Soul App Hits 11 Million Daily Users as It Files for Hong Kong IPO
Soul App Seeks Hong Kong Listing Amid Strong User Growth
China's innovative social platform Soul App has taken a major step toward becoming publicly traded, submitting its listing application to the Hong Kong Stock Exchange. The move comes as the AI-driven platform reaches impressive milestones: 11 million daily active users and average session times exceeding 50 minutes.
The Avatar-Based Social Phenomenon
What makes Soul stand out in China's crowded social media landscape? The answer lies in its unique avatar-based approach. Unlike traditional platforms, every Soul user interacts through digital personas powered by the company's proprietary "Soul X" AI model - technology specifically designed to enhance emotional connections between users.
"We're seeing particularly strong engagement from Gen Z," notes industry analyst Li Wei. "Nearly 80% of their daily users are under 26, suggesting they've cracked the code on what younger demographics want from social media."
Financial Performance That Turns Heads
The numbers tell a compelling story:
- Revenue jumped from ¥1.67 billion in 2022 to ¥2.21 billion in 2024 (15% annual growth)
- First eight months of 2025 already generated ¥1.68 billion
- Gross margins remain enviable at over 81%
- Became profitable in 2023 with ¥337 million adjusted earnings last year
The platform monetizes primarily through virtual items and premium memberships, with paying users spending an average of ¥104 monthly - impressive for a social app.
Why Investors Are Paying Attention
Beyond the financials, Soul demonstrates sticky user behavior that investors love:
- Monthly retention hits 80% after three months of use
- Users launch the app over 20 times daily on average
- Nearly one-quarter of new users remain active after 30 days
The company plans to use IPO proceeds for AI development and global expansion, potentially bringing its unique social formula to new markets.
Tencent holds a significant but non-controlling 49.9% stake, while other backers include gaming giant Mihoyo and Genesis Capital.
Key Points:
- User Base: Reached 11 million DAU with 78.7% Gen Z users
- Financials: ¥2.21B annual revenue (2024), 83.7% gross margin
- Technology: Powered by proprietary "Soul X" emotional AI model
- Engagement: Users spend 50+ minutes daily, open app 20+ times/day
- IPO Plans: Funds will boost AI R&D and international growth