This compared to the 51.4 million yuan in 2015 net profit of Jiayuan.com, a major rival of Zhenai. Jiayuan was bought by Baihe.com, another matchmaking website last year, resulting in the country’s matchmaking business being mainly split among the three companies.
“I am thrilled to have PAG as the controlling shareholder. I am confident that PAG, with its experience and strong track record, will be able to take the company to the next level.” said Li Song in a statement issued jointly by the two companies on Monday.
With US$18 billion in capital under management, PAG has been investing heavily in a wide range of businesses in China, spanning across areas such as industrial gas, consumer credit lending and childcare.
PAG’s partner and chairman, Xiao Suining, has been appointed as chairman of Zhenai after the acquisition, while Li remains a minority shareholder and a director of the board of the company.
“PAG is very pleased to have this opportunity to invest in Zhenai,” said Xiao. “We see tremendous potential to grow and expand Zhenai’s business in China and across Asia.”