, Weibo:

• Had run more than 24,000 public welfare projects by the end of 2023, with nearly 50 million donations from internet users with total amount of donation surpassing RMB 700 million.
• Established a social cooperation network within Weibo's ecosystem that connects government, charity institutions, enterprises, media, influencers of various fields, rescue teams, and volunteers. In 2023, Weibo carried out 106 emergency relief projects, raising fund of over RMB 13.73 million from nearly 550,000 donors. Meanwhile, Sina Group, our parent company donated RMB10 million and 5 million to support disaster relief and post-disaster reconstruction in the rainstorm-affected and earthquake-stricken areas of Gansu Province, respectively.
• Contributed to public welfare through its "Weibo Common Benefit Plan," allocating 3% of its advertising inventories to support platform-wide public welfare content on an annual basis.
• Leveraged its platform strength to empower rural revitalization and initiated over 1,500 topics related to poverty alleviation and rural revitalization, generating over 12 billion views and 3 million discussions.

5.      Green Development

We firmly adhere to low-carbon development and have established a systematical environmental management and green operation mechanism. We focus on reducing energy consumption of our data centers and engaging in comprehensive green development. Meanwhile, leveraging the strength of our platform, we strive to propagate the concept of green development and raise awareness among users about environmental protection. In 2023, Weibo:

• Reduced its carbon footprint, with Scope 3 greenhouse gas emissions decreased 16.6% from 2022.
• Built sustainable data centers and reduced energy consumption throughout the entire lifecycle, including site selection, operation, and updates.
• Advocated the concept of green development and enhanced public awareness through a variety of online activities, offline experiences, and science popularization education, leveraging the strength of our platform.

Weibo's 2023 ESG report is available in both Chinese and English. For more information on our ESG reports and policies, please visit http://ir.weibo.com.

About Weibo

Weibo is a leading social media for people to create, share and discover content online. Weibo combines the means of public self-expression in real time with a powerful platform for social interaction, content aggregation and content distribution. Any user can create and post a feed and attach multi-media and long-form content. User relationships on Weibo may be asymmetric; any user can follow any other user and add comments to a feed while reposting. This simple, asymmetric and distributed nature of Weibo allows an original feed to become a live viral conversation stream.

Weibo enables its advertising and marketing customers to promote their brands, products and services to users. Weibo offers a wide range of advertising and marketing solutions to companies of all sizes. The Company generates a substantial majority of its revenues from the sale of advertising and marketing services, including the sale of social display advertisement and promoted marketing offerings. Designed with a "mobile first" philosophy, Weibo displays content in a simple information feed format and offers native advertisement that conform to the information feed on our platform. To support the mobile format, we have developed and continuously refining our social interest graph recommendation engine, which enables our customers to perform people marketing and target audiences based on user demographics, social relationships, interests and behaviors, to achieve greater relevance, engagement and marketing effectiveness.

Contacts
Investors Relations
Weibo Corporation
Tel: +86-10-5898-3336
Email: ir@staff.weibo.com

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SOURCE Weibo Corporation

FAQ

What report did Weibo publish in 2023?

Weibo published its 2023 Environmental, Social and Governance (ESG) Report.

How many monthly active users did Weibo have in December 2023?

By December 2023, Weibo had 598 million monthly active users.

What percentage of female employees did Weibo have in 2023?

Female employees accounted for 51.7% of the total employees in 2023.

How much did Weibo donate for public welfare projects by the end of 2023?

Weibo donated over RMB 700 million for public welfare projects by the end of 2023.

What is Weibo's focus in terms of green development?

Weibo focuses on reducing energy consumption, promoting low-carbon development, and raising environmental awareness among users.