On April 12, Rui Finance Wang Min, according to the official website of the Hong Kong Stock Exchange, the Himalayas submitted a prospectus to the Hong Kong Stock Exchange, with Goldman Sachs, Morgan Stanley, and CICC as co-sponsors.

According to the prospectus, the history of the Himalayas began in 2012. In August 2012, the Shanghai Himalaya was established to operate and promote a new lifestyle, and by building a platform for content creators and users to connect and interact with each other.

According to the prospectus, the Himalayas received a total of 12 rounds of financing. Since its establishment in August 2012, Himalaya has gone through two restructurings. The first to receive overseas financing was the company's Angel Round, Series A, and B round valuations of US$3.45 million, US$34.11 million, and US$190 million, respectively.

In 2015, the Himalayas completed their first restructuring, and since then, they have switched their financing needs to the domestic market, completing two rounds of each of Series B and Series C financing. By the end of 2016, the Himalayas had reached a valuation of 12 billion yuan.

After the plan was submitted for listing on NASDAQ, Himalaya raised 900 million US dollars in overseas E-round financing; in 2021, Himalaya's valuation reached 4.345 billion US dollars.

Yu Jianjun and Chen Yuxin are the co-founders of the Himalayas and founded the group with their own capital. Yu Jianjun is Chairman of the Board and CEO. Chen Yuxin is a former director of the Himalayas and resigned as a director in April 2021 due to personal health reasons.

Before the IPO, Himalaya co-founder and CEO Yu Jianjun held 13.53% of the shares, Chen Yuxin held 13.42% of the shares, and Xingwang Investment held a total of 10.72% of the shares.

Meanwhile, Trustbridge (Trustbridge Capital) holds 7.46% of the shares, Tencent's Image Frame holds 5.33%, Xiaomi holds 3.38% of the shares, Yuewen Group holds 3.05% of the shares, and Hewhale Capital holds 2.9% of the shares.

According to data from Insight Consulting, in terms of total mobile listening time and total online audio revenue in 2023, the Himalaya is the largest online audio platform in China.

In 2023, the total number of monthly active users in the Himalayas was 303 million, and the average monthly active users on mobile devices was 133 million, an increase of 9.3% over the previous year. Meanwhile, according to Insight Consultancy data, in 2023, the Himalayan mobile main app ranked first among online audio apps in China on average for monthly active users.

According to Insight Consulting, in 2023, Himalayan mobile users spent a total of 1,787.3 billion minutes listening to Himalayan audio content, accounting for about 60.5% of the total mobile listening time of all online audio platforms in China. According to Insight Consulting, in 2023, in terms of online audio revenue, Himalaya's market share in China's online audio industry was 25%.

In terms of performance, from 2021 to 2023, Himalaya's revenue was 5.86 billion yuan, 6.06 billion yuan, and 6.16 billion yuan respectively. Subscriptions, advertising, live streaming, and other innovative products and services became the four pillars of the platform's revenue, accounting for 51.7%, 23.1%, 18.4%, and 6.8% of revenue in 2023, respectively.

Himalaya recorded annual losses of $5.106 billion in 2021, with annual earnings of approximately $3.7 billion and $3,736 million in 2022; adjusted losses (non-IFRS measures) of $718 million and $296 million in 2021 and 2022, respectively, and adjusted earnings (non-IFRS) of $224 million in 2023.