SCMP - Ma Baoli is vacating his roles as CEO and chairman. He announced the change with a post to his personal WeChat account. "We have turned ideals into reality and made something impossible possible," Ma wrote, hinting at the difficulties of running a business catering to the LGBTQ community in a country where gay marriage is not legal and the government has taken an increasingly stringent stance against content depicting same-sex relationships. BlueCity grew revenue to reach $107.2M in 2019, the year before going public on the Nasdaq in July 2020, reaching a valuation of ~$800M. However, profitability has proven elusive as the space for LGBTQ groups online in China has shrunk in recent years. BlueCity has not announced a successor for Ma, but a company representative said it would "fulfill its obligation to disclose the information in a timely manner".
by Coco Feng
See full article at SCMP
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