Rumor: Jiayuan to IPO on Nasdaq
Tencent Tech, 11/25/10
According to an industry source, Chinese matchmaking site Jiayuan has already engaged Pricewaterhouse Cooper as auditors in preparation for a Nasdaq IPO. The source estimated that the IPO would occur in the first half of next year, with USD 100 mln in financing. Another source indicated that VC investors were indeed hoping for an IPO next year, but Jiayuan has issued no comments on the matter. As early as July, 2008, Jiuyuan CEO Rose Gong revealed that the company planned to enter the Nasdaq within three years.
Official figures state that the company's revenues reached the multi-million RMB mark in 2007, and RMB 80 mln in 2009. This year's revenues have already exceeded RMB 100 mln, and the company boasts balanced income and expenditures.
In 2007, the company received RMB 40 mln in investment from Xu Xiaoping, Wang Qiang, and Qian Yongqiang, all primary figures at New Oriental Education & Technology Group (NYSE: EDU), and RMB 10 mln from Qiming Venture Partners. Another industry source has reported that a senior manager at Sina (Nasdaq: SINA) also has a stake in Jiayuan, which possibly helps Jiayuan to lower its marketing costs, but this rumor has not been confirmed by either party.
Since the beginning of 2009, Jiayuan's revenue model has been to charge members for sending onsite messages to prospective partners.
Keywords: Rose Gong Internet IPO Nasdaq revenue Wang Qiang Jiayuan.com online matchmaking
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