Core Viewpoint - Miliang Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for technological upgrades and global expansion in the context of a 22.6 billion yuan market and 280 million users in the "love digital economy" sector [1] Group 1: Company Performance - Miliang Technology's app "Yidui" has achieved an average monthly active user engagement of 8.0 hours and a 72.1% seven-day retention rate, leading the online emotional social industry in China [1] - The company reported a revenue of 19.17 billion yuan for the first half of 2025, representing an 85.9% year-on-year growth, with over 70% of revenue coming from "Yidui" [2] Group 2: Growth Sustainability - Analysts express concerns about the sustainability of Miliang's rapid growth, as revenue heavily relies on the single product "Yidui," and new products like "Tietie" show relatively low retention rates [2] - The company has undergone multiple rounds of financing since 2019, which have alleviated early R&D pressures and injected strategic resources to support its "matchmaker" model [2] Group 3: Global Expansion - Miliang Technology plans to launch new products like HiFami, Chatta, and Seeta in 2024, targeting Southeast Asia, the Middle East, North America, and South America, with a focus on replicating its domestic "matchmaker model" [3] - Currently, overseas business accounts for less than 10% of total monthly active users, and revenue contribution remains limited, making progress difficult to assess [3] Group 4: Compliance and Safety Investments - The company has not faced penalties from regulatory authorities since the launch of its main product "Yidui," which is notable in a highly regulated industry [4] - Miliang employs a "technology + police" mechanism to combat risks, utilizing AI algorithms and human monitoring for 24/7 surveillance, and has taken significant actions against fraudulent accounts [4] - Industry experts question the sustainability of Miliang's substantial investments in compliance and risk management, given the high incidence of fraud in the online dating sector [4]