CEO of Chinese dating and chat application Momo has been named one of the world's top 40 business elites who are under 40, announced business magazine Fortune on Friday. Ranked 24, he is the only Chinese on this year's list.

Tang Yan, aged 35, founded the company in 2011 and developed it into one of the most popular location-based social apps in China with 150 million registered users.

With Mo being part of a Chinese word meaning stranger, the application allows users to make new friends based on proximity or a shared hobby and communicate via instant messages.

Tang has repeatedly said to media that Momo wasn't built for dating or one-night affairs, but to encourage Chinese to make friends with people around them.

The company is planning to seek an initial public offering in the US and raise $200 to 300 million by the end of this year, reported 21st Century Business Herald in September.

Pony Ma Huateng, CEO of Tencent, and Richard Liu Qiangdong, CEO of JD.com, whose companies are both publicly-listed, won the same title as top 40 under 40 by the Fortune magazine in 2010 and 2012 respectively.

The magazine reveals little-known facts about Tang Yan, such as that he prefers to work late hours and his favorite movie is Godfather.

Student turns WeChat into fruit market	WeChat brings new weapon to mobile pay war