BEIJING, Nov. 25, 2020 (GLOBE NEWSWIRE) -- BlueCity Holdings Limited ("BlueCity" or the "Company") (NASDAQ: BLCT), a world's leading online LGBTQ platform, today announced that it has entered into a definitive agreement with iRainbow Hong Kong Limited ("Finka") and all of its subsidiaries and other entities under the control of Finka, pursuant to which BlueCity agreed to acquire 100% equity interests in Finka for an aggregate consideration of RMB240 million in cash. The transaction is subject to customary closing conditions, and the closing is currently expected to occur before mid-December.

Finka is a leading gay social networking app in China targeting younger generations. It helps young users establish social contact and record and share their daily life through rich product features like matching, private message, posting moments and live streaming. According to the Frost & Sullivan Report, Finka had over 2.7 million registered users in 2019. Finka is a top choice for young Chinese gay men to make friends.

Mr. Baoli Ma, BlueCity's Founder, Chairman and Chief Executive Officer, commented: "We are excited about this strategic acquisition. Finka complements our Blued app, both in its functionality focused on dating and swipe, and in the demographics of its users. Blued has a broad suite of services for the gay community, while Finka is focused mainly on relationships. We share the same commitment and have been devoted to providing great social experiences to our users through innovative product offerings. After the acquisition, Finka will continue to operate as a separate app backed by our full support economically and operationally."

Ma continued, "BlueCity is building a portfolio of apps and services designed to help community members across geographies and demographics. There is no 'one size fits all' dating/networking service, and we intend to continue to tailor our services to the specific needs of our community. As a leader in LGBTQ community, we have deep understanding of our users and will continuously improve and broaden our services through both organic growth and potential M&A opportunities."

Ms. Qiang Xiao, Founder and CEO of Finka, added: "Blued and Finka each has unique features and strengths for their respective communities. This acquisition integrates a menu of options and create synergies that can better meet the needs of a wider demographic. We look forward to working with BlueCity's talented team and building a better future together."

About BlueCity

BlueCity (NASDAQ: BLCT) is a world-leading online LGBTQ platform providing a full suite of services to foster connections and enhance the wellbeing of the LGBTQ community. Mobile app Blued is the platform's central hub, allowing users to conveniently and safely connect with each other, express themselves and access professional health-related and family planning consulting services. Blued has connected 54 million registered users worldwide, and is now the largest online LGBTQ community in China, India, Korea, Thailand and Vietnam.


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