(Yicai Global) Sept. 7 -- Tencent Holdings will pull the plug on its waning microblogging platform Tencent Weibo, a decade-old service that was once the biggest rival to Sina Weibo, on Sept. 28 due to a shift in business strategy.

Users should back up their account data as soon as possible to avoid losing the content of their posts, the Shenzhen-based firm said in a recent statement.

The tech giant was not able to repeat the success of its popular social media platforms WeChat and QQ in the microblogging scene as Tencent Weibo, which did manage to surpass Sina Weibo by having as many as 300 million active users in 2013, started fading away soon after. The parent was reported to have dissolved the related department in 2014.

The winner takes it all is true here too as Sina Weibo's monthly active users hit 550 million by the end of the first quarter, according to the parent's earnings report published in May.

Editor: Emmi Laine