6-K

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

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of April 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 ¨

EXPLANATORY NOTE

We filed our annual report on Form 20-F for the fiscal year ended December 31, 2022 with the United States Securities and Exchange Commission on April 27, 2023, U.S. Eastern Time. On April 27, 2023, Hong Kong Time, we published our annual report on the website of The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) for the fiscal year ended December 31, 2022 (the “HK Annual Report”). Pursuant to the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange, our HK Annual 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

Exhibit No.	Description
99.1	Supplemental Disclosure—Reconciliation Between U.S. GAAP and International Financial Reporting Standards

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: April 27, 2023	By:	/s/ Fei Cao
		Fei Cao
		Chief Financial Officer

EX-99.1

Exhibit 99.1

Reconciliation between U.S. GAAP and International Financial Reporting Standards

The consolidated financial statements are prepared in accordance with U.S. GAAP, which differ in certain respects from International Financial Reporting Standards (“IFRS”). The effects of material differences between the consolidated financial statements of the Group prepared under U.S. GAAP and IFRS are as follows:

Reconciliation of consolidated statements of comprehensive income data (in US$ thousands):

				For the Year Ended December 31, 2020 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))			Issuance cost related to global offering (Note (v))		Redeemable non-controlling interest (Note (vi))			Amounts as reported under IFRS
Costs and expenses:
Cost of revenues		302,180			—			(50	)		—		372			—		—			302,502
Sales and marketing		455,619			—			(141	)		—		(502	)		—		—			454,976
Product development		324,110			—			(142	)		—		2,864			—		—			326,832
General and administrative		101,224			—			(116	)		—		(1,239	)		—		—			99,869
Total costs and expenses		1,183,133			—			(449	)		—		1,495			—		—			1,184,179
Fair value changes through earnings on investments, net		35,115			—			—			48,358		—			—		—			83,473
Interest expense		(57,428	)		15,391			(423	)		—		—			—		—			(42,460	)
Fair value changes of convertible debts		—			(39,150	)		—			—		—			—		—			(39,150	)
Financial expense		—			—			—			—		—			—		(249	)		(249	)
Income before income tax expenses		375,913			(23,759	)		26			48,358		(1,495	)		—		(249	)		398,794
Less: income tax expenses		61,316			—			—			14,826		—			—		—			76,142
Net income		314,597			(23,759	)		26			33,532		(1,495	)		—		(249	)		322,652
Net income attributable to Weibo's shareholders		313,364			(23,759	)		26			33,532		(1,495	)		—		(249	)		321,419

				For the Year Ended December 31, 2021 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))			Issuance cost related to global offering (Note (v))			Redeemable non-controlling interest (Note (vi))			Amounts as reported under IFRS
Costs and expenses:
Cost of revenues		403,841			—			(44	)		—			2,846			—			—			406,643
Sales and marketing		591,682			—			(133	)		—			5,469			—			—			597,018
Product development		430,673			—			(190	)		—			11,056			—			—			441,539
General and administrative		133,475			—			(25	)		—			(926	)		9,566			—			142,090
Total costs and expenses		1,559,671			—			(392	)		—			18,445			9,566			—			1,587,290
Fair value changes through earnings on investments, net		(72,787	)		—			—			(193,685	)		—			—			—			(266,472	)
Interest expense		(71,006	)		15,391			(847	)		—			—			—			—			(56,462	)
Fair value changes of convertible debts		—			(8,100	)		—			—			—			—			—			(8,100	)
Financial expense		—			—			—			—			—			—			(1,541	)		(1,541	)
Income before income tax expenses		550,718			7,291			(455	)		(193,685	)		(18,445	)		(9,566	)		(1,541	)		334,317
Less: income tax expenses		138,841			—			—			(2,791	)		—			—			—			136,050
Net income		411,877			7,291			(455	)		(190,894	)		(18,445	)		(9,566	)		(1,541	)		198,267
Net income attributable to Weibo's shareholders		428,319			7,291			(455	)		(190,894	)		(18,445	)		(9,566	)		(1,541	)		214,709

				For the Year Ended 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))			Issuance cost related to global offering (Note (v))		Redeemable non-controlling interest (Note (vi))			Amounts as reported under IFRS
Costs and expenses:
Cost of revenues		400,585			—			(327	)		—			2,844			—		—			403,102
Sales and marketing		477,107			—			(497	)		—			3,400			—		—			480,010
Product development		415,190			—			(622	)		—			6,598			—		—			421,166
General and administrative		52,806			—			(785	)		—			3,811			—		—			55,832
Total costs and expenses		1,355,864			—			(2,231	)		—			16,653			—		—			1,370,286
Fair value changes through earnings on investments, net		(243,619	)		—			—			(8,856	)		—			—		—			(252,475	)
Interest expense		(71,598	)		13,201			(3,235	)		—			—			—		—			(61,632	)
Fair value changes of convertible debts		—			(36,750	)		—			—			—			—		—			(36,750	)
Financial expense		—			—			—			—			—			—		(27,496	)		(27,496	)
Income before income tax expenses		128,086			(23,549	)		(1,004	)		(8,856	)		(16,653	)		—		(27,496	)		50,528
Less: income tax expenses		30,277			—			—			(2,003	)		—			—		—			28,274
Net income		97,809			(23,549	)		(1,004	)		(6,853	)		(16,653	)		—		(27,496	)		22,254
Net income attributable to Weibo's shareholders		85,555			(23,549	)		(1,004	)		(6,853	)		(16,653	)		—		(27,496	)		10,000

Reconciliation of consolidated balance sheets (in US$ thousands):

			As of December 31, 2021 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))			Issuance cost related to global offering (Note (v))			Redeemable non-controlling interest (Note (vi))			Amounts as reported under IFRS
Operating lease assets, net		60,519		—			(711	)		—		—			—			—			59,808
Goodwill		130,405		—			—			—		—			—			(12,427	)		117,978
Long-term investments		1,207,651		—			—			49,146		—			—			—			1,256,797
Total assets		7,519,522		—			(711	)		49,146		—			—			(12,427	)		7,555,530
Convertible debt		896,541		(23,549	)		—			—		—			—			—			872,992
Deferred tax liability		66,903		—			—			12,500		—			—			—			79,403
Financial liability		—		—			—			—		—			—			35,423			35,423
Total Liabilities		3,831,502		(23,549	)		—			12,500		—			—			35,423			3,855,876
Redeemable non-controlling interest		66,622		—			—			—		—			—			(66,622	)		—
Additional paid-in capital		1,477,291		—			—			—		19,939			9,566			(31,909	)		1,474,887
Accumulated other comprehensive income		156,932		—			(26	)		2,502		—			—			(1,724	)		157,684
Retained earnings		1,959,539		23,549			(685	)		34,144		(19,939	)		(9,566	)		(1,790	)		1,985,252
Total Weibo shareholders' equity		3,593,821		23,549			(711	)		36,646		—			—			(35,423	)		3,617,882
Non-controlling interests		27,577		—			—			—		—			—			54,195			81,772
Total shareholders' equity		3,621,398		23,549			(711	)		36,646		—			—			18,772			3,699,654
Total liabilities, redeemable non-controlling interests and shareholders' equity		7,519,522		—			(711	)		49,146		—			—			(12,427	)		7,555,530

				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))			Issuance cost related to global offering (Note (v))			Redeemable non-controlling interest (Note (vi))			Amounts as reported under IFRS
Operating lease assets, net		190,368			—		(1,636	)		—			—			—			—			188,732
Goodwill		120,151			—		—			—			—			—			(11,450	)		108,701
Long-term investments		993,630			—		—			36,612			—			—			—			1,030,242
Total assets		7,129,454			—		(1,636	)		36,612			—			—			(11,450	)		7,152,980
Deferred tax liability		41,694			—		—			9,486			—			—			—			51,180
Financial liability		—			—		—			—			—			—			59,464			59,464
Total Liabilities		3,738,914			—		—			9,486			—			—			59,464			3,807,864
Redeemable non-controlling interest		45,795			—		—			—			—			—			(45,795	)		—
Additional paid-in capital		1,445,519			—		—			—			36,591			9,566			(31,909	)		1,459,767
Accumulated other comprehensive loss		(102,740	)		—		54			(165	)		—			—			1,731			(101,120	)
Retained earnings		2,045,094			—		(1,690	)		27,291			(36,591	)		(9,566	)		(29,286	)		1,995,252
Total 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

Notes:

(i) Convertible debts

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.

(ii) Leases

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 elect an accounting policy choice. 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 grant date fair value of an award.

(v) Issuance cost related to global offering

Under U.S. GAAP, specific incremental issuance costs directly attributable to a proposed or actual offering of securities may be deferred and charged against the gross proceeds of the offering, shown in equity as a deduction from the proceeds. Under IFRS, such issuance costs apply a different criteria for capitalization when the listing involves both existing shares and a concurrent issuance of new shares of the Company in the capital market, and were allocated proportionately between the existing and new shares. As a result, the Group recorded issuance costs associated with the listing of existing shares in the profit or loss.

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(vi) 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 and mezzanine classified on the balance sheet, 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, and such fair value includes the right of redemption, which is viewed as part of the accounting purchase price when applying acquisition accounting. 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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