Guo Guangchang, billionaire and incumbent Chairman of Fosun Group, is reportedly planning to buy a RMB4 billion (US$631 million) stake in Chinese dating service Baihe.
Baihe Network Co., trades on China’s New Third Board.
According to Baihe’s security filing, Guo’s firm Yuanhong Investment Ltd is set to buy 869 million shares at $0.79 each.
The investment will see Guo take around a 70% stake in the company,
Baihe.com was founded in 2005. The site offers both online and offline dating, as well as relationship counselling. It also helps users plan their wedding.
The platform has over 310 million registered users, as well as 200 stores. It made over $10 million in profit last year and boasts annual revenues of over $100 million.
Baihe acquired and privatized its rival, Jiayuan.com International Ltd, in 2015.
Last year, Guo acquired 18% of Tsingtao Brewery for $844 million. He also has a controlling stake in luxury French brand Jeanne Lanvin SAS.
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