Social Media Operator Sets Up Fund to Take Chinese LGBTQ Dating Platform Private

Beijing-based social media firm Newborn Town Inc. said it would set up a $100 million fund with its controlling shareholder with a view to privatize Nasdaq-listed BlueCity Holdings Ltd., the operator of China’s leading LGBTQ dating app.

In a filing Thursday, Hong Kong-listed Newborn Town said it intended the deal to expand its global reach and seek opportunities in areas such as the metaverse.