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BlueCity Holdings Limited (BLCT) reported Q3 2020 results showing 47.3% year-over-year revenue growth, reaching RMB297.6 million (US$43.8 million). The company reported its first quarterly adjusted net income of RMB7.1 million (US$1.0 million), despite a net loss of RMB137.8 million (US$20.3 million).
Total paying users on the Blued app grew by 43.8% year-over-year to 494,000. The company completed the acquisition of Finka, enhancing its app portfolio targeting younger demographics.
BlueCity Holdings Limited (NASDAQ: BLCT) announced its agreement to acquire 100% equity interests in iRainbow Hong Kong Limited (Finka) for RMB240 million. The transaction, expected to close by mid-December, enhances BlueCity's platform with Finka, a leading gay social networking app targeting younger users in China. Finka boasts over 2.7 million registered users, complementing BlueCity's Blued app, which serves a broad suite of LGBTQ services. The acquisition aims to create synergies and diversify offerings for community members.
BlueCity, a leading LGBTQ community platform, has committed one million yuan (approximately 152,300 USD) to support HIV prevention initiatives ahead of World AIDS Day. The funds will aid non-profit organizations focusing on HIV education and outreach, particularly among youth. This initiative reflects BlueCity's ongoing efforts to combat HIV/AIDS, as highlighted by a report indicating 16,000 new HIV cases among people aged 15-24 in 2018. BlueCity also emphasizes expanding its services internationally to enhance cooperation in global HIV prevention efforts.
BlueCity Holdings Limited (NASDAQ: BLCT) announced its upcoming third quarter 2020 unaudited financial results release, scheduled for December 2, 2020, before U.S. market opening. The management team will conduct an earnings conference call at 8:00 AM ET on the same day. Interested participants must register in advance to access the call. BlueCity is a leading online LGBTQ platform that boasts over 54 million registered users worldwide as of June 30, 2020, providing essential services to empower the LGBTQ community.
BlueCity Holdings Limited (Nasdaq: BLCT) reported second-quarter 2020 revenue of RMB247.4 million (US$35.0 million), a 32.2% year-over-year increase. The company recorded a net loss of RMB3.3 million, significantly improved from RMB12.2 million in Q2 2019. Key metrics include a rise in monthly active users to 6.4 million, up 11.2% year-over-year, and total paying users reaching 458 thousand, increasing by 58.5%. The recent acquisition of LESDO aims to expand services to the lesbian community in China. For H2 2020, the company forecasts revenues between RMB575 million and RMB615 million, indicating a 35% to 44% growth.
BlueCity Holdings Limited (NASDAQ: BLCT), a leading online LGBTQ platform, announced its participation in two upcoming investor conferences. The first is the LD Micro 500, taking place virtually from September 1-4, 2020, where management will present on September 2 at 9:00 AM EST. The second event is the ICA Asia Insights Forum, scheduled for September 21-25, 2020, also virtual, with management available for presentations and one-on-one meetings. BlueCity aims to empower the LGBTQ community through its services, connecting over 49 million users globally by March 31, 2020.
BlueCity Holdings Limited (NASDAQ: BLCT) will announce its second quarter 2020 unaudited financial results on August 26, 2020, before U.S. market opens. The management will host a conference call at 8:00 AM ET, which is also accessible in Beijing/Hong Kong at 8:00 PM local time. Interested participants must register in advance for the call. BlueCity is a leading online LGBTQ platform, with over 49 million registered users as of March 31, 2020, focusing on health and community services.
BlueCity Holdings Limited (NASDAQ: BLCT) has been ranked 12th among 50 Chinese Internet companies for its corporate social responsibility (CSR) performance in 2019, scoring 61.43 points, well above the average of 35.71. This ranking, released by the China CSR Research Center, highlights BlueCity's commitment to social impact through its Blued app, which aids in HIV prevention by connecting users to testing centers. As of March 31, 2020, Blued boasts around 6 million monthly active users, half of whom are outside China.
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