Can I buy Soulgate stock?

Soulgate will no longer be going public. But you can still buy stock in similar companies.

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Tencent-backed Chinese dating app, Soul, has cancelled plans to go public in the US through its parent company, Soulgate Inc. Learn more about the withdrawn IPO, and find out about similar companies you can invest in from Canada.

Note: All dollar amounts on this page are in US dollars unless otherwise stated.

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What we know about the Soulgate IPO

In June 2021, Soulgate Inc. (owner of a Chinese dating app, Soul, which masks users’ profile pictures and matches potential romantic partners based on common interests) announced it was cancelling its plans to go public.

Originally, Soulgate planned to go public on the Nasdaq Global Market under the ticker symbol “SSR.” You can read about the event in detail in an official document submitted to the US Securities and Exchange Commission on May 10, 2021.

The cancellation comes after Soulgate announced that it will be pursuing other financing opportunities, the exact nature of which have not been disclosed. The company is aiming to raise around $257 million and hopes to earn a market valuation of $1.7 billion.

The decision to hold off on going public in the US may also stem from hesitancy brought on by newly-introduced security regulations in China. These regulations have affected a number of China-based companies’ plans to go public including Ant Group (owned by Alibaba owner and billionaire, Jack Ma) and TikTok.

Buy stocks in similar companies

Even though you won’t be able to buy Soulgate stock, you can still invest in other companies that own and operate dating apps or similar social networking software.

CompanyStock info
Match Group, Inc. (owns Tinder, Match, Hinge, PlentyOfFish, OkCupid and other similar apps)Nasdaq Global Select Market: MTCH
Bumble Inc.Nasdaq Global Select Market: BMBL
Meta Platforms, Inc. (formerly Facebook)Nasdaq Global Select Market: FB
Spark Networks SE (owns Zoosk, EliteSingles, Christian Mingle, Jdate, JSwipe and SilverSingles)Nasdaq Capital Market: LOV
Hello Group Inc. (parent company of Momo, which owns leading Chinese dating app Tantan)Nasdaq Global Select Market: MOMO

How to buy stocks in a company

You’ll need a brokerage account to buy and sell shares. Here’s how it works:

  1. Compare share trading platforms. If you’re a beginner, look for a platform with low commissions, expert ratings and investment tools to track your portfolio. Narrow down top brands with our comparison table.
  2. Open and fund your brokerage account. Complete an application with your personal and financial details, like your ID and bank information. Fund your account with a bank transfer, credit card or debit card.
  3. Search for the company you want to invest in. Find the stock by name or ticker symbol (for example, BMBL). Research its history to confirm it’s a solid investment against your financial goals.
  4. Purchase now or later. Buy immediately with a market order or use a limit order to delay your purchase until the stock reaches your desired price. To spread out your purchase, look into dollar-cost averaging, which smooths out buying at consistent intervals and amounts.
  5. Decide on how many to buy. Weigh your budget against a diversified portfolio that can minimize risk through the market’s ups and downs. You may be able to buy fractional shares of companies, depending on your broker.
  6. Check in on your investment. Congratulations, you own part of a company! Optimize your portfolio by tracking how your stock — and even the business — performs with an eye on the long term. You may be eligible for dividends and shareholder voting rights on directors and management that can affect your stock.

Tax implications of buying US stocks in Canada

Agreements between Canada and the US require Canadians holding US stock investments to pay the US Internal Revenue Service (IRS) a 15% withholding tax on any dividends earned on their US stocks. Interest earned from bonds or other interest-yielding US investments are similarly taxed at a rate of 10%.

An exception is made for stock investments held in trust exclusively designed to provide retirement income. Such trusts include RRIFs, LIRAs, LIFs, LRIFs and Prescribed RRIFs. RRSPs are also exempt from US withholding tax if you own US investments in the form of US stocks, bonds or ETFs.

Investment accounts that do not qualify for this exemption include RESPs, TFSAs and RDSPs.

All income from investments, including foreign investments, must be declared as part of your income on your Canadian tax return. Unless your US earnings are exempt from withholding tax, this means you’ll be double taxed on those earnings — first by the IRS, then by the CRA. However, the CRA may allow you to claim foreign tax credits for any taxes you’ve already paid to the IRS.

Speak with a tax professional to find out what rules and exceptions apply to your circumstances.

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Note: The dollar amounts in this table are in Canadian dollars.

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Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades. Read the Product Disclosure Statement (PDS) and Target Market Determination (TMD) for the product on the provider's website.

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