TencentQQbacked social platform Soul files for listing in HK again

TencentQQbacked social platform Soul files for listing in HK again


According to the documents filed with the Hong Kong Stock Exchange, social platform Soul has again submitted its application for listing in Hong Kong again, with Merrill Lynch Securities and China International Capital Corporation as joint sponsors.

Public information shows that Soul was launched in 2022 with the slogan Anonymous Soul Chat, Find Your Soulmate, having garnered a large number of Gen Z-ers (born between 1995 and 2009).

In terms of the platforms ownership structure, Soulgate Holding Limited holds 48,607,303 ordinary shares in Soul, with a voting ratio of 49.9%. Tencent holds 75,807,291 ordinary shares through Image Frame Investment (HK) Limited, with a voting ratio of 28.5%; miHoYo holds 9,334,904 ordinary shares and Genesis Capital I LP holds 9,111,979 ordinary shares in the social platform.

The company withdrew its plan to go public in the United States last year and submitted its prospectus to the Hong Kong Stock Exchange on June 30, 2022. However, its listing application materials expired at the beginning of this year.

In 2022, Soul had monthly active users of 29.4 million on average, of which 78.4% were Gen Z-ers generation.

The new prospectus shows that Soul generated revenues of 498 million yuan, 1.2812 billion yuan and 1.6674 billion yuan, respectively, in the years 2022-2022, with the gross profit margins being 79.9%, 85.2% and 86.3%, respectively. As of December 31, 2022, Soul has accumulatively reported a loss of approximately 3.038 billion yuan since its establishment.