China’s leading online dating platform, Baihe.com and JD Capital, a Beijing based private equity firm, are planning to set up an investment firm to invest in wedding related spaces, the China Money Network reported.
They are looking at investing in companies providing dating and wedding related services, and to create industry leaders through mergers and acquisitions.
Baihe.com merged with Jiayuan.com, in May 2016, a Chinese dating site with over 135 million members. Following the merger, Jiayuan became a subsidiary of Baihe capturing nearly 50 percent of China’s online dating market. The partnership with JD Capital is expected to be a right match to create industry leaders in this space through M&A.
Recently, Baihe partnered with Turing Robot, a Chinese artificial intelligence company, to develop a relationship prediction robot to help singles develop and maintain a relationship.
The Chinese New Third Board listed company clocked annual revenue of RMB185 million in 2015, down 37.96 percent.
JD Capital, also known as Kunwu Jiuding Capital Holdings Ltd, currently has a $4.37 billion under management working across multiple RMB and U.S. dollar-denominated vehicles. It has an investment portfolio of nearly 300 companies across over 20 industries. About 97 companies are listed in China with branch offices in 60 domestic regions. The rest of their branches are in Europe and North America.
The company disclosed that its annualized rate of return was around 29 percent as of June 30, 2016, according to its disclosure filings.