Education
BlueCity Chinese homosexuals application focused on Asia following the IPO
BlueCity is China's biggest gay dating app owner, focused on expanding in Asia, its founder said, despite a US securities regulator warning about investments in Chinese companies, on Wednesday after making its debut at Nasdaq.
The first public offering, which the Beijing based company valued at $614 million, raised $84.8 million in BlueCity BLCT.O, who states that the Blued app, has a largest market share already in China, India , South Korea and Vietnam.
BlueCity founder and chief executive officer Ma Baoli said when he asked the company whether it would concentrate on Western markets: "We will expand further after a comprehensive assessment.
US. American. State Secretary Mike Pompeo urged stock exchanges worldwide, last month, to tighten up China's rules.
Established in 2011, BlueCity has 49 million registered users in more than 210 countries and 6 million active monthly users (MAUs), of which 49% are not registered in China.
While India has recently banned 59 Chinese apps, including TikTok from Bytedance, and WeChat from Tencen, Blued is not on the list after border conflicts with China.
Ma says , adding that the data protection application fulfills India 's standards, "We have confidence in making us trust local government and regulators."
Grindr was accused last after it was purchased by Kunlun Tech in Beijing of leaking personal data to Peking-based engineers. After the U.S. Government ordered the disvestment, Kunlun sold its Grindr stake last month.
"We can comply with the regulatory requirements of local governments," said Ma. "For security reasons and recovery speed we store data for customers from outside the United States."
Ma added that BlueCity is purchasing a lesbian app from China to diversify its business and revenue.
Source: Reuters; Reporting by Colin Qian and Ryan Woo; Editing by Alexander Smith
