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On August 4, 2021, Blued, a leading LGBTQ+ community platform, announced new features to enhance user privacy. These include the prohibition of screenshots and screen recordings during live streaming and video calls, with the iOS version blurring screens to thwart attempts. A 'Private Album' feature allows users to control photo visibility, and paid members can disguise the app icon. The initiatives aim to bolster user security amidst rising privacy concerns from recent events, particularly related to social media during the Olympics.
BlueCity (NASDAQ: BLCT) has launched He Health's online consultation services, offering accessible medical support from top Chinese hospitals. This initiative targets men's health issues, including sexual health and STDs, and provides a comprehensive digital healthcare experience. He Health recorded a revenue of RMB 11.4 million (approximately USD 1.8 million) in Q1 2021, achieving a year-over-year growth of 297.7%. The online health consultation market in China is projected to reach RMB 523 billion (around USD 80.3 billion) by 2025, indicating a growing opportunity in the digital health sector.
BlueCity Holdings Limited (NASDAQ: BLCT) announced the appointment of Alfred Chung-Chieh Ying as the new Chief Strategy Officer, effective immediately. Mr. Ying, with over 20 years of capital market experience, previously held key financial positions at Healthever Biotech and iFresh. His expertise encompasses corporate finance, capital raising, and strategy development. Founder Baoli Ma expressed confidence in Ying’s ability to enhance operational efficiency and drive growth. This leadership change positions BlueCity for exciting growth opportunities in its mission to support the LGBTQ community.
BlueCity (Nasdaq: BLCT) has announced the expansion of its health service platform, He Health, which will introduce comprehensive online consultation services and expand its PEP express delivery network across China. The platform, which received an Internet hospital license in April, aims to provide a range of health services, including men's health consultations and drug accessibility. Revenue from He Health reached RMB 11.4 million (USD 1.8 million) in Q1, growing 297.7% year-over-year. The total market for online health consultations in China is expected to reach RMB 523 billion (USD 80.3 billion) by 2025.
Blued, a prominent LGBTQ+ platform with 60 million users, has launched the #liveyourpride campaign for Pride 2021. The campaign includes a global brand video and an online Pride party on the app. Despite ongoing pandemic restrictions, Blued aims to unite the LGBTQ+ community through inclusivity and self-expression. Featuring initiatives in countries like South Korea and Brazil, the campaign highlights local collaborations and events. Blued also emphasizes its commitment to supporting LGBTQ+ charities, having organized past online events to benefit at-risk community members.
BlueCity Holdings Limited (BLCT) reported first-quarter 2021 results with total revenues of RMB271.1 million (US$41.4 million), marking a 30.7% year-over-year increase. However, the company faced a net loss of RMB52.1 million (US$7.9 million), significantly higher than the net loss of RMB7.6 million in the prior year. Monthly active users rose to 8.3 million, up 37.5%, and total paying users increased by 47.8% to 640 thousand. The company anticipates total revenue between RMB1.41 billion and RMB1.46 billion for 2021, reflecting a growth expectation of 37% to 42%.
BlueCity Holdings Limited (NASDAQ: BLCT) will report its unaudited financial results for Q1 2021 on June 10, 2021, before U.S. market opens. An earnings call is scheduled for the same day at 8:00 AM ET, which will also be available for replay until June 18, 2021. BlueCity operates a leading LGBTQ platform with over 72 million registered users globally, offering services through its apps like Blued and Finka. The company aims to enhance connections and well-being in the LGBTQ community across several countries including China and Vietnam.
On May 20, 2021, BlueCity Holdings Limited (NASDAQ: BLCT) announced the resignation of Chief Financial Officer Zhiyong (Ben) Li, effective immediately. Li will remain as a financial advisor for six months. Junchen Sun, Vice President of Finance, has been appointed as the acting CFO. The company's founder, Baoli Ma, acknowledged Li's significant contributions, especially in leading the IPO in July 2020. Sun, who joined in February 2017, is expected to leverage his financial management experience to enhance company growth during this transition.
BlueCity Holdings Limited (NASDAQ: BLCT) announced the filing of its annual report on Form 20-F for the fiscal year ended December 31, 2020, with the SEC on April 29, 2021. The report includes audited consolidated financial statements accessible via the company’s investor relations website. BlueCity provides a leading online LGBTQ platform with over 72 million registered users globally, operating several services and apps tailored for the LGBTQ community in various languages and regions.
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