China’s Beijing Kunlun to relaunch gay dating app Grindr IPO

Photo: Reuters

Chinese gaming company Beijing Kunlun Tech Co Ltd is relaunching the process to float popular gay dating app Grindr Inc after it said a U.S. national security panel had dropped its opposition to the plan.

Beijing Kunlun said last September it was preparing for an initial public offering (IPO) of Grindr, but the Committee on Foreign Investment in the United States (CFIUS), which reviews deals for potential national security concerns, intervened.

CFIUS did not disclose specific concerns, though Reuters reported exclusively in May that Beijing Kunlun had given some Beijing-based engineers access to the personal information of millions of Americans, including private messages and HIV status.

At the request of U.S. officials, Kunlun that month agreed to sell the dating app, which had 27 million users as of 2017.

Grindr will be listed on a stock exchange outside China, with the timing of the move to be decided according to overseas capital market conditions, Beijing Kunlun said in a filing to the Shenzhen stock exchange.

Beijing Kunlun acquired a majority stake in Grindr in 2016 for $93 million and bought out the remainder of the company in 2018.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.