Chinese Social Media Platform Soul Files for Public Listing in Hong Kong

Image Source: Visual China

Beijing, June 30 (TMTPOST) – Chinese social media platform Soul’s owner, Soulgate, filed for public listing in Hong Kong on Thursday.

Soul is a leading social media platform in China in terms of both monthly and daily active users. As of 2021, Soul had around 31.6 million monthly active users and 9.3 million daily active users, registering year-on-year growth of 51.6% and 55.8%. In 2021, 74.9% of Soul’s monthly active users were Gen-Z users.

In 2021, Soul’s three-month user retention rate was 79.1%. Every Soul user spent around 45.3 minutes on the social media platform every day on average.

The company said that it is now in the early phase of commercialization as the company already sees strong growth in revenues. Soul’s revenues grew by 604.3% from 70.7 million yuan in 2019 to 498 million yuan in 2020. Revenues soared by 157.3% to around 1.28 billion yuan in 2021.

Gross margin was 48.6%, 79.9% and 85.2% in 2019, 2020 and 2021 respectively. In 2021, the company registered a net loss of around 1.32 billion yuan, which was a drastic increase from the 353.4 million yuan and 579.1 million yuan in 2019 and 2020.

Launched in 2016, Soul is a social media platform designed to match users based on their interests. Soul is dedicated to building a metaverse for young people. The company’s vision is “to bring friends to every in the world.” The social media platform has accumulated over 100 million registered users.

On average, every paying user spent 21.9 yuan, 43.5 yuan and 60.5 yuan on Soul in 2019, 2020 and 2021 respectively.

Earlier in May 2021, Soul filed for public listing with the United States Securities and Exchange Commission, planning to be publicly listed on Nasdaq. The company later decided to pull out from the public listing process in withdrew its F-1 Form.

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