As Weibo , the largest social media platform in China , gets ready for its initial public offering ( IPO ) , a recent university study claims Chinese micro-blogging activity might not be as vibrant as expected . Only 5 % of Weibo users generate original posts , while the rest of the Chinese micro-blogging world just re-posts from them , according to research by Fu King-wa from the University of Hong Kong . He also found that more than half of the registered accounts were `` empty '' with little or no activity . Weibo claims it has 130 million active users -- though Fu believes the definition of `` active user '' is debatable . In March , Weibo filed to debut on the U.S. NASDAQ exchange . It updated its regulatory filing last week , adjusting its offer to 20 million shares for $ 17 to $ 19 apiece , which would value the company at $ 3.9 billion . The IPO launch sparks discussions on the company 's worth . Weiboscope . Fu has been running his Weibo monitoring project since January 2011 . Dubbed the `` Weiboscope , '' the computer program was originally set up to expose and make publicly available the censored posts from a select group of users with more than 1,000 followers . Weibo penetrates deep into the Chinese online world . By 2012 , one in every two Chinese netizens used Weibo , according to the China Internet Network Information Center . That year was also when Fu began analyzing the usage pattern of Weibo 's registered accounts . To obtain representative data , Fu and his team obtained the timelines of a random sample of micro-bloggers . In March 2013 , Fu had looked at nearly 30,000 Weibo accounts . He found that 57 % of the account timelines were empty , and out of the active ones about 4.8 % contributed more than 80 % of the original posts . Fu stepped up his research in January and found the figures were becoming more pronounced . Sampling 1,500 accounts each week , Fu found only 5 % , or just 10 million users , generate most of the original posts on Weibo . In contrast , Weibo claims it has 130 million active users but does not say whether these users post original content . But Weibo spokesperson Liu Qi questioned the analysis . `` The researcher does n't have any cooperation with our database and he did n't obtain any data by accessing our official interface , as far as I know , '' he said . `` We know better than they do about our own numbers . I do n't intend to offend third parties , but I believe our data are more accurate . '' However , Fu argued his study is a better reflection of user activity . `` In the Sina Weibo 's IPO F-1 document , 'active users ' is defined as those micro-bloggers who logged in the system by different means , '' he said . `` I would say that this definition can not reflect the real activities on Sina Weibo . For example , a mobile user commonly keeps the app in 'logged in ' state but indeed has no usage at all . `` In contrast , my figures are calculated on the basis of the very nature of user-generated-content -- that is those who generate original posts . I think this is a much better way to indicate social media usage in the Web 2.0 era . '' More reposts , more value . For Internet service watchers , Weibo 's low active-user rate is not entirely a surprise . `` Research has consistently shown that active , original contributors constitute a tiny proportion , typically 1-2 % , of any Internet service . So the figure of 5 % cited in that research is comparatively high , '' according to Dominic Yeo , Research Assistant Professor from the Department of Communication Studies at Hong Kong Baptist University . Yeo pointed to one of the earliest and most often cited studies on the so-called `` free-riding '' of Internet users , where the Gnutella network -- a popular peer-to-peer file-sharing service -- was scrutinized to reveal that 70 % of users share no files , and nearly 50 % of all responses are returned by the top 1 % of sharing hosts . He explained that active and original participation on the Internet by ordinary users has always been low because people do not primarily go on to these platforms to create content . For Weibo , users specifically join the community to share other users ' interesting posts with their friends , '' he added . It also just takes a lot of effort for people to create original content . `` There is a considerable amount of 'social risk ' in creating original content because you ca n't be sure that what you create will be popular or appreciated by others . Thus the costs far outweigh the benefits , unless you 're passionate enough to write or create something original , you 'll realize that it 's much better to re-post something already out there , '' said Yeo . As for whether Fu 's new findings will affect Weibo 's upcoming IPO , Yeo predicted it would actually confirm Weibo 's influence and value even more . `` The value of Weibo comes from having many users re-posting a particular item , '' he said . `` It is the ability to encourage people to re-post content rather than create their own that really matters . The company ultimately wields some control as to what becomes popularly shared and gains prominence through its data management . A business model based on a tiny proportion of active , original contributors is actually a norm for social media platforms . '' Other Weibo critics point to larger problems on the company 's horizon . Doug Young , author of `` The Party Line , '' an in-depth look at Chinese media says that even though he is a user of the micro-blogging service , he wo n't be investing in Weibo because `` there is the sense that Weibo has passed its prime . `` Most people treat Weibo as a news source , because they do n't trust traditional media . The big question though is whether it can keep up with the times . I do n't see how they have done much to innovate beyond knocking off Twitter . ''
Independent research shows 10 million Weibo users downloaded nearly all the original content . Weibo will launch IPO of the company at a value of $ 3.9 billion . Researcher says Weibo 's definition of ` ` active use '' is debatable . Weibo says its own definition is more accurate and refutes the Hong Kong government claims .