Chinese parent company of gay dating app Grindr plans to list after US drops opposition

Telegraph 30 Jul 2019 02:30

The Chinese parent company of gay social networking app Grindr has revived plans to go public after the US government abandoned its opposition to the plan.

In a filing with the Shenzhen stock exchange on Monday, Beijing-based gaming company Kunlun Tech revealed plans to reignite a stock exchange listing and scrap efforts launched earlier this year to sell the business. 

The app, founded in 2009, is the world’s largest social networking app for gay, bi, trans and queer people, with 27 million users worldwide.

Earlier this year, Kunlun agreed to sell the app by 2020 after the Committee on Foreign Investment in the United States (CFIUS) determined that its Chinese ownership posed a national security risk. 

CFIUS did not disclose specific concerns about Kunlun's ownership of the app, but has increased its scrutiny of foreign-owned technology companies that process the personal data of US citizens.

Kunlun acquired a 61pc stake in Los Angeles-based Grindr in 2016 for $93m (£64m), valuing the app at $155m.

Continue reading original article...


USKunlunShenzhenCommittee on Foreign InvestmentTinder
You may also like