Some competition come from Tencent 's social media platform WeChat, which had close to 940 million monthly active users at the end of the first quarter. Users were spending much more time on WeChat than on Weibo, according to data from Penguin Intelligence, as reported by Seikkei Stuido. Though investors should take the results from Penguin with a pinch of salt as it is owned by Tencent, it has apparently built an ecosystem that's capable of keeping users engaged.