DEALSTREETASIA - Chinese social media firm NewBorn Town is planning to set up a $100M fund with an aim to privatise BlueCity Holdings, the operator of Blued, the country's biggest LGBTQ dating app. BlueCity's founder, chairman, and CEO Baoli Ma currently holds a 30.4% stake in the firm, which means that the buyer group will need to purchase the remaining 69.6% stake, or ~25.9M ADSs, for ~$48M in total. BlueCity has formed an independent special committee to evaluate and consider the going-private proposal. BlueCity started trading on Nasdaq after a $85M IPO in July 2020. Blued, which serves over 60M registered users in 170 countries and regions, offers social networking, live streaming, and health-related services to the LGBTQ community.