Nov 3, 2021

3:45 PM IST, 03 Nov 2021 2:30 PM IST, 03 Nov 2021 3:45 PM IST, 03 Nov 2021 Save (Bloomberg) -- The startups behind Chinese social networking platform Soul and home workout trainer Keep are the latest to join a slew of companies weighing Hong Kong initial public offerings after suspending plans for U.S. listings, according to people familiar with the matter. (Bloomberg) -- The startups behind Chinese social networking platform Soul and home workout trainer Keep are the latest to join a slew of companies weighing Hong Kong initial public offerings after suspending plans for U.S. listings, according to people familiar with the matter. The maker of Kujiale, an interior design software application, also joins the list of firms that were once New York-bound but are now considering a first-time share sale in the Asian financial hub, the people said, asking not to be identified as the matter is private. Deliberations at all three companies are ongoing and no final decision has been made, the people said. Representatives for Keep and Soul declined to comment, while a representative for Kujiale didn’t immediately respond to requests for comment. Chinese companies have all but disappeared from IPO candidates in the U.S. after Beijing pledged to increase scrutiny of overseas share sales and urged the firms to undergo a national security review of their data before listing abroad. The losses suffered by Didi Global Inc. investors following its New York IPO also have prompted actions by U.S. regulators to push for more detailed disclosures from companies with ties to China. Audio startup Ximalaya Inc. filed in Hong Kong after ditching its U.S. IPO plan, while logistics and delivery firm Lalamove , lifestyle content platform Xiaohongshu and artificial intelligence chip startup Horizon Robotics Inc. are all considering similar moves, Bloomberg News has reported. Keep Beijing Calories Technology Co., the firm behind fitness app Keep, is considering a Hong Kong offering as the U.S. route has become more difficult, the people said. The company filed confidentially in May for a U.S. IPO and had planned to raise about $500 million, one of the people said. Founded in 2014, Keep provides customized exercise sessions and instructions to about 300 million registered users. In addition to designing tailored indoor workout plans, the app offers fitness equipment and weight-conscious snacks for sale, according to its website . Soul Soul app owner Soulgate Inc. is weighing a Hong Kong IPO and has had discussions with potential advisers about a potential listing, the people said. The Shanghai-based company formally suspended plans for a Nasdaq listing in June. It had been set to price an offering that could have raised as much as $198 million based on figures in its filings with the U.S. Securities and Exchange Commission. Launched in 2016, Soul matches like-minded users through artificial intelligence-enabled recommendations, the filings show. The app had about 33.2 million monthly active users as of March 2021. Kujiale Kujiale owner Manycore Tech Inc. is weighing shifting its IPO plans to Hong Kong, the people said. The software maker filed for a Nasdaq IPO in June and had planned to raise about $500 million, one of the people said. The Hangzhou-based firm’s software platform offers 3D design, decoration and construction for residential, commercial and industrial spaces, its filings show. Manycore’s software had an average of 1.5 million monthly active users in the first quarter of 2021, the filings show. It also offers Coohom, an international edition of Kujiale serving customers in over 200 countries. The Information first reported Kujiale was debating whether to consider a potential Hong Kong IPO. ©2021 Bloomberg L.P.