Overview
- Soul submitted its main-board listing application to the Hong Kong Stock Exchange on November 27 with CITIC Securities as the sole sponsor.
- In the first eight months of 2025, the company reported revenue of ¥1.683 billion and adjusted net profit of ¥286 million, after posting 2024 revenue of ¥2.211 billion and adjusted profit of ¥337 million.
- The platform presents itself as an AI-driven, avatar-based social network with about 390 million registered users and roughly 11 million DAU, 78.7% of whom are Gen Z, with users averaging over 50 minutes per day and about 75 private messages daily.
- AI-driven “emotional value” services, including virtual items and memberships, generated over 90% of revenue in the first eight months of 2025, with ARPPU at ¥104.4 and a 6.5% pay rate.
- Tencent is disclosed as a strategic investor with a 49.9% stake and no role in daily operations, while other shareholders include miHoYo (5.47%), Genesis Capital (5.34%) and 5Y Capital (~4.1%), and Frost & Sullivan ranks Soul first among China’s AI+ immersive social platforms on key engagement and retention metrics.