Soul App, a domestic AI plus immersive social platform, has officially submitted its listing application to the Hong Kong Stock Exchange's main board, with CITIC Securities as the sole sponsor. Strategic investor Tencent holds 49.9% of the shares (not participating in daily management or business operations). As the first AI plus immersive social networking platform in China where all users interact through avatars (Frost & Sullivan report), Soul provides an immersive interactive experience for users through its AI technology, represented by the self-developed "Soul X," the first large model for native emotional value. Over 78.7% of its daily active users (DAU) are Generation Z.

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The company's financial performance is strong, with revenue growing from 1.667 billion yuan in 2022 to 2.211 billion yuan in 2024, with a compound annual growth rate of over 15%. Revenue reached 1.683 billion yuan in the first eight months of 2025. Since 2023, it has achieved stable profitability, with adjusted earnings of 337 million yuan and 286 million yuan for the full year of 2024 and the first eight months of 2025 respectively, with gross margins of 83.7% and 81.5%, and net cash flow from operating activities of 421 million yuan in 2024.

The platform's main revenue comes from AI-driven emotional value services (virtual items and membership privileges), which accounted for more than 90% of revenue in the first eight months of 2025, with an average revenue per paying user (ARPPU) of 104.4 yuan per month. Soul has approximately 390 million registered users, with DAU of about 11 million in the first eight months of 2025, and users spend over 50 minutes per day on average. The monthly retention rate for users who have used the app for three months is 80%. According to the Frost & Sullivan report, as of the first eight months of 2025, its DAU, average number of daily starts (20.1 times), and 30-day retention rate for new install users (23%) all ranked first among AI plus immersive social platforms in China.

The proceeds from this IPO will be used for AI capability R&D, global expansion, expanding the user base, content development, and general corporate purposes. Other shareholders include Mihoyo, Genesis Capital, etc.