Dating Site Zhenai Spurns Offshore Listing for Chinese Suitor
(Beijing) — Online dating site Zhenai.com is being acquired by a Shenzhen-listed drone maker, the latest example of an alternate exit strategy for venture-backed companies whose former first choice would have been a New York initial public offering (IPO).
As part of its deal to be acquired by DEA General Aviation Holding Co., Zhenai will shed its variable interest entity (VIE) status, a corporate structure typically used by Chinese companies looking to list overseas to comply with Chinese laws on foreign ownership of domestic companies, DEA said in a statement on Wednesday to the Shenzhen Stock Exchange.
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