Think the share price surge in the past 1-2 years was more due to their booming payment service segment, which takes a payment fee from its growing GMV. Shopify now not only an SaaS provider who takes a steady monthly subscription fee (which of course still offers solid growth and majority of earnings), but more importantly there is a great ongoing story of how far their GMV could grow as an e-commerce platform now.
I believe Youzan owns a national payment license, whereas Weimob do not, but the caveat for Youzan is that the payment rate in China is highly regulated by government and difficult to charge higher than its current rate around 0.6%. That said, Youzan may have a long term potential on this front should payment rate be relaxed in the future.
Just my two cents on this attractive sector.
Thanks for your sharing. I agree that it is what the market differentiates Shopify from other Saas that it can enjoy a higher valuation.