Social networking app Soul withdraws US IPO

Virtual social networking app Soul is to withdraw its F-1 and will no longer issue securities under the requirement.

Founded in 2015, Soul’s revenue reached 498 million yuan (US$74 million) and 238 million yuan respectively in 2020 and Q1 2021, up 604.33 percent and 259.83 percent. For the 12 months ended March 31, 2021, the company has an average daily active user (DAUs) of 9.1 million, a 94 percent increase over the prior-year period. 

According to the previously submitted prospectus, Tencent is Soul’s largest external shareholder, holding 49.9 percent of the shares and 25.7 percent of the voting rights.