300 million single men and women are expected to support an IPO.

With 300 million single people and a multi-billion-yuan "online matchmaking" market, the age-old business of matchmakers is being pushed to the forefront of capital investment.

Recently, Milian Technology, which has broken into the sinking market with its "human matchmaker + live streaming" model, has officially applied for an IPO on the Hong Kong Stock Exchange.

As AI algorithms, virtual matchmakers, and metaverse cafes make their debut, the traditional "swiping based on looks" approach is being redefined. The matchmaking industry is undergoing a full-chain revolution, from matching efficiency to emotional experience. This article analyzes Milian Technology's development path, estimates the ceiling of the single economy, and explores the new love logic driven by both "algorithms + real people" in the AI era.

The IPO of an "Online Matchmaker"

"My Internet Matchmaker" is going public.

Recently, Milian Technology Co., Ltd. (hereinafter referred to as "Milian Technology" or "the Company") submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the exclusive sponsor.

As a leader in China's online emotional social networking sector, the Company focuses on meeting the diverse needs of the public when establishing deep emotional connections and has built an interactive ecosystem for sustainable relationship maintenance. Its product portfolio includes domestic apps such as "Yidui" and "Tietie", as well as overseas apps like HiFami, Chatta, and Seeta. These apps not only match people with similar interests but also accommodate diverse groups, fulfilling users' social imagination in different scenarios. According to public data, for the six months ended June 30, 2025, the Company had an average monthly active user base of 9.9 million, an average daily active user base of 2.1 million, and an average monthly paying user base of 1.2 million. According to CIC's data, for the six months ended June 30, 2025, Yidui ranked first in China's online emotional social networking industry in terms of revenue.

Milian Technology's entrepreneurial story is a typical example of accurately identifying a market gap in a highly competitive market and achieving counter-trend growth through continuous innovation.

While social giants like WeChat and QQ focus on "acquaintance social networking" and early dating platforms target "elites in first-tier cities", Milian Technology keenly identified a huge market gap: the "serious dating" needs of young users in China's broader sinking market were not well met.

Urban office workers aged 30 - 45, especially those living in non-first-tier cities, experience a real "social isolation" phenomenon. These users have relatively narrow social circles and have a strong desire to meet a partner through dating. However, they are not satisfied with the pure "swiping based on looks" matching method and yearn for a more real and secure way of communication. Instead of copying foreign models like Tinder, the team cleverly moved the traditional Chinese custom of "blind dating through introductions by acquaintances (matchmakers)" online. This innovation significantly reduced the awkwardness of strangers' first interactions and created unique value.

Yidui was launched in 2017, mainly targeting users around 30 years old. Its core competitiveness stems from being the first to innovatively combine video, live streaming, and "human matchmakers" in the online social networking field in 2018. On this platform, most live rooms are named after the matchmakers, highlighting the dominant role of matchmakers in interactions. By introducing the role of "matchmaker", Yidui effectively solved the common problem of "breaking the ice" in online social networking, creating an organized and immersive social scenario for hosts, male guests, and female guests.

After downloading the app, users are usually assigned a dedicated matchmaker by the platform. Initially, the matchmaker will make preliminary matches based on user tags. As communication deepens, the matchmaker will get to know the user's personality and preferences better and recommend more suitable partners. This model that integrates live streaming, dating, and social elements significantly enhances user participation and stickiness.

In addition, the Company launched a new product, "Tietie", in 2022, targeting young people aged 18 - 30 and featuring voice social networking based on common interests.

The addition of the "matchmaker" role simplifies the ice-breaking process in online dating. In traditional stranger social apps, users often face the awkwardness of "how to start the first conversation" after matching. The "matchmaker" role introduced by Yidui is like the host of an online party, constantly guiding the conversation and enlivening the atmosphere, effectively solving the "ice-breaking" problem and making communication more natural and smooth. Compared with text and voice, real-time video interaction provides more non-verbal information, such as facial expressions and tones, making interpersonal communication closer to offline meetings and enhancing the sense of authenticity and trust.

This model also naturally gives rise to a healthy profit model. Users can buy gifts to reward matchmakers or their crushes and gain privileges such as priority matching and precise filtering. This payment model designed around social interaction itself is more direct than the model that solely relies on advertising, supporting remarkable revenue growth.

The Size of the Market for Single Men and Women

According to the latest statistics in 2025, the number of single people in China has reached 297 million, accounting for 20.7% of the total population. Among them, the unmarried rate in the 25 - 29 age group has exceeded 51.3%, and the unmarried rate in the 30 - 34 age group has reached 18.4%.

This large base of single people has promoted the booming development of China's online dating service market. In 2025, the market size is expected to reach approximately 1.075 billion yuan, a year-on-year increase of 7.7%. With the change of social concepts and technological progress, blind dating has evolved from the traditional "arranged by parents and matchmakers" to a diversified social event.

In terms of age, the 25 - 35 age group is the main force among single people, accounting for 62.3%. Notably, the number of unmarried people over 30 years old has reached 120 million, and the trend of late marriage is becoming more and more obvious.

Gender imbalance is an important factor contributing to the singlehood trend. Data shows that the unmarried proportion among marriageable men is 53% - 56%, while that among women is about 40% - 43%, a difference of more than 10 percentage points. This imbalance is particularly prominent in rural areas, where in some counties and cities, the proportion of unmarried men aged 25 - 35 exceeds 32%, while that of unmarried women of the same age in rural areas is only 12%.

Economic pressure is an important reason for the increase in the number of single people. The average cost of getting married in first-tier cities is as high as 1.78 million yuan (including housing, cars, etc.), equivalent to the savings of an ordinary white-collar worker for 23 years. Social concepts are also undergoing profound changes. 36% of post-90s believe that "marriage is a high-risk investment", and 72% of newlyweds choose "prenuptial property notarization + egg freezing insurance" to avoid risks. The awakening of female consciousness is also an important factor. The proportion of female master's degree holders in Beijing, Shanghai, Guangzhou, and Shenzhen has reached 67%. The improvement of education and income has made marriage no longer a necessity for survival.

With the increase in the number of single people and the growing demand for dating services among the single population, the online dating service market is growing rapidly. In 2025, the per capita consumption amount in China's online dating service market reached 265.74 yuan per year, and the number of active users increased by 2.8% year-on-year.

The application of technologies such as artificial intelligence and big data is profoundly changing the service model of the dating industry. These technologies make dating matching more accurate, and platforms can provide personalized services based on users' personalities, values, and living habits. The development of intelligent matching algorithms has significantly improved matching efficiency, and the matching accuracy of some leading platforms has reached 78%.

The user profile of the dating market shows the characteristics of youthfulness and diversification. Post-90s and post-00s have become the main force in the dating market, accounting for more than 60% of users. They pay more attention to personalized services and emotional experiences and have a significantly higher acceptance of blind dating - more than 70% of young people believe that blind dating is an effective way to find a partner.

In terms of service models, new models such as live dating and virtual reality (VR) dating are gradually emerging, providing users with a more vivid and real dating experience. It is estimated that by 2030, the usage rate of video dating functions will increase from the current 43% to 68%, and the penetration rate of VR dating scenarios is expected to reach 25%.

While the online dating market is developing rapidly, it also faces many challenges. User privacy and information security are currently one of the most prominent issues. As users' requirements for privacy protection increase, platforms need to find a balance between data security and user experience.

The government is strengthening the supervision of the online dating industry. The implementation of the "Regulations on the Administration of Online Dating and Matchmaking Services" has increased the compliance costs of the industry by 8% - 10%, but it has effectively improved user trust, and the platform complaint rate has decreased by 37% year-on-year.

Industry consolidation and intensified competition are another important trend. The market competition is becoming increasingly fierce. Leading platforms consolidate their positions through technological innovation and user operation, while emerging enterprises seize niche markets through differentiated strategies.

In the next few years, China's dating market will show a pattern of differentiated development between online and offline, and high-end and mass markets. The market size of online dating services is expected to grow from 18.6 billion yuan in 2025 to 41.2 billion yuan in 2030, with a compound annual growth rate of 17.2%.

Technological innovation will continue to drive the transformation of the dating industry. The application of artificial intelligence and big data technologies will be further deepened. In the future, platforms may provide more personalized services through emotional analysis and psychological tests. It is estimated that by 2030, the accuracy of AI matching algorithms will increase from the current 72% to 88%. China's online dating market will maintain stable growth. It is estimated that by 2030, the market size of online dating services will grow from 18.6 billion yuan in 2025 to 41.2 billion yuan, with a compound annual growth rate of 17.2%.

Technology will continue to drive industry transformation. The accuracy of AI matching algorithms will increase from the current 72% to 88% in 2030, and the penetration rate of VR dating scenarios is expected to reach 25%. Some platforms have begun to explore the use of blockchain technology to build a dating credit system, and the investment in such projects exceeded 300 million US dollars in 2024.

As Generation Z becomes the main force in the dating market, the social matching model based on common interests is becoming increasingly popular. According to public data, by 2028, the market share of vertical dating platforms based on interest-based social networking will increase from the current 18% to 35%.

The Dating Reform in the AI Era

In the AI era, blind dating also needs to undergo an "algorithm revolution".

Traditional dating platforms rely on static tags such as age, education, and income for matching, which is a crude method with limited success rates. AI technology has completely changed this situation. Intelligent matching systems build a more comprehensive user profile through multi-dimensional user modeling. These systems not only analyze basic information but also supplement implicit data through "AI behavior analysis": lifestyle concepts reflected in consumption habits, personality tendencies shown in social dynamics, and interest matching degrees revealed by browsing preferences to build a 360° user profile.

AI matching algorithms can also dynamically adjust matching strategies based on users' real-time feedback. When the system finds that a user has had in-depth conversations with candidates who "like outdoor camping" multiple times, it will automatically increase the matching weight of "outdoor interests" and gradually narrow down the recommendation scope, achieving a more accurate matching effect over time. The most difficult "ice-breaking problem" in the dating process has also been improved by AI technology. AI-driven virtual matchmakers and chatbots can provide ice-breaking topic suggestions to help users start a conversation naturally.

More advanced is the application of metaverse dating scenarios. Some platforms have built "metaverse cafes" and "virtual parks" and other real-life scenarios, where users can create exclusive virtual avatars for interaction, simulating the details of a real date. This immersive experience significantly reduces users' psychological burden. Participants reported that they felt more natural in the virtual environment, laying a good foundation for offline meetings. Technology is extending from simple matching to full-cycle dating services, covering the entire process from acquaintance to falling in love. AI technology is reshaping the service model of the dating industry. Data shows that after using AI matching, the conversion rate of first offline meetings into romantic relationships reaches 32%, far exceeding the 12% of traditional matchmaker systems.

AI is not intended to replace human matchmakers but to enhance their capabilities. In the future, dating services will feature a dual-driven model of "AI understanding + human judgment". Matchmaker teams use AI tools to analyze changes in user needs and generate communication suggestions while retaining the ability for in-depth human intervention to provide personalized services to users. This human-machine collaboration model not only improves efficiency but also maintains the emotional warmth of the service. Take Qingteng Zhilian as an example. Its matchmaker team uses AI-assisted tools. In addition to precise matching, they pay more attention to users' emotional needs, capture clues from users' community dynamics, and recommend partners with "similar life rhythms".

Although AI technology has made significant progress in the dating field, its limitations cannot be ignored. Current artificial intelligence is still weak in intelligence and has deficiencies in emotional understanding and complex social interactions. AI matching relies too much on data quality, and the acquisition and authenticity of dating data face challenges. The information self-reported by users may be inaccurate, and social media data may also be distorted, affecting the matching accuracy. Privacy and security are another major concern. Dating platforms collect a large amount of users' sensitive information, including personal preferences, values, and even biometric data. How to ensure the security of this data and prevent leakage and abuse is a problem that platforms must face.

Most importantly, love involves an irrational "chemical reaction" that is difficult to fully quantify with data. An experiencer said, "Although the matched partners are suitable in terms of conditions, I always feel that something is missing. Chatting feels like completing a task and copying the standard answer." This "mechanical" interaction reflects the limitations of technology in replacing real emotional connections.

With the evolution of algorithms, in the future, AI may find highly compatible partners in a very short time through simulated dating tests. Japan's AI dating system can already achieve robot-assisted blind dates. All questions and answers are input in advance, and the robot completes the self-introduction, greetings, and chatting during the meeting.

However, no matter how advanced technology becomes, human beings' desire for real emotions will not change. The best dating apps will be those that can use AI to improve efficiency while leaving space for users to establish real emotional connections.

This article is from the WeChat official account "Rongzhong Finance" (ID: thecapital), author: Lv Jingzhi, published by 36Kr with authorization.