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China’s gay app that is dating eyes Nasdaq IPO to enhance offshore

Суббота, 31 Окт 2020

China’s gay app that is dating eyes Nasdaq IPO to enhance offshore

It absolutely was around 20 years back whenever Baoli Ma hid in his room feeling helpless and lonely to be a homosexual guy in Asia.

Life changed dramatically for Ma since that time. This week, BlueCity, the homosexual relationship and life style platform he created, has filed for a short general public listing on Nasdaq .

“To me, herein lies the effectiveness of the internet — it empowers us to raise ourselves, and to bring heat to other people across all corners of this globe surviving in loneliness, helplessness and fear due to their intimate orientation,” penned Ma, leader associated with business, within the prospectus.

The business stated it is designed to improve $50 million through the IPO, although it has not yet determined its offer cost for each depositary that is american (ADS). The proceeds from the general public offering will get towards investment in brand new technologies along with expansion in domestic and worldwide areas, which presently account fully for about half of the month-to-month users.

Ma, a previous police that is closeted, founded the LGBTQ-focused online forum Danlan.org in 2000. The gay dating app under the parent entity BlueCity in 2011, he quit his job to launch Blued.

In the beginning, Blued ended up being commonly viewed as a copycat of Grindr — a startup that is californian ended up being purchased with a Chinese business before it had been forced to sever ties over protection issues. Blued has since developed features that are numerous differentiate it self. Created for users to chat and live broadcast, the app is mainly employed by homosexual guys, even though it includes solutions for the broader LGBTQ population. (далее…)