Core Viewpoint - Klook Technology Limited is preparing for an IPO on the New York Stock Exchange, aiming to leverage its unique position in the travel service market, focusing on personalized travel experiences for the Z generation [1][4]. Company Overview - Klook was founded in Hong Kong in 2014 by Ethan Lin, Eric Gnock Fah, and Bernie Xiong, and has since established a technology headquarters in Shenzhen [1]. - The company differentiates itself from traditional OTA platforms by offering non-standardized, personalized travel products, emphasizing the "experience economy" [3][4]. User Demographics - Klook's primary user base consists of young, internet-savvy Z generation consumers who demand high-quality travel experiences [3]. - The platform features a wide range of products, including tickets for attractions, unique experiences, and travel-related services, with over 310,000 experience offerings across more than 4,200 destinations [3]. Business Model and Performance - Klook's business model relies heavily on commission income, which accounts for over 90% of its revenue, but faces challenges due to low profit margins on fragmented products [5]. - The company reported losses of $123 million, $142 million, and $99 million for the years 2022 to 2024, with a loss of $141 million in the first nine months of 2025, marking a 65.1% increase in losses year-over-year [5]. Market Position and Growth - Klook has expanded its operations to nearly ten countries and regions, establishing 25 offices in 18 markets, and has become the largest regional experience platform in the Asia-Pacific by gross transaction value (GTV) [4]. - In the first nine months of 2025, Klook's GTV reached $2.3 billion, a 30.9% increase compared to the same period in 2024, with 82.5% of this revenue coming from Asia-Pacific users [4]. Funding and Investor Confidence - Klook has raised over $500 million through multiple funding rounds since its inception, attracting investments from prominent firms such as Sequoia Capital, Matrix Partners, and SoftBank Vision Fund [6][9]. - The company is backed by a strong investor base, with Sequoia Capital holding 15.5% of Class A shares, and other major investors including Matrix Partners and SoftBank [9]. Challenges and Customer Feedback - Despite its growth, Klook faces significant challenges, including complaints about service quality, refund difficulties, and customer service issues, which have emerged as the company scales [10]. - The company must address its profitability model, improve service quality for fragmented products, and enhance brand recognition as it prepares for its IPO [10].

Core Insights - Klook, known as the "Hong Kong version of Ctrip," has filed for an IPO with the SEC, marking a significant moment for its investors after years of funding. However, the company has not achieved profitability in its 10 years of operation and faces challenges from industry giants during its global expansion [2][3]. Company Overview - Founded in 2014, Klook is one of the few unicorns to emerge from Hong Kong, focusing on non-standard travel products, unlike traditional OTAs like Ctrip and Booking that offer standardized services. Klook supports 14 languages, 40 currencies, and over 40 payment methods, providing 310,000 travel booking services across approximately 4,200 destinations by September 30, 2025 [4]. - Klook's offerings include tickets for attractions, local experiences, transportation vouchers, hotels, and dining options. The platform is positioned against non-standard experience platforms like GetYourGuide in Europe and Viator in North America [4][5]. Financial Performance - Klook has not turned a profit in its decade of operation, with revenues of $129 million, $335 million, $417 million, and $407 million for the years 2022, 2023, 2024, and the first three months of 2025, respectively. Corresponding net losses were $123 million, $142 million, $99 million, and $141 million [5]. - However, there are signs of improvement in 2025, with adjusted EBITDA turning positive in the second and third quarters, reaching approximately $5 million per quarter [5]. Investment and Ownership - Klook's co-founders hold approximately 20.5% of the company's shares through various entities, with significant stakes held by EEB Capital Limited and other investment firms [6][7]. - Since its inception, Klook has raised over $1 billion across nine funding rounds, with notable participation from Sequoia China and other major investors. Recent funding rounds in December 2023 and February 2025 focused on accelerating international expansion and enhancing AI technology [8][9].