China's NewBorn Town to set up $100m fund to privatise US-listed LGBTQ dating app

Chinese social media firm NewBorn Town is planning to set up a $100 million fund with an aim to privatise Nasdaq-listed BlueCity Holdings — the operator of Blued, the country’s biggest LGBTQ dating app. The move will also help to up NewBorn Town’s stake in the global social networking and mobile gaming market.