#记录我的2024#在中国互联网市场上, Himalaya is undoubtedly a well-known unicorn company, as the core company of China's sound track, Himalaya can be said to have many users, and even many users are fans of Himalaya.
1. Himalaya went to Hong Kong for IPO again after two years?
According to a report by the Financial Associated Press, according to the official website of the Hong Kong Stock Exchange, the audio platform Himalaya submitted a prospectus. Goldman Sachs, Morgan Stanley and CICC are the joint sponsors.
According to the data, Himalaya first submitted an IPO application to the U.S. Securities and Exchange Commission in May 2021, opening the road to listing. However, only 4 months later, the company withdrew its application for an IPO in the U.S. stock market and switched to Hong Kong stocks, submitting listing applications to the Hong Kong Stock Exchange twice in September 2021 and March 2022.
According to the latest disclosure in the prospectus, from 2021 to 2023, Himalaya's revenue from subscriptions, advertising, live streaming and other innovative products and services will be 5.857 billion yuan, 6.061 billion yuan and 6.163 billion yuan respectively. The net profit for the same period was approximately -5.106 billion yuan, 3.7 billion yuan and 3.736 billion yuan respectively, and the adjusted net profit was -718 million yuan, -296 million yuan and 224 million yuan respectively.
According to a survey conducted by CIC Consulting, in 2023, the average monthly active users of Ximalaya will reach 303 million, and the average monthly active users of the main mobile app will rank first among online audio apps in China. In terms of online audio revenue during the same period, the company accounted for 25% of the market share.
Among them, the most concerned is the $900 million Series E financing in 2018, when it was reported that the company's valuation once reached 24 billion yuan. There is no shortage of Internet giants such as Tencent, Xiaomi, and JD.com. It also includes institutional investors such as Primavera Capital, Huatai Securities, Zhangjiang Hi-Tech, PwC Capital, and General Atlantic.
2. What is the way forward for Himalaya's listing?
With the vigorous development of China's Internet economy, various innovative enterprises have emerged, among which the online audio market has attracted the attention of many investors as an emerging field. In this market, Himalaya is undoubtedly a resounding name. After two years, Himalaya has once again embarked on the journey of Hong Kong stock IPO.
First of all, as the leader of China's online audio market, Ximalaya's listing trend has always attracted much attention. In recent years, rumors about Himalaya's listing have surfaced in the market from time to time, not by chance, but because of its industry position, the uniqueness of its business model, and the recognition of its potential by the capital market. As a leading enterprise, Himalaya's deep cultivation in the audio field has made its listing a logical strategic choice.
With a rich audio content library, a large user base and a strong brand influence, Himalaya occupies a pivotal position in the online audio market in China and even in the world. According to public data, the number of monthly active users is as high as 300 million, showing extremely high user stickiness and market penetration. Such a large user base and activity means that Himalaya has built a solid content distribution network and user ecosystem, and has a stable traffic entrance and business monetization capabilities. The capital market has a strong expectation for the listing of such enterprises with significant competitive advantages and broad development prospects, hoping to share their growth dividends.
Secondly, compared with traditional Internet companies to increase market share by competing for the total time of users, Himalaya has opened up a differentiated competition path by relying on the "ear economy". Its products and services cleverly embed users' fragmented time, such as commuting, fitness exercise, housework and other scenarios, which are often difficult to effectively cover with visual media. Himalaya's audio content can accompany users in various activities without taking up their hands or eyes, greatly broadening the user's use case and enabling it to occupy a unique position in the allocation of users' attention resources. This accompanying consumption feature not only improves the user experience, but also enables Himalaya to efficiently capture and utilize users' leisure time, thereby creating new value growth points.
Third, with the gradual improvement of market education, user paid subscriptions have become a norm. For a sticky enterprise like Himalaya, it is easier to realize user payment. By providing high-quality audio content and personalized recommendation services, Himalaya has managed to attract the attention and support of a large number of paying users. These paying users not only bring a stable source of income to Himalaya, but also provide strong support for the landing of its advertising business. By partnering with brands, Himalaya can place ads in its audio content and grow its advertising revenue. This dual-driven business model has further enhanced Himalaya's profitability.
Fourth, in addition to the traditional paid subscription and advertising business, Ximalaya is constantly exploring new business models and innovative paths. Innovative businesses such as IoT devices, IP-derived cultural and creative products, customized audio services, e-commerce and audio-to-text are becoming new growth points for Himalaya. Through cooperation with IoT devices such as smart homes and in-vehicle devices, Himalaya can extend audio content to more scenarios and improve user experience. At the same time, Himalaya is also actively developing IP-derived cultural and creative products, attracting more users' attention and love by creating a unique brand image and cultural connotation.
Fifth, recently, the Hong Kong stock market has shown some signs of recovery, especially in the technology and Internet sector. In such a market environment, it is undoubtedly a wise choice for Himalaya to choose to go public at this time. On the one hand, the activity of the Hong Kong stock market can bring better financing results to the IPO of Himalaya, and on the other hand, the overall valuation of technology and Internet companies is expected to be repaired and improved, which will have a positive impact on the future stock price performance and market confidence of Himalaya.