Business magnate Guo Guangchang, the chairman of Fosun Group, is planning to buy China’s largest dating and marriage website, Baihe.com, in a deal worth about 4 billion yuan (US$630 million), The Paper reported.

Baihe.com said the 32 shareholders of the company have signed an agreement with Ningbo Yuanhong Investment Co. Ltd. to transfer a total 869 million circulating shares at a price of 4.6 yuan per share. It accounts for 69.18% of the company’s total shares.

Guo is the actual controller of Ningbo Yuanhong Investment and holds a 100% stake in the firm. Thus, after the acquisition, Guo will become the controller of Baihe.com.

The website has a total of 310 million registered users and its operating income has increased to 671 million yuan in 2017.

Fosun Group has extensively invested in the industries of steel, real estate, pharmaceuticals, retail and financial services.