荔枝FM_IPO招股书（英文）-201910_321页_5mb

报告摘要

Summary of LIZHI Inc. Form F-1 Registration Statement

Core Content

LIZHI Inc. is registering American Depositary Shares (ADSs) representing Class A ordinary shares for an initial public offering (IPO). The ADSs will be listed on the New York Stock Exchange (NYSE) or Nasdaq Global Select Market under the symbol "LIZI." The offering is subject to the effective date of the registration statement.

The company is an "emerging growth company" and is eligible for reduced public company reporting requirements. The ADSs will be issued in connection with the IPO, and the underwriters have an option to purchase additional ADSs within 30 days of the prospectus date.

Key Information

Company Name: LIZHI Inc. (registered in the Cayman Islands)
IPO Date: As soon as practicable after the effective date of the registration statement
Principal Executive Offices: Yangcheng Creative Industry Zone, Guangzhou, China
Underwriters: Credit Suisse and Citigroup
Offering Price Range: Not specified in the document
Shares Outstanding: Class A and Class B ordinary shares
Class B Ownership: Founders, Mr. Jinnan (Marco) Lai and Mr. Ning Ding, beneficially own all Class B shares, which constitute approximately 10% of total issued and outstanding share capital and 100% of voting power
Class A and B Rights: Holders of Class A shares have one vote per share, while Class B shares have 10 votes per share and are convertible into Class A shares upon transfer to non-Founders

Main Points

1. Company Overview

LIZHI Inc. aims to enable everyone to showcase vocal talent.
It has developed the Lizhi mobile app, which allows users to create, store, share, discover, and interact with audio content.
The app has transformed traditional audio platforms into a more accessible and interactive stage for users.

2. Market Position

As of September 30, 2019, LIZHI is the largest online UGC audio community in China.
It is also the largest interactive audio entertainment platform and the second largest online audio platform in China in terms of average total MAUs.
Market share for interactive audio entertainment was 70.7%, and for online audio was 18.4% as of September 30, 2019.

3. User Engagement

As of Q3 2019, LIZHI had an average total mobile MAU of 46.6 million, representing a 26.7% increase from Q3 2018.
Average monthly active content creators were 5.7 million, up 12.3% from Q3 2018.
Average monthly total interactions reached 2.5 billion, up 27.6% from Q3 2018.
Users spend an average of 52.8 minutes per day on the platform.

4. Content and Features

The platform offers a wide variety of content across 27 categories and 107 sub-categories.
Features like following, chatting, sharing, commenting, liking, and virtual gifting are integrated into the platform.
The company also offers AI-powered tools for content creation, including 3D recording, noise reduction, and voice synthesis.

5. Revenue and Loss

Net Revenues (Q3 2019): RMB328.7 million (US$47.9 million), up 72.0% from Q3 2018
Net Revenues from Audio Entertainment: RMB325.2 million (US$47.4 million), up 71.6% from Q3 2018
Net Revenues from Podcasts, Advertising, and Others: RMB3.5 million (US$0.5 million), up 105.5% from Q3 2018
Net Loss (Q3 2019): RMB48.5 million (US$7.1 million), compared to a loss of RMB1.5 million in Q3 2018

6. Strategic Initiatives

LIZHI plans to expand its overseas presence, launching Sugar Chat in the Middle East and North Africa (MENA) in July 2019.
The company is targeting users in Southeast Asia and aims to reach a global audience.
It is exploring diversified monetization channels, including virtual gifting and personalized content distribution.

7. Risk Factors

The prospectus includes a section titled "Risk Factors" beginning on page 21, highlighting key risks that investors should consider before purchasing ADSs.

Additional Notes

The prospectus is not complete and may be revised. No sale of the securities can occur until the registration statement becomes effective.
The information in the prospectus is accurate only as of the date of the document.
The company does not directly operate in the PRC; all operations are conducted through Variable Interest Entities (VIEs).
The company is a controlled company under NYSE or Nasdaq rules.

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