Popular live streaming platform Inke (映客) has submitted its first edition of an IPO prospectus to the Hong Kong stock exchange. The company didn’t indicate how much funds it plans to raise.

Inke is one of more than 300 live streaming companies that have mushroomed during China’s live streaming boom. Many of them have by now closed shop but Inke has managed to not only thrive but monetize thanks to support from investors and promotional activities.

However, according to the documents submitted, the platform’s user numbers have dropped drastically, TechNode’s Chinese sister site reports. In the third quarter of 2016, Inke reported 2.56 million subscribers. In 2017, that number dropped to 650,000. The good news is that the platform has been making more money from its users. In Q3 of 2016, Inke made RMB 186 million from its users, while in Q4 of 2017 that number jumped to RMB 673 million. The average monthly subscriber spends RMB 673 on Inke’s platform.

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Masha Borak

Masha Borak is a technology reporter based in Beijing. Write to her at masha.borak [at] technode.com. Pitches with the word "disruptive" will be ignored. Read a good book - learn some more adjectives.