Sina seems to be pushing ahead with the long-awaited spin-off and IPO of Weibo, with reports that it recently enlisted Goldman Sachs and Credit Suisse to underwrite an offering of up to $500 million in New York sometime in the second quarter for a share of up to 25 percent.
Will one replace the other?
The greater control WeChat offers over information sharing looks like one of the factors that makes it appeal more to users.
Posts made to Weibo are public, and therefore can go viral in a very short time, while posts made to WeChat timelines are shared only with contacts, and there is no easy way to forward them.
Mark Englehart Evans, digital strategist and co-founder of Techyizu, a technology and entrepreneurship community in Shanghai, says this means the two platforms are not necessarily mutually exclusive, although a change does seem to be underway.
"Much like Facebook versus Twitter, there seem to be more than enough dual users, or at least people with both apps on their phones. (But) monthly active users have certainly shifted. I know my Weibo app has gotten dusty," says Evans.
This shift is palpable when speaking to Chinese social media users.
"It is very obvious that fewer people are using Weibo, because I get less feedback when I tweet and retweet," says Duan Wuning, a 29-year-old media professional.
"WeChat status updates are private, so my friends and I prefer to post things about our daily lives there. I have to check WeChat every day to make sure I don't miss important things."
As Facebook announces its $19 billion acquisition of WeChat competitor Whatsapp, the question of WeChat's potential for international expansion has come to the fore.
Tencent still faces huge challenges in going global. Its functionality could be appealing to users but questions remain over what marketing approach the company will take for a product that already boasts a 100 million-strong user base abroad.
"This will be new for Tencent and very expensive," says Evans. "It will be interesting to see how hard Tencent is willing to spend to win new users outside of China, and if they can scale up all its advanced features such as mobile commerce and banking to other markets."