Photo editing app developer Meitu has paid HK$395m ($50.3m) for a 57% stake in China-based professional networking platform Dajie Net Investment Holdings, China Money Network has reported, citing a regulatory filing on Wednesday.
The transaction consists of approximately $6.7m in cash and 85.7 million shares that are valued at $43.7m in total.
The company’s earlier backers include Softbank China Venture Capital, an investment vehicle for telecommunications firm SoftBank, but it is unclear whether it has exited through the deal.
Formally known as Beijing Dajie Zhiyuan Information Technology, Dajie runs a social networking platform where professionals can search for job vacancies listed by recruiters while making connections and networking with other users.
Wang Xiujua, Dajie’s chairman, will be appointed Meitu’s chief operating officer in the wake of the investment, which Meitu believes will augment the value of its existing product offering.
The company had previously raised an undisclosed amount of funding over the course of six rounds according to China Money Network. Winshare Capital and Northern Light Venture Capital were among the investors in a $14.5m series D-plus round it closed in May 2017.
Dajie had already received approximately $31.4m in 2015. Its earlier backers also include private equity firm Co-Stone Capital and private investor Lei Jun.