BlueCity CEO Talks Positives of Nasdaq IPO in Latest Interview
BlueCity CEO Ma Baoli has been interviewed by Business Insider to discuss his experience in the LGBTQ dating and social sector, as well as his historic listing on the Nasdaq stock exchange.
The Beijing-based company raised just under $85 million from its IPO in July, a very impressive feat considering the ongoing trade tensions between China and the USA.
Its flotation came at a time when Grindr’s owners, Kunlun Tech, were being forced to sell their assets due to potential connections with the Chinese government.
When asked about the implications of the restrictions put on Chinese technology companies, Ma Baoli explained: “Despite the complicated macro environment, we remain optimistic about the company’s overseas expansion prospects, and will continue our brand mission of empowering the LGBTQ community in every aspect of their daily lives.
“At the same time, our staff are working closely with external consultancies and stakeholders to make sure that we are fully compliant with local laws and regulations in markets where we operate.”
However, he added that technology and data has become a source of global tensions, and that his team must continue to win over local authorities so they can further their expansion plans.
When the Q2 financial reports were published the following month, BlueCity also announced that it had acquired LESDO, one of China’s biggest lesbian social networks. It is planning to continue making similar acquisitions in the future to diversify the portfolio.
Ma Baoli added: “Tech is an exciting space to be in because it can disseminate critical information at warp speed and has the power to influence social attitudes. Blued is a prime example of how tech has catalysed a broader embrace of the LGBTQ community.”
Read the full interview here.