The latest: Online fitness platform Keep Inc. (3650.HK) announced On Friday, the non-GAAP-adjusted loss in the first half of this year narrowed to 160 million yuan ($22.5 million) from 223 million yuan a year earlier.

Look up: The company’s revenue rose 5.4% to 1.04 billion yuan during the period, mainly due to improved monetization of its own-brand products, online membership subscriptions and advertising sales. With this improvement, gross margin also increased from 43% to 46%.

Please note: The company’s sales and marketing expenses increased 25.8% to 323 million yuan, mainly due to higher advertising and advertising expenses as a result of the launch of additional brand promotion and marketing campaigns.

Dig deeper: Keep was founded in 2015 as an online fitness program provider with its own structured courses. The company has completed eight rounds of funding and raised a total of over $600 million, reaching a valuation of over $2 billion. It originally planned to go public in the US in 2021, but then decided to go public in Hong Kong as the Chinese securities regulator tightened its oversight of overseas listings. It was approved was listed in Hong Kong after its third application and debuted on the Hong Kong Stock Exchange in July last year.

Market reaction: Keep shares fell sharply on Monday, closing down 15.1 percent at HK$6.02 at lunchtime. The stock is now trading nearly 80 percent lower than last year’s IPO price of HK$28.92.

Translation by A. Au

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