BlueCity listed on NASDAQ on July 8th, becoming the world's first stock representing LGBTQ

On July 8, BlueCity Holdings, Ltd., the parent company of Blued, was officially listed on Nasdaq, aiming to raise USD $50 million, the company raised 85m. With an introduction at USD 16 per share, the price reached summits and finished at USD23.43, demonstrating that it is time for LGBT market to show up!  

As a China-headquartered gay dating APP, Blued is a leading LGBTQ community in China and the world.

An entrepreneurial story of a policeman

Danlan.org, the predecessor of Blued was one of the earliest and most influential LGBT online forum founded in 2000. Founder Ma Baoli, a then closeted police officer by the alias of “Geng Le”, built the forum in his spare time to help more people like himself recognize different sexual orientations.

In 2011,  he quit his job to launch Blued, the gay dating app, now the APP has 90%+ market share in China. It also attracted a loyal following in overseas markets like India, Korea, Thailand and Vietnam.

As parent company of Blued, BlueCity provides a full suite of LGBTQ-focused services centered around the Blued mobile app, which allows users to connect, socialize, and access professional health and family planning services. As of March 31, 2020, the company had over 49 million registered users on Blued APP, and its average MAUs grew from 4.1 million in the 1Q18 to 6.0 million in the 1Q20.

“To me, herein lies the power of the internet -it empowers us to elevate ourselves, and to bring warmth to others across all corners of the world living in loneliness, helplessness and fear because of their sexual orientation,”said Geng Le.

Strong community marketability

The majority of Blued’s revenues come from virtual items sales during live broadcasting, for a total revenues of $107 million in 2019.  Other monetization streams included advertising and memberships that gave users permium features in the app. As of the first quarter of 2019, Blued's live broadcasting had about 137,000 paid subscribers, which had increased to 178,000 by the first quarter of 2020. 

BlueCity’s user stickiness reflects the power of the "Pink Economy". In 2019, its annual revenue reached RMB 759 million with 51.4% growth rate. Ended March 31 this year, the overall revenue for the first quarter was RMB 207 million.

As of the first quarter of 2020, Blued has more than 49 million registered users worldwide, covering more than 210 countries and regions. In addition, there are 6 million monthly active users, of which more than 49% are active overseas. According to Frost and Sullivan, referring to average MAU in 2019, Blued has become the largest online LGBTQ community in India, South Korea, Thailand and Vietnam. While it focuses  on continuing to solidify its market leadership in Asia, it expects to explore and evaluate expansion opportunities in other global markets.

Investing in Blued is more than a business success but a recognition of values

In addition to providing an excellent user experience, Blued also takes on the social responsibility. Blued is China's largest AIDS prevention platform. In 2019, BlueCity, in conjunction with the China Foundation for the Prevention of Sexually Transmitted Diseases and AIDS, established a special fund for light blue philanthropy.

For Eric Huet, managing partner at Ventech China, Blued IPO is not only a business success: “This is the 1st time that a gay community goes public and it is a step for LGBT. Time for this community to go to the light with self-esteem.”