Meitu Inc., the Chinese firm best known for its selfie-enhancing app, has agreed to acquire a 57% stake in young professional network Dajie.com for HK$395.5 million ($50.4 million U.S.), according to a report on Dealstreet Asia. Upon completion of the deal, Dajie will become a subsidiary of Meitu.

Dajie.com currently claims to have over 1.5 million corporate users and 60 million jobseekers registered on its platform, similar to rival domestic professional network Mai Mai, and ahead of the 47 million Chinese users of LinkedIn.

Hong Kong-listed Meitu will acquire the shares from venture capital firms that are exiting the online recruitment platform. These include Northern Light Venture Capital, SBCVC, and Hotung Venture Group. Other firms exiting Dajie are Fine Talent Holdings and Wenkang.

Dajie was valued at approximately $73 million U.S. in its Series D financing in June 2017, and at approximately $84 million U.S. in its Series E financing in February 2018. Based on the unaudited consolidated financial information of Dajie, the company posted net loss after tax of $3.8 million U.S. in 2018, according to Dealstreet Asia. It also had net liabilities of approximately $9.4 million U.S.

Meitu said in a disclosure to the Hong Kong Stock Exchange that it is interested in Dajie as the social networking recruitment platform reaches tens of millions of users and businesses powered by big data analytics. “With over 80 per cent of the users of the Meitu Apps being under 35 years old, the Group seeks to offer Dajie.com’s professional social platform to its large user base as a value-added service to increase user engagement and stickiness,” Meitu said.

Dajie.com was founded in 2008 by Wang Xiujuan. After the acquisition, Wang will be appointed as chief operating officer of Meitu, reporting to the company’s CEO, and will continue to lead Dajie.

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