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June 9, 2022, 10:31 a.m. EDT

Tencent-backed virtual social playground Soulgate withdraws IPO plans

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By Tomi Kilgore

Soulgate Inc., a Shanghai-based virtual social playground backed by Tencent Holdings Ltd. /zigman2/quotes/207908563/delayed TCEHY +4.47% /zigman2/quotes/204605823/delayed HK:700 +5.46% , has filed to withdraw it's plans for an initial public offering. The company did not provide a reason for the withdrawal, and just said its decision was "consistent with the public interest and protection of investors." The company had first filed an F-1 Registration Statement for the IPO on the Nasdaq on May 10. On June 17, Soulgate amended the F-1 to say it planned to offer 13.2 million American depositary shares in the IPO, which was expected to price between $13 and $15, to raise about $198.0 million. The company said the 13.2 million ADS being offered represented 19.8 Class A ordinary shares. Based on that multiple, and with 145.43 million Class A ordinary shares and 35.81 million Class B ordinary shares expected to be outstanding after the IPO, the expected pricing would have valued the company at up to about $1.8 billion. The withdrawal comes at a relatively rough time for IPO investors, as the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +5.81% has plunged 44.5% year to date, while the iShares MSCI China ETF /zigman2/quotes/206267952/composite MCHI +4.00% has shed 13.4% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +3.06% has declined 13.8%.

/zigman2/quotes/207908563/delayed
US : U.S.: OTC
$ 35.31
+1.51 +4.47%
Volume: 4.00M
Oct. 4, 2022 3:59p
P/E Ratio
12.48
Dividend Yield
0.51%
Market Cap
$319.68 billion
Rev. per Employee
$764,093
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/zigman2/quotes/204605823/delayed
HK : Hong Kong
$ 278.20
+14.40 +5.46%
Volume: 16.32M
Oct. 5, 2022 3:44p
P/E Ratio
12.62
Dividend Yield
0.58%
Market Cap
$2509.46 billion
Rev. per Employee
$5.96M
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 30.62
+1.68 +5.81%
Volume: 23,194
Oct. 4, 2022 4:00p
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/zigman2/quotes/206267952/composite
US : U.S.: Nasdaq
$ 44.51
+1.71 +4.00%
Volume: 8.65M
Oct. 4, 2022 4:15p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,790.93
+112.50 +3.06%
Volume: 2.22B
Oct. 4, 2022 5:32p
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