Sound Group Inc. (China)

The Company operates an audio entertainment and social networking platform in the People s Republic of China.
BUSINESS
The Company is a holding company and do not directly own any substantive business operations in the PRC. The Company currently focus its business operations within the PRC through the VIEs, Guangzhou Lizhi and Guangzhou Huanliao.
The Company has created a comprehensive audio-based social ecosystem with a global presence. Through its product portfolio and with the support of its in-house technology, the Company aim to cater to users' interests in audio entertainment and social networking.
The Company has built a highly-engaged user base with its product portfolio. Audio entertainment services currently contributes the largest share of its revenues.
The Company operates in one segment.
HISTORY
2010
The Company commenced operations in 2010 with the establishment of Guangzhou Lizhi.
On November and October 2010, each of Lizhi Holding Limited and LIZHI INC., the Company s wholly owned subsidiaries, was incorporated in Hong Kong and the British Virgin Islands, respectively.
2011 On March 2011, Hongyi Technology, the Company wholly owned subsidiary, was established in the PRC. In March 2011, due to the restrictions imposed by PRC laws and regulations on foreign ownership of companies engaged in value-added telecommunication services and certain other businesses, Hongyi Technology entered into a series of contractual arrangements, as supplemented and amended, with Guangzhou Lizhi and then shareholders of Guangzhou Lizhi, by which Hongyi Technology may exert control over Guangzhou Lizhi and consolidate Guangzhou Lizhi's financial statements under U.S. GAAP. For details.
2013 On October 2013, the Company launched its Lizhi app operated by Guangzhou Lizhi.
2015 In November and December 2015, each of Changsha Limang and Huai'an Lizhi was established in the PRC, respectively.
2016 In July 2016, Guangzhou Huanliao was established in the PRC by Guangzhou Lizhi. Currently, Guangzhou Huanliao focuses on the operation of Huanliao, an audio-based social app recently launched by the Company which is still at a nascent stage.
2017 In March 2017, Wuhan Lizhi was established in the PRC. In January, February and April 2019, each of Guangzhou Moyin Network Technology Co., Ltd., Guangzhou Teqi Network Technology Co., Ltd. and Chongqing Piwan Network Technology Co., Ltd. was established in the PRC, respectively. These entities are wholly and directly held by Guangzhou Lizhi and provide supporting services to its Lizhi app.
2019
On January 2019, LIZHI INC., its current ultimate holding company, was incorporated under the laws of the Cayman Islands as part of the restructuring transactions in contemplation of this offering. In connection with its incorporation, in March 2019, the Company completed a share swap transaction and issued ordinary and preferred shares of LIZHI INC to the then existing shareholders of LIZHI INC., or Lizhi BVI, a company incorporated under the laws of the British Virgin Islands, based on their then respective equity interests held in Lizhi BVI. Lizhi BVI then became its wholly owned subsidiary.
On March 2019, Guangzhou Tiya, its wholly owned subsidiary, was established in the PRC. In May 2019, Guangzhou Tiya entered into a series of contractual arrangements with Guangzhou Huanliao and then shareholder of Guangzhou Huanliao, by which Guangzhou Tiya may exert control over Guangzhou Huanliao and consolidate Guangzhou Huanliao's financial statements under U.S. GAAP.
On April 2019, SUGAR CHAT PTE. LTD. was incorporated under the laws of Singapore for purposes of carrying out its overseas operations.
2020
In January 2020, the Company completed an initial public offering in which it offered and sold an aggregate of 82,000,000 Class A ordinary shares in the form of ADSs.
On January 17, 2020, the ADSs have been listed on the Nasdaq Global Market under the symbol “LIZI.”
In October 2020, the Company launched TIYA App operated by TIYA PTE. LTD.
2021 In January 2021, it launched LIZHI Podcast operated by Guangzhou Lizhi.
2024 The Company, today announced the results of its Extraordinary General Meeting of Shareholders held on January 25, 2024, in Singapore, where it adopted a special resolution to approve its name change from “LIZHI INC.” to “Sound Group Inc.”. The Company will also change the ticker symbol of its American depositary shares listed on the Nasdaq Capital Market from “LIZI” to “SOGP.” The American depositary shares of the Company, each representing two hundred (200) Class A ordinary shares, par value US 0.0001 per share, will commence trading under the new ticker symbol at the market opening on January 25, 2024.