Chinese LGBTQ App Blued Seeks USD50 million via Nasdaq IPO
Zhang Yushuo
DATE:  Jun 17 2020
/ SOURCE:  Yicai
Chinese LGBTQ App Blued Seeks USD50 million via Nasdaq IPO Chinese LGBTQ App Blued Seeks USD50 million via Nasdaq IPO

(Yicai Global) June 17 -- The firm that runs Blued, China's biggest social app for the gay community, is looking to raise USD50 million by going public on the Nasdaq.

BlueCity Holdings submitted its initial public offering application yesterday, without disclosing the price of each share nor the valuation target. The ticker would be BLCT.

The Beijing-based parent plans to use the proceeds for its expansion, including investing in marketing and technology, as well as to replenish its working capital, according to the prospectus.

Former policeman Baoli Ma founded Blued in 2012 after starting Danlan.org, one of China's first LGBTQ online forums in 2000.

Last year, Blued had more than six times the number of monthly active users as China's second-biggest player in the field, the firm said, citing Frost & Sullivan's report. Moreover, it was the most popular LGBTQ community in India, Korea, Thailand, and Vietnam.

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

Blued goes beyond online dating. About 90 percent of the parent's revenue comes from live streaming. The app also offers services related to healthcare and assisted reproduction.

Last year, the firm’s revenue widened by 51 percent to CNY760 million (USD107 million). Its net loss narrowed to CNY52.9 million (USD7.5 million).

Editor: Emmi Laine

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Keywords:   Blued,Social Media,LGTB,gay,IPO