Chinese mobile social and entertainment platform Hello Group Inc. announced on Monday it has changed its name from “Momo Inc.” to “Hello Group Inc.”.
The American depository shares of the Company, each presenting two Class A ordinal shares, par value US $0.0001 per share, will begin trading under the new corporate name on August 2, 2021.
The company’s main products are Momo and Tantan. Momo is a mobile application that connections people and facilitates social interactions based on location, interests and online reciprocal activities. Tantan is a social and dating application.
Regarding the change of the group name, a relevant person from Hello Group told The Paper: “The former name Momo cannot cover the current businesses of the company, including Momo app, Tantan, Momo Pictures, and QOOL Media, so it is changed with the new name.”
Hello Group was established in 2011. On December 12, 2014, the company was listed on the NASDAQ Stock Exchange. In May 2018, they completed the acquisition of 100% equity of interactive social app Tantan.
On June 8, Hello Group released its financial report for the first quarter of 2021. According to the document, its revenue in this quarter was RMB 3.47 billion yuan, down 3.4% compared with RMB 3.59 billion yuan in the same period of last year. Net profits totaled RMB 461.7 million yuan, down 14.33% compared with RMB 538.9 million yuan in 2020. In March 2021, the monthly active users of Hello Group’s main apps were 115.3 million, an increase of 7% compared with the same period last year.
As of July 30, the company’s share price was US $12.39, down 2.21%, with a total market value of RMB 16.5 billion yuan.