Tencent backed social app Soul officially files for IPO- PingWest
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Tencent backed social app Soul officially files for IPO
22 hours agoChinese social networking platform Soul has formally filed for an initial public offering in the US on May 11. The social app for Chinese Gen Z is set to list on NASDAQ under the trading symbol SSR, with Morgan Stanley, Jefferies, Bank of America Securities, and CICC as co-underwriters.
Details: The prospectus shows that the company's revenue for 2020 is 498 million RMB, up 604.3% year-on-year; revenue for the first quarter of 2021 is 238 million RMB, up 260% year-on-year, and the overall gross margin for that quarter is 86%. Soul's current main monetizations are value-added services (virtual gifts and membership services), advertising, and Giftmoji social e-commerce, which just went live in the first quarter of this year.
In addition, Soul's DAUs have reached 10 million, up 94.4% year-over-year, with 73.9% of the DAUs being Generation Z. Since July 2020, Soul's monthly MAU user growth rate, on average, has remained above 105%. The average daily DAU usage time was in the range of 40-50 minutes.
From the shareholding structure disclosed in the prospectus, Tencent is the company's biggest investor. At the same time, its founder Zhang Lu has 65% of the share and still controls Soul.
Context: Launched in 2016 in Shanghai, Soul is a social app that connects strangers who share similar hobbies or interests with AI-driven features like quick matching, virtual community, etc.
The app also has set foot in South Korea, Japan, and North America. The Chinese version has also established a large user base in Southeast Asia.
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