Keep
- 🦄Became a unicornMay 2020
- 📈Peak valuation$2.4 Billion ’21
- 💔Became a UnitardDec 2023
- 💸Last valuation estimate~$72M
The rise & fall
7 moments · 2014–2026The key moments.
How it happened
Keep, founded in Beijing in 2014 by Wang Ning, built China's best-known fitness app, pairing free workout videos with paid memberships and its own fitness products. It became a unicorn in 2020, and a $360M Series F led by SoftBank Vision Fund in January 2021 valued it at about $2B.
A smaller round that December lifted the valuation to more than $2.4B, Caixin reported. After an earlier filing lapsed, Keep listed in Hong Kong in July 2023 at HK$28.92, the bottom of its range, valuing it at about $1.9B.
The shares climbed briefly and then slid, and its market value fell below $1B by the end of 2023. Wang remains chairman and chief executive.
Source: Caixin (Sept 7, 2022): Keep's latest pre-filing round valued it at more than $2.4B; the HKEX prospectus (June 30, 2023) lists a $70M Series F-1 in Dec 2021 at $5.19 per share, consistent with about $2.44B. TechCrunch (Jan 10, 2021): $360M Series F led by SoftBank Vision Fund at about $2B post-money, per people with knowledge. Green Queen and DealStreetAsia (May 2020): unicorn on an $80M Series E led by Jeneration Capital. HKEX allotment notice: IPO at HK$28.92 (bottom of range), listed July 12, 2023, about HK$15.2B at the offer price (about $1.94B). Yahoo daily closes: market value below $1B from late December 2023. stockanalysis.com (Oct 21, 2026 close): HK$564.1M, about $71.9M at HK$7.848.
Founders
- Peng Weico-founderNo public profile matched
- Wen Chunpengco-founderNo public profile matched
- Liu Dongco-founderNo public profile matched
Current roles as reported by the linked sources, retrieved 2026-10-22. See our methodology.
Disclosed investors (11)
Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.
* Lead in a funding round · Crunchbase ↗ · 2026-10-22 · Methodology · Leaderboard
