With a reported 15.3% market share, Weimob is the largest provider of WeChat solutions for small and medium companies in China.
The Tencent-backed company filed for its Hong Kong IPO on the 31st of December 2018. The data disclosed provides an interesting outlook into the world of WeChat 3rd party solution providers.
Weimob has shown very positive performance over the last few years, with a healthy growth of paying customers. This growth, however, happened amid a very high churn rate (percentage of existing customers which canceled their subscriptions).
Churn rate was almost 60% in 2015 for Weimob. This means that if Weimob had 100 customers in 2014, they needed to acquire 60 more customers in 2015 just to maintain their numbers.
Despite this trend, Weimob managed to maintain healthy revenue growth.