HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Milian Technology / Equity Capital Markets

<ul>
<li>Milian’s core business model revolves around the "loneliness economy" and "marriage and dating socialization", achieving efficient traffic monetization through the "matchmaker" mechanism.This "matchmaker" model greatly improves the efficiency of monetization.</li>
<li>The soaring performance since 2024 is due to the qualitative change in scale of paying users and cost reduction.Future growth may slow down as lower-tier market penetration is approaching saturation.</li>
<li>The average P/E of social media stocks on HK/US markets is 8-12x. Since Milian is in growth phase, it may have a higher premium than <a href="https://www.smartkarma.com/entities/hello-group-inc" target="_blank" data-smartkarma-citation="entities:26075:1" rel="noopener">Hello Group</a> (e.g. 10-15x P/E).</li>
</ul>


Milian’s core business model revolves around the "loneliness economy" and "marriage and dating socialization", achieving efficient traffic monetization through the "matchmaker" mechanism.This "matchmaker" model greatly improves the efficiency of monetization.
The soaring performance since 2024 is due to the qualitative change in scale of paying users and cost reduction.Future growth may slow down as lower-tier market penetration is approaching saturation.
The average P/E of social media stocks on HK/US markets is 8-12x. Since Milian is in growth phase, it may have a higher premium than Hello Group (e.g. 10-15x P/E).


Pre-IPO Milian Technology - The Business Model, the Concerns and Thoughts on Valuation

APAC IPOs & Placements, Aequitas Research

Kajal Jain

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/milian-technology" target="_blank" data-smartkarma-citation="entities:45879:1" rel="noopener">Milian Technology (MILIAN HK)</a> (Milian) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by Huatai.</li>
<li>Milian is a leading online relationship-oriented social networking platform company in China.</li>
<li>According to CIC, Milian operates the largest online relationship-oriented social networking platform in China, in terms of revenue for 1H26, that adopted the host-led tri-party interaction model.</li>
</ul>



Milian Technology (MILIAN HK) (Milian) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by Huatai.
Milian is a leading online relationship-oriented social networking platform company in China.
According to CIC, Milian operates the largest online relationship-oriented social networking platform in China, in terms of revenue for 1H26, that adopted the host-led tri-party interaction model.


Aequitas: Milian Technology Pre-IPO Tearsheet

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>Milian Technology files for Hong Kong IPO and seeks fresh capital for further expanding its global presence and accelerating overseas market penetration.  </li>
<li>Xiaomi backed online social networking platform company is one of the fastest growing marriage and dating platforms in China, reaching RMB2,373m revenue in 2024, up ~129% YoY.</li>
<li>I expect Milian Technology may seek unicorn valuation in upcoming HK IPO as growth is exceptionally high and profitability improved.</li>
</ul>


Milian Technology files for Hong Kong IPO and seeks fresh capital for further expanding its global presence and accelerating overseas market penetration.  
Xiaomi backed online social networking platform company is one of the fastest growing marriage and dating platforms in China, reaching RMB2,373m revenue in 2024, up ~129% YoY.
I expect Milian Technology may seek unicorn valuation in upcoming HK IPO as growth is exceptionally high and profitability improved.


Milian Technology IPO Valuation Analysis: A Dating App Company May Seek Unicorn Valuation In HK IPO

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Samsung Electronics / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front,  a few companies in Hong Kong managed to use the ceasefire window to launch their bookbuilds.</li>
<li>On the placement front, as well there a few large deals along with some upcoming lockups.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front,  a few companies in Hong Kong managed to use the ceasefire window to launch their bookbuilds.
On the placement front, as well there a few large deals along with some upcoming lockups.


Aequitas ECM Weekly (13 April 2026)-Samsung, Victory Giant, Huaqin, Sigenergy, Manycore, Merdeka

<ul>
<li>Milian Technology, a fast-growing marriage and dating platform in China, filed for an IPO in Hong Kong. The company has achieved significant traction with now ~10M avg. MAUs.</li>
<li>Milian Technology has raised ~US$77M in equity financing to date from investors, including Xiaomi, XVC Fund, Shunwei Capital, and Sky9 Capital, among others.</li>
<li>I believe Milian Technology’s growth is exceptionally high for any online social networking platform company in China at such scale.</li>
</ul>


Milian Technology, a fast-growing marriage and dating platform in China, filed for an IPO in Hong Kong. The company has achieved significant traction with now ~10M avg. MAUs.
Milian Technology has raised ~US$77M in equity financing to date from investors, including Xiaomi, XVC Fund, Shunwei Capital, and Sky9 Capital, among others.
I believe Milian Technology’s growth is exceptionally high for any online social networking platform company in China at such scale.


Milian Technology IPO Preview: Driving Profitable Expansion Through Yidui and Tietie Apps

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Milian Technology (MILIAN HK)

Pre-IPO Milian Technology - The Business Model, the Concerns and Thoughts on Valuation

Milian's "matchmaker" model drive efficient traffic monetization in loneliness economy, but future growth may slow as lower-tier market saturation...

Xinyao (Criss) Wang

Aequitas: Milian Technology Pre-IPO Tearsheet

Milian Technology (Milian) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by Huatai.

Kajal Jain

Milian Technology IPO Valuation Analysis: A Dating App Company May Seek Unicorn Valuation In HK IPO

I have a positive view of upcoming IPO given the company's rare combination of explosive revenue growth, strong paying user conversion rate, viral...

Andrei Zakharov

Aequitas ECM Weekly (13 April 2026)-Samsung, Victory Giant, Huaqin, Sigenergy, Manycore, Merdeka

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Milian Technology IPO Preview: Driving Profitable Expansion Through Yidui and Tietie Apps

Beijing-based Milian Technology, a fast-growing marriage and dating platform, filed to go public in Hong Kong. I have a positive view of upcoming...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Milian Technology - The Business Model, the Concerns and Thoughts on Valuation

​Milian's "matchmaker" model drive efficient traffic monetization in loneliness economy, but future growth may slow as lower-tier market saturation...

Xinyao (Criss) Wang

Aequitas: Milian Technology Pre-IPO Tearsheet

Milian Technology (Milian) plans to raise around US$100m in its upcoming Hong Kong IPO. The deal will be run by Huatai.

Kajal Jain

Milian Technology IPO Valuation Analysis: A Dating App Company May Seek Unicorn Valuation In HK IPO

I have a positive view of upcoming IPO given the company's rare combination of explosive revenue growth, strong paying user conversion rate, viral...

Andrei Zakharov

Aequitas ECM Weekly (13 April 2026)-Samsung, Victory Giant, Huaqin, Sigenergy, Manycore, Merdeka

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Milian Technology IPO Preview: Driving Profitable Expansion Through Yidui and Tietie Apps

​Beijing-based Milian Technology, a fast-growing marriage and dating platform, filed to go public in Hong Kong. I have a positive view of upcoming...

Andrei Zakharov

Milian's "matchmaker" model drive efficient traffic monetization in loneliness economy, but future growth may slow as lower-tier market saturation...

Beijing-based Milian Technology, a fast-growing marriage and dating platform, filed to go public in Hong Kong. I have a positive view of upcoming...