Blued, the world’s biggest gay social network, is having to delay its move towards an IPO after a major investment group stopped working on it.
The China-based app, which boasts over 40 million users worldwide, was reportedly planning a $1 billion IPO on the US Stock Exchange. However, those plans are now on hold after Credit Suisse Group, a major Swiss bank and investment group, stopped working on the IPO.
The Swiss bank has halted work on a number of U.S. listings by Chinese companies as concerns grow about a potential sector downturn and level of investor demand.
Launched in 2012, Blued offers dating services, livestreaming content, and BluedBaby surrogacy services for GBTQ parenthood.
One concern for investors may be the fraught relationship between GBTQ businesses and conservative governments in APAC.
Blued was one of the 70 LGBTQ social and dating apps that were targeted by an attempted ban from the Indonesian government in 2017.
China also offers its gay citizens few protections, and often interferes with the functioning of businesses when it feels their content is inappropriate.
Grindr also saw its plans for an IPO halted last year, after US government officials called its Chinese owners a threat to national security. However, Kunlun Tech Group are still optimistic that a potential stock market entry could still go ahead.
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