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The company backing Chinese social networking platform Soul App has privately filed for a U.S. initial public offering (IPO), Bloomberg reports.
Shanghai Renyimen Technology Ltd could raise about $300 million from the listing, which is expected to occur by 2021. China International Capital Corp was advising the app company. The company was valued at over $1 billion before the IPO.
Launched in 2016, Soul reportedly matched like-minded users through artificial intelligence-enabled recommendations. Users could chat, opt for text and voice chat, participate in group chats and post to a public forum after being categorized based on a quiz response.
The app had over 100 million users in China, with above 30 million monthly active users. The service was also available in South Korea, Japan, and North America.
Soul acknowledges GGV Capital and 5Y Capital among its backers.
In 2019 Soul was suspended by the Cyberspace Administration of China for alleged pornographic content distribution.
Recently, Sprinklr confidentially filed for an IPO, joining over 60 operating companies so far in 2021 against the backdrop of an IPO boom.
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