知名恋爱平台递表港交所！业绩大增之下，婚诈“难言之隐”待解丨港美股看台·IPO观察

Core Viewpoint - The well-known dating platform, Yidui, under the parent company Miliang Technology, has officially submitted its IPO application to the Hong Kong Stock Exchange, showcasing significant revenue growth and profitability, while also facing challenges related to fraud cases associated with its services [1][4]. Company Overview - Miliang Technology operates several social applications, including Yidui and Tietie in China, and HiFami, Chatta, and Seeta overseas [1]. - The company has achieved rapid revenue growth in recent years, with a notable increase in active users and profitability [3][4]. User Engagement and Performance Metrics - As of June 30, 2025, Miliang Technology reported an average of 9.9 million monthly active users and 2.1 million daily active users, with 1.2 million monthly paying users [3]. - Yidui leads the Chinese online dating sector with an average monthly usage time of 8.0 hours and a 72.1% seven-day retention rate, significantly outperforming industry averages [3][4]. Financial Performance - Miliang Technology's revenue figures for 2022, 2023, 2024, and the first half of 2025 were 1.052 billion, 1.034 billion, 2.373 billion, and 1.917 billion CNY respectively, with a revenue increase of over 100% expected in 2024 [4]. - The company recorded losses of 13 million and 17 million CNY in 2022 and 2023, but turned profitable with earnings of 146 million and 262 million CNY in 2024 and the first half of 2025 [4]. Shareholder Background - Miliang Technology has prominent investors, including Xiaomi and several venture capital firms, with a history of multiple funding rounds since its inception in 2015 [5][7]. Fraud Issues - Despite its success, Yidui has been associated with numerous fraud cases, where users have been scammed through the platform [8][9]. - The company has acknowledged the issue and is actively implementing measures to combat fraud, including a dedicated anti-fraud knowledge section within the app and various awareness campaigns [10].