Soul港股IPO：“灵魂社交”缘何成了“杀猪盘”和“消费陷阱”的温床？AI伴侣能挽回用户的心吗？

Core Viewpoint - Soulgate Inc. has submitted its third IPO application to the Hong Kong Stock Exchange after two previous failures, accumulating over 12.4 billion yuan in redemption liabilities, which could lead to financial instability if the IPO does not succeed [1][24]. Group 1: Company Overview - Founded in 2015 in Shanghai, Soul is a social app aimed at alleviating loneliness among young people by allowing users to create virtual identities [2][25]. - The company has completed seven rounds of financing from 2017 to 2021, raising approximately $402 million, with major investors including Tencent and MiHoYo [2][25]. - Tencent is the largest shareholder with a 49.90% stake, but only holds 28.50% of the voting rights, while the founder Zhang Lu controls about 49.90% of the voting rights through a special voting rights agreement [2][26]. Group 2: Financial Performance - Soul's revenue for the reporting periods was 16.67 billion yuan, 18.46 billion yuan, 22.11 billion yuan, and 16.83 billion yuan, with net profits of -21.89 million yuan, 361 million yuan, 337 million yuan, and 286 million yuan, respectively [8][31]. - The gross profit margin has consistently remained above 80%, with figures of 86.30%, 85.50%, 83.70%, and 81.50% [8][31]. - The company has reduced its sales and marketing expenses significantly, which were 8.44 billion yuan, 7.52 billion yuan, 8.89 billion yuan, and 6.45 billion yuan, representing a decreasing percentage of revenue [10][33]. Group 3: User Engagement and Risks - Monthly active users have declined from a peak of 31.6 million in 2021 to 26.2 million in 2024, indicating a slowdown in user growth [10][33]. - The platform's anonymity has led to issues with soft pornography and safety risks, making it a hotspot for scams, particularly "pig-butchering" schemes [12][35]. - Complaints against Soul have surged, with over 6,000 complaints reported on various platforms, raising concerns about business compliance and user trust [19][21][42]. Group 4: Regulatory and Compliance Challenges - Soul has faced scrutiny from regulatory bodies due to the prevalence of scams on its platform, prompting the company to implement stricter content review processes [12][36]. - Despite efforts to enhance risk management through AI models, incidents of fraud continue to occur, highlighting ongoing vulnerabilities in the platform [39][40]. - The introduction of AI virtual companions has sparked controversy, with users questioning the authenticity of interactions and alleging manipulative practices to induce spending [22][46].