Soul第四次冲刺上市！3.9亿用户撑起一个港股IPO，这次能成功吗？

Core Viewpoint - Soul, a social platform, is making its fourth attempt to go public in Hong Kong, having previously faced three unsuccessful attempts. The company has shown improved financial performance and a clear business model, attracting significant attention from the market [2][3][5]. Group 1: IPO Attempts - Soul has made four attempts to go public, with the first being in May 2021 for a NASDAQ listing, which was paused due to potential legal issues [2]. - The second attempt in June 2022 to list on the Hong Kong Stock Exchange resulted in the prospectus becoming invalid within six months [3]. - The third attempt in April 2023 also failed, but the company is now trying again with updated financial data and a new business model [3]. Group 2: Financial Performance - Soul's revenue projections for 2022 to 2024 are 1.667 billion, 1.846 billion, and 2.211 billion RMB, respectively, with a compound annual growth rate exceeding 15% [5]. - The company has transitioned from continuous losses to stable profitability, reporting an adjusted profit of 361 million RMB in 2023 [5]. - Gross margins are strong, with rates of 86.3%, 85.5%, and 83.7% from 2022 to 2024, maintaining above 80% [5]. Group 3: Revenue Model - Approximately 90.8% of Soul's revenue comes from AI-driven emotional value services, including virtual goods and membership privileges [6]. - The average monthly revenue per paying user is 104.4 RMB, with a paying user rate of 6.5% [6]. Group 4: Shareholder Structure - Tencent is the largest institutional shareholder, holding 49.9% of Soul, while the founder retains 63.3% of voting rights through an AB share structure [7]. - This structure allows the founding team to maintain control while attracting significant strategic investors [7]. Group 5: User Demographics and Engagement - Soul targets younger users, with 78.7% of daily active users belonging to Generation Z [8]. - The platform shows high user engagement, with an average monthly active user interaction rate of 86.0% and a three-month user retention rate of 80% [8]. Group 6: Future Plans and Challenges - Soul plans to issue 10% to 15% of new shares, aiming to raise between 253 million to 300 million USD, with a post-IPO market valuation projected between 2.5 billion to 3 billion USD [9]. - The company intends to allocate 40% of the funds for developing its AI model, 25% for overseas market acquisition, and 15% for expanding emotional consumption products [9]. - Despite its preparations, Soul faces challenges in a competitive social media landscape and must prove its ability to retain users and gain investor confidence [10].