(Yicai Global) March 18 -- Chinese teaching software maker Qtone Education plans to acquire a majority stake in a firm that runs one of the most popular WeChat accounts for financial information in China.

Qtone aims to buy a 96 percent stake in Bajiuling Cultural Innovation so the former's stock will be suspended from trading for no more than 10 days, the Guangdong province-based buyer said in a statement, without disclosing the price. WeChat is Tencent Holdings' wildly popular social media platform in China. 

Wu Xiaobo, a well-known Chinese financial writer, founded Bajiuling in 2014 to keep tabs on his official WeChat account that offers training courses on investment strategy and marketing. Wu and his wife Shao Bingbing both hold almost 13 percent stakes in the Hangzhou-based firm.

Bajiuling secured CNY160 billion (USD23.8 billion) in its A round of financing in 2017 to reach a valuation of CNY2 billion, which was the highest for domestic media startups at the time. Before that it boosted revenue streams for Blue Lion Culture Creativity before the latter's initial public offering, after which the valuable social media account was spun off. 

Founded in 2005, Qtone went public on Shenzhen's Growth Enterprise Market in 2014. Its share price [SZ:300359] rose modestly to CNY7.22 (USD1.10) before the suspension. The firm predicted that its revenue fell over 19 percent last year, and its loss widened more than five-fold. 

Editor: Emmi Laine