Chinese fitness app Keep’s IPO in Hong Kong expired on August 26 after the company failed to pass the vetting process.
When Keep filed its IPO on February 25, it looked very promising. Since 2015, Keep has received nine rounds of financing adding up to more than 4 billion yuan (US$580 million). It now has 34 million monthly active users and 10 percent of them are willing to pay for the fitness sessions on the app.
In the first nine months of 2021, Keep’s revenue grew 41.3 percent to 1.16 billion yuan, but net losses widened to 696 million yuan.
Keep now sells fitness equipment such as bicycles and treadmills. In 2020, hardware sales accounted for nearly 60 percent of revenue, but subscriptions for paid content shrink every year.
