China’s Gen-Z social platform Soul App files for Hong Kong listing

Soul App, a China-based immersive social platform powered by AI, has filed an application to list on the Main Board of the Hong Kong Stock Exchange, with CITIC Securities acting as the sole sponsor. Tencent holds 49.9 percent of the company, while other major shareholders include miHoYo, Genesis Capital, and 5Y Capital. The filing says the proceeds will be used for AI development, global expansion, user-base growth, content investment, and general corporate purposes.

Soul reported steady revenue growth over the past three years and generated about RMB 1.68 billion (USD 234 million) in revenue in the first eight months of 2025. The company has been profitable since 2023, posting adjusted earnings of more than RMB 330 million (USD 47 million) in 2024. The platform has around 390 million registered users and averaged about 11 million daily active users in the same period, with more than 78.7 percent from Generation Z. Frost & Sullivan said Soul ranked first among AI-driven immersive social platforms in China by DAU and retention metrics. [TechNode reporting]