Chinese Gay Dating App Blued Soars 46% on First Nasdaq Day
Zhang Yushuo
DATE:  Jul 09 2020
/ SOURCE:  Yicai
Chinese Gay Dating App Blued Soars 46% on First Nasdaq Day Chinese Gay Dating App Blued Soars 46% on First Nasdaq Day

(Yicai Global) July 9 -- The company that runs Blued, China's biggest social app for the gay community, rallied in its stock market debut in New York.

BlueCity Holdings [NASDAQ: BLCT] gained 46.4 percent yesterday to close at USD23.43, pulling back from an intraday high of USD33.84. In pre-market trading today, the stock was recently 18.7 percent higher at USD27.76.

Former policeman Baoli Ma founded Blued in 2012 after starting Danlan.org, one of China's first LGBTQ online forums in 2000. Besides online dating, the Beijing-based platform offers live streaming, healthcare, and assisted reproduction services.

The Beijing-based company planned to raise USD85 million in its initial public offering, issuing 5.3 million shares priced at USD16 apiece, according to an updated prospectus filed on July 1.

By the end of March, Blued had more than 49 million registered users, and six million of them monthly active users, while more than half lived outside China.

Before its IPO, BlueCity attracted at least USD251 million from investors, including Sunwei Ventures, CDH affiliates, Liberty Hero, Crystal Stream Capital, and NewQuest Asia Investments.

Editor: Emmi Laine 

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Keywords:   Blued,BlueCity,LGBTQ,IPO,Gay App,China,Online Dating