Live Host Dating App Yidui Seeks Hong Kong Stock Listing
Milian Technology Inc., operator of the Chinese dating and social app Yidui, has refiled for an initial public offering on the Hong Kong Stock Exchange. The company’s core product uses a distinctive “third-wheel” model where professional hosts join live three-way video chats to help shy or socially awkward users break the ice and maintain conversation flow.
Unlike traditional swipe-based dating apps, Yidui positions hosts as digital matchmakers who act as ice-breakers, emcees, and facilitators. The format turns the often-awkward early stages of online interaction into a structured, guided experience. By the end of 2025, the platform had accumulated more than 193,000 hosts, many operating on a commission basis.
The business model has proven financially successful. In 2025, Milian reported revenue of 4.12 billion yuan ($570 million), up 74% year-on-year, while net profit more than tripled to 519.1 million yuan. Yidui accounted for 81.7% of total revenue. The company generates most income through virtual gifts, interactive features, and paid engagements during live sessions rather than subscriptions, which made up only 1.2% of revenue.
Milian averaged 10.3 million monthly active users in 2025, with 1.2 million monthly paying users and a paying conversion rate of 11.6%. Yidui specifically had 4.8 million MAUs and a higher 16.4% paying rate. The company also operates Tietie and several overseas apps, with AI used mainly as a supporting tool for matching, moderation, and prompts.
The Chinese online emotional social and dating market reached 22.6 billion yuan in 2024. Milian faces competition from Hello Group (Momo), which is dealing with tax disputes and declining paying users, and Soulgate, which is pursuing its own IPO with a heavier AI focus. Milian’s approach has attracted backing from investors linked to Xiaomi, Shunwei, and Lanchi. While the host-led model has driven strong monetization, the company acknowledges risks – namely potential romance scams and challenges in fully moderating inappropriate content.
