Photo: CFP

Jiayuan.com International Ltd (Jiayuan), operator of the online dating platform jiayuan.com, on Saturday concluded a merger deal with Baihe Network Co (Baihe), a matchmaking website listed on China's New Third Board, domestic financial news portal cailianpress.com reported over the weekend.

Jiayuan announced it has officially requested its American Depositary Shares (ADSs) trading on the NASDAQ Global Select Market be suspended, starting from the closing of the market on Friday, said the report.

It requested that the NASDAQ submit Form 25 to the US Securities and Exchange Commission to delist the company's ADSs on the NASDAQ and deregister its securities. The deregistration will be effective within 90 days after the submission of Form 25, ifeng.com reported on Saturday.

Early in December 2015, Jiayuan announced an agreement and plan of merger with LoveWorld Inc and FutureWorld Inc, two indirect, wholly-owned subsidiaries of Baihe.

According to the agreement, Baihe bought Jiayuan for $5.04 per ordinary share and $7.56 per ADS, with each two ADSs equivalent to three ordinary shares, said cailianpress.com.

Baihe is expanding its business in many fields. It developed a social networking application for communication and marriage consultation. Also, it has entered into the virtual reality (VR) field by investing in LetIN VR, a leading VR enterprise in China.

On March 15, Baihe announced plans to raise 1.02 billion yuan ($156.14 million) by issuing 330 million shares at 3.1 yuan per share in a private placement. The 32 investors included JD Capital Co and electric power enterprise Guangdong Baolihua New Energy Stock Co.

Global Times