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Keep Lists on The Stock Exchange of Hong Kong with A Market Capitalization of $2 Billion

July 13, 2023
in Technology
Keep Lists on The Stock Exchange of Hong Kong with A Market Capitalization of $2 Billion
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On July 12th, Keep, the first sports technology company, officially listed on The Stock Exchange of Hong Kong with the stock code “3650”. The opening price was about $3.87, a 4.77% increase from the issue price, resulting in a market capitalization of $2 billion. As of the time of writing, Keep’s stock price slightly dropped to around $3.7 during trading hours and is now slightly below the issue price.

Keep provides a one-stop solution for fitness users throughout the entire fitness lifecycle, offering online fitness content, smart fitness equipment, and accompanying sports products. According to the latest Kapbook prospectus, its total revenue has achieved three consecutive years of growth, increasing from ¥1.107 billion in 2020 to ¥1.619 billion (about $20.67 million) in 2021, and further significantly growing to ¥2.212 billion (about $28.26 million) in 2022.

In addition, Keep’s previously concerned issue of losses has also seen some improvement. In 2021, due to significant marketing expenses for the push toward going public, the losses sharply expanded. However, by 2022, Keep managed to significantly narrow down its losses from ¥827 million to ¥667 million ($85,215) and reduce the loss rate from around 50% to about 30%.

SEE ALSO: Chinese Fitness App Keep Updates HKEx Prospectus

In terms of revenue structure, Keep’s revenue mainly consists of three parts: sales from its own branded products, membership subscriptions and online paid content, and advertising and other sources. From 2020 to 2022, the proportion of revenue from Keep’s own branded products in the past three years was 57.5%, 54%, and 51.4% respectively.

The proportion of revenue from membership subscriptions and online paid content in the past three years was 30.5%, 34.4%, and 40.4% respectively. The proportion of revenue from advertising and other sources in the past three years was 12%, 11.7%, and 8.2%. In the past, Keep has often been criticized for relying too much on consumer goods business for its revenue structure; however, with the growth in income from membership subscriptions and online paid content, its revenue structure is becoming more balanced now.

Keep’s total offering this time is 10,839,000 shares, including 9,754,700 shares for international offering and 1,083,900 shares for public offering in Hong Kong. The portion of public offering in Hong Kong was oversubscribed 3.08 times and the international offering was oversubscribed 1.37 times, demonstrating market recognition.

Keep’s founder and CEO, Wang Ning (Neo), delivered a speech at the listing ceremony, stating that under the guidance of the national strategy of ‘Healthy China,’ Keep has achieved rapid growth and progress. In the future, we will continue to uphold our mission, stand on a broader stage, and embrace more new challenges.

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