Kunlun Tech Group Resurrects Grindr IPO Plans

Kunlun Tech Group is once again planning an Initial Public Offering (IPO) for Grindr, after it claimed the United States government has withdrawn its opposal to the plan.

Grindr will be listed on a stock exchange outside of China, despite Kunlun being publicly traded in Shenzhen. 

The international location could be the result of pressure from the Committee on Foreign Investment in the United States (CFIUS). The organisation has expressed fears about negative attitudes towards the LGBTQ community in China, and Kunlun’s relationship with the Chinese government.

A report from Reuters in May revealed that engineers based in Beijing had complete access to users’ private data, such as their addresses and HIV statuses.

CFIUS blocked the first attempt to make Grindr publicly-owned, saying it presented a national security risk to American users.

Kunlun eventually agreed to sell the gay dating app by the end of June 2020 and, if a buyer could not be found, it would be signed over to a US trustee. At the time, it appeared as though any hopes of an IPO had vanished.

Several former Grindr employees spoke to BuzzFeed News about how the company had changed since it was acquired by the gaming company. They accused the management team of not having the community’s best interest at heart.

Grindr has just launched an updated premium subscription service which will cost users $50 a month.

Read more here.