Sina Weibo claims that it now has 54 million active users a day, as the firm continues its battle with WeChat and Tencent for dominance in the Chinese social networking sector.
Weibo now has more than $1bn in cash in its coffers and American investment firm Piper Jaffray has now upgraded its target for Sina’s stock to $95, estimating that Weibo is worth $6bn.
The news comes as Sina Weibo announced $30m in ad revenue during the second quarter of this year, marking more than 200% year-over-year growth.
To put Weibo’s achievement into perspective however, its closest Western equivalent, Twitter, hit the 50-million daily user mark back in 2011 and towards the end of 2012, went past the 200-million monthly active user mark.
Added-value services at Weibo jumped 186% year-over-year to $7.7 million, and daily active users jumped to 54 million in June, an 8.6% increase compared to March.