(Yicai Global) Feb. 28 -- China’s largest mobile sports platform Keep has applied for an initial public offering on the Hong Kong stock exchange nearly a year after abandoning its previous plan to go public in the US due to Chinese authorities’ increased scrutiny of data security in overseas listings.

Investment banks Goldman Sachs and China International Capital Corp. are sponsors of the IPO, operator Beijing Calorie Technology said in the filing on Feb. 25. No details of the size of the share sale nor pricing were given.

The proceeds will go towards the development of more fitness courses as well brand promotion, the Beijing-based company said.

Founded in 2015, Keep’s largest shareholder is its founder and Chief Executive Wang Ning with an 18.6 percent stake. The US’ GGV Capital owns 16.1 percent while Japan’s SoftBank has 10.3 percent.

The fitness app raised USD355 million in December 2020, doubling its valuation to USD2 billion, led by Hillhouse Capital and Tencent Investment as well as Softbank. In eight rounds of financing, the company has secured USD600 million so far.

Keep logged losses of CNY696 million (USD110.2 million) in the nine months ended Sept. 30, 2021. Revenue, though, jumped 41.3 percent from the same period the year before to CNY1.1 billion (USD183.5 million).

The firm, which had 41.7 million monthly active users in the third quarter last year, offers personalized fitness programs, sports apparel and devices, health food and a host of other wellbeing services. It had held more than 10,000 online fitness courses as of Dec. 31 last year and over 13,000 live-streaming lessons. Some 74 percent of its active members are under the age of 30. There were 1.7 billion interactions on Keep’s online communities in 2021.

Editor: Kim Taylor