Futu News on June 18, the first social unit of the universe.$Soul (SSR.US) $Hot subscription has been started and is expected to be officially listed on the NASDAQ Stock Exchange on June 24. The IPO underwriters include Morgan Stanley, Jeffery, Bank of America Securities, CICC, Light Capital, Futu Securities and so on.

According to the latest prospectus,SoulIt is planned to issue 13.2 million American depositary shares (ADS) in this IPO, with every 2 American depositary receipts representing 3 Class A common shares with an issue range of US $13-15 / ADS.

The IPO offering received a $89 million private placement of Mihayou, while prospective investors Janus Henderson and Boyu Capital are interested in subscribing to ADS with a total value of $80 million.

The company's product Soul App, launched in 2016, is a new generation of virtual social network for young people based on user interest profiles and gameplay, and has become one of the most frequently used App for young people of Generation Z in China.

By March 2020, MAU (average monthly active users) reached33.2 millionYear-on-year growth109.0%DAU (average daily active users) reachednine hundred and tenTen thousandYear-on-year growth94.4%, of which Generation Z accounts for a large proportion of users73.9%.In 2019 and 2020, the MAU of Soul is 11.5 million and 20.8 million respectively, and the DAU is 3.3 million and 5.9 million respectively.

The company's daily active users launch APP 24.2 times per day, and the average daily use time is about 40 minutes, which is the leading level of similar APP in the industry. At present, the realization methods of Soul mainly include value-added services, advertising services, Giftmoji e-commerce business *, among which value-added services are the most important channels for the company to realize. During the track record period, the number of platform paying users, the average monthly user payment rate and the average monthly income of each paying household increased steadily.As of the first quarter of 2021, Soul had more than 1.54 million paying users per month.

In recent years, Soul's revenue has grown rapidly. In 2020, the company recorded a total revenue of 498 million yuan, a year-on-year increase of 604.3%. In 2021, Q1, the company's total revenue was 238 million yuan, an increase of nearly 260% over the same period last year.

It is worth noting that the company's gross profit margin has remained at a high level in recent years. Q1 in 2021, the company achieved a gross profit of 205 million yuan, with an overall gross profit of 86.2%. However, due to the increase of marketing expenses and R & D investment, the company is still in the loss stage.

In terms of industry, Generation Z is the key driving force for the development of China Mobile Limited's social network industry. According to the iResearch report, China's Z-generation mobile social network market is expected to reach 144.4 billion yuan in 2020 by 2024, with a compound annual growth rate of 22.2%.Higher than the overall growth rate of China Mobile Limited's social network market. At the same time, Gen Z's share of revenue in the mobile social network market is expected to grow from 55.8% in 2020 to 62.2% in 2024.

In terms of fund-raising purposes, the company plans to use the net proceeds of the offering for the following purposes: 40% for R & D investment, 40% for marketing and brand promotion, and 20% for working capital and general corporate purposes.