Tencent has removed Weibo business division and moved the team to Tencent News team focusing on video clips sharing product called Weishi (literally means micro-video) according to Southern Metropolis Daily.
Tencent will keep the maintenance of Tencent Weibo without any further development. Southern Metropolis Daily reports, Tencent gave up its microblogging service about half a year ago and just officially announced.
In a press release from Tencent Tech News, it states that Tencent is merging Weibo product operation team with Tencent News team to enhance social information sharing strength.
Tencent launched Weishi in September 2013, positioned as online community for sharing 8 seconds video clips. However, Weishi is losing its battle in short video sharing market to Meipai, which instantly and automatically transforms everyday moments into gorgeous music videos.