China’s NewBorn Town to set up $100m fund to privatise US-listed LGBTQ dating app

Liu Chunhe, founder and CEO of Hong Kong-listed social networking firm NewBorn Town

Chinese social media firm NewBorn Town is planning to set up a $100 million fund with an aim to privatise Nasdaq-listed BlueCity Holdings — the operator of Blued, the country’s biggest LGBTQ dating app. The move will also help to up NewBorn Town’s stake in the global social networking and mobile gaming market.

Hong Kong-listed NewBorn Town will launch the fund along with its largest shareholder Spriver Tech Limited, and a wholly-owned subsidiary of Spriver, the firm announced in a regulatory filing on Thursday. Spriver is wholly owned by Liu Chunhe, NewBorn Town’s founder, CEO, and chairman.

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