Fitness app Keep takes an unhealthy downturn
By YANG Yuman
Fitness app Keep was listed on the Hong Kong Stock Exchange this July, raising around HK$192 million (175.4 million yuan, US$24.6 million) globally. The stock then rose strongly, pushing Keep’s market value to HK$15.9 billion.
In August, Keep began to run out of puff, and things headed downhill even faster than they had risen. Keep\’s stock price is now less than HK$16, a long way below the HK$30 IPO price. HK$7 billion has been lost.
From August, Keep saw significant fluctuations, until December 4, when it was included in the Hong Kong Stock Connect. Instead of being perceived positively, this led to a massive sell-off and the price reached HK$14, a new low.
Keep has spent heavily on content and courses, but has lost users in droves, 2 million in the first half of this year. Subscribers fell by a fifth and Keep generated revenue of only 69 million yuan in H1, another sharp decrease, with advertising income performing especially poorly. Keep lost a net total of 220 million yuan.
The size of the Chinese fitness market is enormous, but as competitive as it is expansive. As fitness centers and outdoor sports return to pre-pandemic level, Keep will face many challenges.
With a declining stock price and loss of users and traffic, coupled with the intense competition in the fitness market, Keep, once hailed as the top sports technology stock, is exploring new ways to achieve profitability.
版權聲明：本文內容由互聯網用戶自發貢獻，該文觀點僅代表作者本人。本站僅提供信息存儲空間服務，不擁有所有權，不承擔相關法律責任。如發現本站有涉嫌抄襲侵權/違法違規的內容， 請發送郵件至 舉報，一經查實，本站將立刻刪除。
