User:Bluedcity/sandbox

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BlueCity
Company typePublic
Nasdaq: BLCT
IndustryLGBTQ
Founded2011; 13 years ago (2011) in Beijing, China
FounderMa Baoli
HeadquartersUnit B, Building 2, North Pingguo Community, Baiziwan Road, Chaoyang District, Beijing.
Area served
Worldwide
Services
Revenue
  • US$35,000,000 (2020)
Number of employees
  • 500 (2020)
Websitehttps://www.blue-city.com/en

Introduction[edit]

BlueCity is a Chinese multinational online LGBTQ company headquartered in Beijing, China. It provides social networking, live streaming, professional health and family planning consulting services.[1] It develops the largest gay social networking app, Blued. The company has currently employed more than 500 people worldwide and a market value of $335 millions.[2]  

History[edit]

Start up (2000-2012)[edit]

From 2000, a police officer, Ma Baoli (aka Geng Le) has previously ran LBGTQ+ online forums Danlan.org.[3] At the time China doesn’t officially recognise homosexuality, nor explicitly ban them, but LGBT content is considered sensitive and blocked by censors.[4] After his superiors discovered website, Ma Baoli lost the job and the support of his family. He spent almost all of his saving, $7,400, to set up a gay dating app called blued in 2011, in the year later he moved to beijing with seven friends while BlueCity was born.[5] In 2012, The first versions of blued was developed by college students and the year later Blued has more than half a million users signed up. In 2012, Ma Baoli still goes by the alias Geng Le on Danlan.org.[6]

Bloomding (2013- 2018)[edit]

In 2013, Ma Baoli received $500,000 in angel investment from hanghai Zhonglu Group and an undisclosed amount investment from Beijing's Crystal Stream Capital for expanding business. In November the same year, Sillcon Valley-based DCM Ventures invested 30 millions to BlueCity for exploring the gay community in China.[7]

In the next year, the community has subscribed by 15 million people and averagely reached by 3 million daily users.[8]  In the period, BlueCity has no revenue, except a trickle of advertising on Danlan.org as the app is free. Ma Baoli wants to launch a premium version with special features. Also on the drawing board is an e-commerce service specifically for the gay community, in which Blued would take a cut of merchandise sales.[9]

In 2017, BlueCity lanuched Bluebaby, the services which provides range of surrogacy support and advices. It helps gay couples for choosing egg donor, finding surrogate, contract signing and offering rideshare services.[10]

IPO Listing in US (2019- present)[edit]

In 2019, BlueCity rolled out HeHealth, which offers access to a range HIV-related medication and consulting services. It has revenues of 759 million yuan while its on an increase of 51.4% in the end of the year.[11]

In the first quarter of 2020, It has more than 49 million registered user in 210 counties and regions as half its 6 million monthly are based overseas. The income structures is concentrated on live streaming which takes 88.5% of its earning, while the membership services increased by 390.6% in a year basis. Yet BlueCity has yet to achieve profitability as it narrowed the yearly net loss to 3.7%.[12]

In August the same year, Blued City had acquired Chinese lesbian dating app LESDO as it said in his report ‘’The acquisition marks a significant milestone in implementing our strategy to serve subgroups within the broader LGBTQ community,”[13]

Since March 31 in 2020, The Company had filled for $50 million Initial public offering for trading on the Nasdaq with ATMD as lead underwriter.[14] and Baoli Ma declaiemd that the Nasdaq rising had valued the company at 614 million.

According to BllueCity’s 2020 Q2 report, 85% of its revenue came from its live streaming, and other 15% diversified by membership fees, advertising , merchandise sale brought and other services. Most of it made from China except 11% from its global users.[15] earnings that showed its total revenue over 35 million.[16]

Bluecity has a market valuation of $335 million currently and counts Silicon Valley-based DCM Ventures, Xiaomi investment arm Shunwei Capital and Hong Kong property group New World Development as backers. Once struggling to recruit, Ma now employs more than 500 people worldwide.[17]

References[edit]

  1. ^ "BlueCity expands LGTB portfolio with Lesdo (Zephyr)". CompanyNewsHQ. 2020-08-27. Retrieved 2020-11-05.
  2. ^ "How a Chinese gay dating app blazed a trail to the US stock market". Nikkei Asia. Retrieved 2020-11-05.
  3. ^ "Transforming Business | 300 People transforming business". Transforming Business. Retrieved 2020-11-05.
  4. ^ Staff, Reuters (2020-08-26). "BlueCity, owner of China's biggest gay dating app, buys lesbian platform". Reuters. Retrieved 2020-11-05. {{cite news}}: |first= has generic name (help)
  5. ^ "How a Chinese gay dating app blazed a trail to the US stock market". Nikkei Asia. Retrieved 2020-11-05.
  6. ^ Wang, Yue. "This Chinese Policeman Built The World's Top Gay Dating App, Now He Wants More International Users". Forbes. Retrieved 2020-11-05.
  7. ^ "World's Largest Gay Dating App, Born in China, Now Attracts Global Investors | Christina Larson | Journalist in China". Retrieved 2020-11-05.
  8. ^ "China's dating app for gays explores foreign market[1]- Chinadaily.com.cn". www.chinadaily.com.cn. Retrieved 2020-11-05.
  9. ^ "World's Largest Gay Dating App, Born in China, Now Attracts Global Investors | Christina Larson | Journalist in China". Retrieved 2020-11-05.
  10. ^ http://# (2020-06-22). "China's Gay App Blued To Sell Stock & Expand Abroad". Instinct Magazine. Retrieved 2020-11-05.
  11. ^ enapp.globaltimes.cn http://enapp.globaltimes.cn/#/article/1192074. Retrieved 2020-11-05. {{cite web}}: Missing or empty |title= (help)
  12. ^ Zhao, Lu (2020-06-17). "Gay Dating App Blued Aims at $50M US IPO". Pandaily. Retrieved 2020-11-05.
  13. ^ "Chinese LGBTQ Dating App Owner BlueCity Buys Lesbian Dating Platform - Caixin Global". www.caixinglobal.com. Retrieved 2020-11-05.
  14. ^ Ilchi, Layla; Ilchi, Layla (2020-06-18). "A Guide to Virtual Events for Pride Month 2020". WWD. Retrieved 2020-11-05.
  15. ^ Thomas, About the Author Shibu (2020-08-28). "Chinese Dating App Raises $84 Million". Star Observer. Retrieved 2020-11-05. {{cite web}}: |first= has generic name (help)
  16. ^ "Bluecity sees 32.2% y-o-y increase in total revenue in Q2". news.cgtn.com. Retrieved 2020-11-05.
  17. ^ "How a Chinese gay dating app blazed a trail to the US stock market". Nikkei Asia. Retrieved 2020-11-05.

Category:Companies listed on the Nasdaq Category:2000s initial public offerings Category:Chinese brands Category:Social networks Category:LGBT-related Internet forums Category:Multinational companies headquartered in China

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