Chinese Fitness App Keep Updates HKEx Prospectus

Keep, a Chinese intelligent fitness platform, updated its prospectus on the Hong Kong Stock Exchange on September 6, 2022. In February 2022, keep submitted the listing application document for the first time and planned to go to Hong Kong for IPO. However, because the hearing was not passed within six months after the prospectus submission, the status of the keep's listing application showed "invalid."

The prospectus shows that in 2021, keep achieved a revenue of CNY1.62 billion , a year-on-year increase of 46.3%. In the first quarter of 2022, keep attained revenue of CNY 417 million, a year-on-year increase of 37.6%.

In addition, the user scale of keep also continues to maintain stable growth. In 2020, 2021 and the first half of 2022, the average monthly active users of the keep platform were 29.7 million, 34.4 million and 37.7 million, respectively.

Keep was launched in February 2015, initially targeting "the mobile fitness coach around you" to provide online sports content for the Chinese fitness crowd.

2018 is the critical node for keep to turn from a tool to a full ecological company. In that year, keep launched "keeland," an offline fitness space, and also launched the consumer goods business, including intelligent fitness equipment, clothing, food, and other goods on a self-operated mall and third-party e-commerce platform. From this perspective, keep has grown into an open technology platform, not just a fitness community and tool.

According to the prospectus, keep's revenue is mainly composed of three parts: personal brand product income, member subscription and online paid content income, advertising and other income, corresponding to consumer goods business, online course business and advertising business.

Among them, intelligent fitness equipment, fitness equipment, clothing and food, are the largest source of keep's income, accounting for more than 50%.