Dating Site Baihe Seeks RMB 1.5 Bln Funding in Drive to A-share IPO
Sohu IT, 4/21/15
Shengda Mining (000603.SZ) and Dahu Aquaculture (600257.SH) each issued statements today disclosing capital investments of RMB 80 mln and RMB 25 mln, respectively, in Baihe Online, operator of Beijing-based online dating site Baihe. According to information in the Dahu Aquaculture report, Baihe is attempting to raise a total of RMB 1.483 bln as a possible preparation for a domestic IPO.
Of Shengda Mining's RMB 80 mln investment, RMB 22.11 mln will be added to Baihe's registered capital with the remaining RMB 57.89 mln added to the company's capital reserve, which is earmarked for daily operations and business development. Shengda Mining received a 5.13% stake in Baihe.
Dahu Aquaculture is investing RMB 25 mln through its subsidiary Tibet Dahu Investment Management for a 1.6% stake in Baihe. Baihe needs the funding to change company structure to meet standards for a domestic IPO and business expansion (i.e. the company was originally structured with an overseas listing in mind, employing an overseas-holding-company plus China-based variable interest entity (VIE) model).
Editor's Note: For more information on this topic, please see "Rumor: Dating Site Baihe Resumes IPO Preparations," MD 1/25/13 issue.
Keywords: Shengda Mining 000603.SZ Dahu Aquaculture 600257.SH M&A Internet IPO funding Baihe online matchmaking
Sending
