Congratulations to Keep on Its Successful Hong Kong Stock Exchange Listing | 5Y News
Set the world in motion.
On July 12, 2023, fitness technology company Keep officially listed on the main board of the Hong Kong Stock Exchange under the ticker symbol "3650," marking its commitment to accompanying users in their fitness journeys every day. Keep opened at HK$30.3 per share, up 4.77% from its IPO price of HK$28.92, giving it a market capitalization of HK$15.928 billion.
Keep's IPO comprised a total global offering of 10.839 million shares, including 9.7547 million shares for international placement and 1.0839 million shares for public subscription. The public offering was reportedly oversubscribed by 3.08 times — a standout performance among Hong Kong IPOs this year.
Keep IPO ceremony
5Y Capital led Keep's Series C round in 2016 and actively participated in multiple subsequent financing rounds. Yuan Ye, Partner at 5Y Capital, commented: "The magic of technological innovation lies in turning the 'impossible' into the 'possible,' and then from 'possible' into 'everyday.' Born in the mobile internet era, Keep has benefited from the mass adoption of mobile social networking and short-video/live-streaming, dramatically lowering the barriers — both practical and psychological — for users to get started. Nearly 40 million Keepers now enjoy fitness easily and conveniently on the platform every month. As a tech-driven consumer company with keen user insights, Keep has pioneered and defined numerous industry standards, growing into the leading brand for fulfilling users' fitness needs.
China's fitness market is growing rapidly today, but compared to overseas markets, the industry's informatization and intelligentization remain in a very early stage. User needs and how they're met also require localized innovation. Much like China's e-commerce industry over a decade ago, the rapid growth of user scale and commercial ecosystem depends on sustained investment in information infrastructure such as payments and logistics. While meeting user needs, Keep has been actively exploring business model innovation — investing continuously in data infrastructure across its integrated content, equipment, and products, bridging online and offline experiences.
We believe that the brand spirit of 'Self-discipline gives me freedom' and the mission of 'Make the world move' will continue to drive Keep to deliver superior products and services to more users, laying a solid foundation for more diversified and sustainable commercial value. Our best wishes to Keep!"
Keep Founder & CEO Ning Wang (right), 5Y Capital Partner Yuan Ye (center), Keep CFO Weibo Huang (left)
The Keep app launched in 2015, offering a one-stop fitness solution centered on users' needs across "eating, wearing, using, and training." Through the Keep app, users can access online content spanning different categories including aerobics, yoga, and training programs, as well as premium member courses and customized plans. Meanwhile, Keep also provides users with fitness equipment including smart hardware, course-matching accessories, and athletic apparel, plus health foods — serving users throughout their entire fitness journey.
As a global fitness technology company, Keep takes "Make the world move" as its mission, comprehensively supporting national fitness initiatives, and upholds the brand spirit of "Self-discipline gives me freedom" to encourage people to enjoy the joy of exercise anytime, anywhere, and to explore more possibilities in life through movement.
By 2022, Keep had 36.4 million average monthly active users, who generated 2.1 billion workout sessions. Based on this data, Keep has become China's largest online fitness platform.
Currently, Keep operates three major business segments: online services including live-streaming and on-demand classes; consumer products including smart hardware and fitness gear; and other businesses including advertising and Keepland.
According to a CIC Consulting report, as of December 31, 2022, Keep had developed China's largest on-demand class library, having released 21,200 recorded classes covering various fitness categories and difficulty levels to help users achieve different fitness goals based on their experience and preferences.
At the same time, as a pioneer in bringing live-streaming to China's fitness industry, Keep has continued to expand the exercise categories covered by its live offerings. As of December 31, 2022, the Keep platform offered over 9,100 live classes — approximately 760 per month — spanning indoor cycling, dance fitness, fat loss, aerobics, strength training, boxing, and yoga.
While deepening its content footprint, Keep began targeting home fitness scenarios in 2018, gradually entering the fitness consumer products space. It launched smart hardware represented by fitness bands and stationary bikes, alongside complementary fitness products including yoga mats, jump ropes, athletic apparel, and health foods.
Additionally, Keep has filled in fitness scenarios beyond the home through self-operated Keepland fitness centers and partnerships with third-party gyms under its preferred gym program, further boosting user engagement. The company is also exploring new growth drivers, such as enhancing premium services through intelligentization, launching its medal business through virtual sports events, and continuing to deepen its fitness ecosystem layout.
Through the integration of online and offline, and the connection of content and hardware, Keep has built a fitness ecosystem that covers users' complete fitness lifecycle. Moreover, Keep's three business lines complement each other, creating an integrated business model that spans users' entire fitness journey. Under the synergistic effects of these three businesses, Keep is well-positioned to further enhance its commercial value.
Keep Founder and CEO Ning Wang stated in his speech at the listing ceremony that under the guidance of China's "Healthy China" national strategy, Keep has been able to grow and progress rapidly. "Going forward, Keep will stand on a broader stage to embrace new challenges, continuing to uphold our mission of making the world move and encouraging people to explore more possibilities in life through exercise."
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BEIJING · SHANGHAI · SHENZHEN · HONG KONG
