Fitness App Keep Renews Hong Kong Share Sale Plan

Fitness App Keep Renews Hong Kong Share Sale Plan

What’s new: Keep Inc., China’s hottest health app backed by SoftBank’s Vision Fund and Tencent Holdings, renewed its effort to promote shares in Hong Kong weeks after its first utility expired.

Keep submitted one other utility to the Hong Kong inventory change for an preliminary public providing, in accordance with a Tuesday launch by the bourse. The firm up to date its financials in its new utility, exhibiting 37.6% income progress within the first quarter.

Keep reported 417 million ($60 million) in first-quarter income with a internet lack of 155 million yuan, 35% narrower than in the identical interval a 12 months in the past, in accordance with its newest prospectus. Revenue from membership subscription and course charges elevated 76% year-on-year within the quarter, whereas promoting gross sales rose 43%.

Active month-to-month customers of the platform averaged 37.7 million through the first half. Keep has but to report second-quarter earnings.

Background: Keep first utilized for a Hong Kong IPO in February however made no follow-up strikes. The utility expired on the finish of August. An individual near the corporate stated the bourse didn’t reject Keep’s utility.

Established in 2015, Keep has reportedly sought to go public since early 2021 with an preliminary plan to promote inventory within the U.S. The firm later switched its itemizing vacation spot to Hong Kong amid Beijing’s tightening scrutiny of tech platforms and uncertainties stemming from new knowledge laws.

Keep has accomplished 9 rounds of fundraising since its inception, elevating almost $650 million from traders together with the Vision Fund, Tencent, GGV Capital and Bertelsmann Investments. The firm was valued at greater than $2.4 billion in its newest funding spherical shortly earlier than it filed for the Hong Kong itemizing in February.

Quick Takes are condensed variations of China-related tales for quick information you should utilize.

Contact reporter Han Wei ([email protected]) and editor Bob Simison ([email protected])

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