MrHeer

BlueCity’s He Health launches Mr. Heer, a male consumer health brand

BEIJING, Nov. 5, 2021 /PRNewswire/ — BlueCity (Nasdaq: BLCT) has announced that He Health, its health service platform for men, has officially launched Mr. Heer, a new consumer health brand dedicated entirely to male personal care and sexual health products.

Mr. Heer products include condoms, lubricant, and wet wipes presented in consumer-friendly, discreet packing. The products complement He Health’s service offering by providing users with vital items alongside online sexual health consultation and treatment, as well as HIV-related services.

BlueCity has launched Mr. Heer, a new consumer health brand dedicated entirely to male personal care and sexual health products

BlueCity has launched Mr. Heer, a new consumer health brand dedicated entirely to male personal care and sexual health products

“The reality is that some men have difficulty with or would prefer not to openly discuss private health issues. Moreover, not only is there a lack of quality, functional products aimed at male health in today’s consumer health market, but finding reliable options at a suitable price point can be challenging. With Mr. Heer, we seek to build a consumer health brand that can meet the requirements of modern men, by providing quality, discreet care that ensures peace of mind.” said Ma Baoli, founder, chairman, and CEO of BlueCity, a world-leading online LGBTQ platform.

“In the future, Mr. Heer will continue to leverage BlueCity’s resources to explore the multi-faceted needs of male users when it comes to their everyday health, sexual health, and personal skincare. In doing so, we seek to enhance our understanding of our users and offer them relevant, beneficial products, services, and experiences as part of our comprehensive focus on overall male health.”

In the Chinese market, the specific health needs of men have often been overlooked or insufficiently addressed, due to roadblocks such as insufficient privacy protection, limited channels for purchasing medication, and low awareness of sexual health.

Since its launch in March 2019, He Health has been committed to raising awareness of men’s health and HIV prevention among its millions of users in China. Its services have gradually expanded from sexually transmitted diseases (including HIV) to overall male well-being.

In April 2021, He Health obtained a license to establish a medical institution. It launched its online consultation services in July, with doctors from China’s leading hospitals available for consultations on the platform.

Since then, its health services have grown in scope, covering men’s health consultation, treatment and prescription, and guidance on issues such as erectile dysfunction, premature ejaculation, HIV testing and prevention, and more.

He Health also offers rapid HIV screening, post-exposure prophylaxis (“PrEP”), and post-exposure prophylaxis (“PEP”) services. Today, its PEP express delivery services are available in most of China’s largest cities.

According to a Frost and Sullivan report, China’s male health and healthcare market is expected to reach RMB 99.6 billion (USD 15.6 billion) by 2025. Meanwhile, China’s online health consultation, online prescription, and pharmacy sector is expected to reach RMB 523 billion (USD 81.8 billion) in the same year.

About BlueCity

BlueCity (NASDAQ: BLCT) is a world-leading online LGBTQ community providing a comprehensive suite of services to foster connections and enhance the wellbeing of the LGBTQ community. The company fulfills both the daily and lifelong needs of its members through a wide range of targeted and tailored services, including social networking, livestreaming and health-related services. With commitment to providing high-quality user experience, ensuring privacy protection, and promoting community health and well-being, BlueCity has captured the hearts and minds of LGBTQ people across the globe. Available in 13 languages, BlueCity’s mobile app Blued has connected more than 60 million registered users in about 170 countries and regions. According to Frost and Sullivan 2020, it is the largest online LGBTQ community in China, India, South Korea, Thailand and Vietnam by MAUs.

For more information, please contact BlueCity Holdings Limited at:
Vincent Tang: Tangyue@bluecity.com

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SOURCE BlueCity Holdings Limited

bluecity

BlueCity Announces Changes to Board and Committee Compositions

BEIJING, Nov. 1, 2021 /PRNewswire/ — BlueCity Holdings Limited (“BlueCity” or the “Company”) (NASDAQ: BLCT), a world’s leading online LGBTQ platform, today announced the appointment of Mr. Guojie Shi as a new independent director to its board of directors (the “Board”) and a member of the Board’s compensation committee (the “Compensation Committee”), effective immediately. Ms. Rong (Ruby) Lu has recently resigned from her positions as an independent director, a member of the audit committee (the “Audit Committee”) and the chairperson of the Board’s Compensation Committee. Ms. Lu’s resignation is not a result from any disagreement with the Company.

After the changes, the Board will continue to consist of five members, four of whom are independent directors. The Audit Committee will consist of Mr. Shengwen Rong and Ms. Wenjie Wu, with Mr. Shengwen Rong as the chairperson. The Compensation Committee will consist of Mr. Guojie Shi, Mr. Baoli Ma and Mr. Weiru Chen, with Mr. Guojie Shi as the chairperson.

Mr. Baoli Ma, BlueCity’s Founder, Chairman and Chief Executive Officer, commented: “We appreciate the guidance, dedication, and tremendous contributions Ruby brought to the Company during her tenure on the Board, and it has been a pleasant journey working together. In the meantime, we are also very pleased to welcome Mr. Shi to BlueCity. His extensive experience and expertise in business management and planning for corporate governance will be valuable additions to the Board. We look forward to working closely with him and having his insight and guidance empower the Company as we enter an exciting new stage of growth.”

Mr. Guojie Shi has been a teaching assistant for several courses at Hupan University since 2020. Mr. Shi, a founding member of Taobao.com, had served as the head of its marketing and business development department, and worked in the organization department at Taobao.comKoubei.com, Alibaba Cloud, and Alibaba Group from 2004 to 2013. Prior to that, Mr. Shi served as a marketing manager at A. O. Smith (China) Water Heater Co., Ltd. from 2002 to 2004, a marketing manager at Shanghai Sanming Foodstuff Co., Ltd. from 2000 to 2002, and a brand manager at Ting Hsin International Group Tianjin Tingyi Food Co., Ltd (Shanghai branch) from 1998 to 2002. Mr. Shi received his bachelor’s degree in water conservancy and hydropower engineering from Sichuan University in 1998 and his postgraduate diploma in integrated marketing communications from the University of Hong Kong in 2002.

About BlueCity

BlueCity (NASDAQ: BLCT) is a world-leading online LGBTQ community providing a comprehensive suite of services to foster connections and enhance the wellbeing of the LGBTQ community. The company fulfills both the daily and lifelong needs of its members through a wide range of targeted and tailored services, including social networking, livestreaming and health-related services. With commitment to providing high-quality user experience, ensuring privacy protection, and promoting community health and well-being, BlueCity has captured the hearts and minds of LGBTQ people across the globe. Available in 13 languages, BlueCity’s mobile app Blued has connected more than 60 million registered users in about 170 countries and regions. According to Frost and Sullivan 2020, it is the largest online LGBTQ community in China, India, South Korea, Thailand and Vietnam by MAUs.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” and similar statements. Among other things, business outlook and quotations from management in this announcement, as well as BlueCity’s strategic and operational plans, contain forward-looking statements. BlueCity may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about BlueCity’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. Further information regarding risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is current as of the date of the press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

In China:

BlueCity Holdings Limited
Investor Relations
Phone: +86 10-5876-9662
Email: ir@blued.com

The Blueshirt Group
Ms. Susie Wang
Phone: +86 138-1081-7475
Email: susie@blueshirtgroup.com

In the United States:

The Blueshirt Group
Ms. Julia Qian
Phone: +1 973-619-3227
Email: Julia@blueshirtgroup.com

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SOURCE BlueCity Holdings Limited

Caption_Blued_partners

BlueCity celebrates World Mental Health Day and calls for greater attention to LGBTQ+ well-being

BEIJING, Oct. 11, 2021 /PRNewswire/ — BlueCity (Nasdaq: BLCT), a world-leading LGBTQ platform that provides a full suite of services to foster connections and enhance the well-being of the LGBTQ community, is calling on the world to recognize and support under-represented groups this World Mental Health Day with a feature video and various campaigns across the globe.

Held annually on October 10, World Mental Health Day was established in 1992 to shine the spotlight on mental health. It carries the theme of “Mental Health in an Unequal World” this year.

Blued partners with the Mexican actor Polo Morín on a video telling stories from under-represented groups within the LGBTQ+ community.

Partnering with the Mexican actor Polo Morín, Blued, BlueCity’s leading app connecting more than 60 million users worldwide, has released a touching video to raise the visibility of different sub-groups within the LGBTQ+ community.

In addition to these video stories, Blued has also donated to organizations dedicated to promoting the well-being of marginalized groups.

“I carry this experience in my heart and I want to raise my voice,” says Morin, who is openly gay. “Shining a light on diversity will help us connect with each other and create a real community, so that we never feel alone.”

In August, BlueCity launched its ongoing web series Queer Mind in collaboration with mental health professionals in China. The series sheds light on the major mental health issues facing the LGBTQ+ community, including depression, anxiety, angst around coming out, HIV and AIDS-phobia, and more.

To provide users with support and care during the pandemic, Blued launched the Stay at home with Blued initiative across Asia and Latin America, encouraging users to connect on Blued as they stayed at home. In doing so, it sought to ensure that members of the community felt united despite the distance.

BlueCity also joined hands with UNAIDS for Zero Discrimination Day this March, activating a series of awareness-building events aimed at ending inequality across societies in the Asia-Pacific region.

While homosexuality was officially declassified as a mental illness by the World Health Organization (WHO) in 1990, certain members of the LGBTQ+ community continue to face social stigma, structural inequality, and a lack of public support. This year’s World Mental Health Day theme also underlines the pressing need for the world to focus on health beyond the physical in a sustained way, as countries across the globe continue to combat the pandemic.

About BlueCity

BlueCity (NASDAQ: BLCT) is a world-leading online LGBTQ platform providing a full suite of services to foster connections and enhance the wellbeing of the LGBTQ community through its portfolio of brands. BlueCity’s mobile app Blued enables users to conveniently and safely connect with each other, express themselves and access professional health-related services. Available in 13 languages, Blued connects users in about 170 countries and it is the largest online LGBTQ community in China, India, Korea, Thailand and Vietnam.

Media Contact:

Vincent Tang
+86 15801558325
Tangyue@blued.com

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SOURCE BlueCity Holdings Limited

bluecity

Blued affirms commitment to privacy with TrustArc’s TRUSTe Enterprise Privacy Certification

BEIJING, Sept. 9, 2021 /PRNewswire/ — Blued, a world-leading online LGBTQ+ community platform connecting more than 60 million users across continents, has announced that the international edition of its app has received the TRUSTe Enterprise Privacy Certification from TrustArc, a leader in data privacy management and automation.

This certification demonstrates compliance with major global privacy frameworks, including Europe’s GDPR, Asia-Pacific’s APEC, and California’s CCPA, with Blued joining the ranks of world-leading clients such as AIG, BMW, IBM and Xiaomi.

“This certification is yet another demonstration of Blued’s unrelenting commitment to protecting user privacy,” says Leo Zhao, Chief Risk Officer of BlueCity, Blued’s parent company.

“When individuals engage and act online, they do so with the expectation that their data will be guarded and handled with care. Blued goes to great lengths to do so, and we believe that it is essential to show our community that Blued is a safe and private space.”

This certification follows a host of stringent measures on the part of Blued to protect user identity and privacy, including prohibiting screenshots and screen recordings during livestreams and video calls on the international edition. To prevent users from capturing screenshots or recordings, the iOS version of Blued produces a blank page after a screenshot is attempted, while the Android version prevents a screenshot from being taken altogether.

In addition to these protective measures, Blued’s “Private Album” feature ensures that faces do not appear in the album’s public thumbnails and that viewers can only access the album’s photos when given authorization by the owner. Meanwhile, photos that are sent in Blued disappear within seconds of being read, preventing users from capturing screenshots.

About BlueCity

BlueCity (NASDAQ: BLCT) is a world-leading online LGBTQ platform providing a full suite of services to foster connections and enhance the wellbeing of the LGBTQ community through its portfolio of brands. BlueCity’s mobile app Blued enables users to conveniently and safely connect with each other, express themselves and access professional health-related services. Available in 13 languages, Blued connects users in about 170 countries and it is the largest online LGBTQ community in China, India, Korea, Thailand and Vietnam. BlueCity’s portfolio of brands also includes Finka, a leading gay social networking app for a younger generation in China, and LESDO, a leading lesbian social networking app in China.

Media Contact:

Vincent Tang
+86 15801558325
Tangyue@blued.com

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SOURCE BlueCity Holdings Limited

Blued_lauches_Super_Idol

Blued launches Super Idol to showcase the vibrant talent within the global LGBTQ+ community

BEIJING, Sept. 8, 2021 /PRNewswire/ — Blued, a world-leading online LGBTQ+ community platform connecting more than 60 million users across continents, is set to launch “Super Idol”, a talent competition showcasing LGBTQ+ talent this month in Asia.

“Despite the restrictions brought about by the pandemic, 2021 is shaping up to be a landmark year for the celebration of the diversity and spirit within the global LGBTQ+ community,” said Liam Lu, Head of Blued International.

“To provide a platform on which our users around the world can showcase their talent, Blued is launching ‘Super Idol’, to highlight the exceptional qualities that lie within all of us.”

To participate in “Super Idol”, aspiring contestants must post their entries, ranging from singing, dancing to standup comedy, on their social media accounts and tag the official Blued account first. Of the contestants, 30 will be selected to advance to the semi-finals, during which they will be asked to perform a series of challenges.

From there, the top five will compete for the title of Blued’s first “Super Idol”. The winner, as well as the voting audiences, stand a chance to win cash prizes of up to $22,000.

Available in 13 languages, Blued connects users in about 170 countries and it is the largest online LGBTQ community in China, India, Korea, Thailand and Vietnam. Blued is the world’s first LGBTQ+ app to introduce a live streaming feature in 2016.

It also introduced Voice Chat Rooms and Quick Chat—functions for live audio conversations and video call speed dating, respectively, during the pandemic

In June, Blued launched its new global brand video and #LiveYourPride global campaign for Pride 2021, which also included local activations in markets around the world.

About Blued

Mobile app Blued is a location-based social networking service that allows the LGBTQ community to conveniently and safely connect with each other and express themselves, integrating live streaming services with customizable social news feeds, video and voice calls, as well as access to professional health-related services in selected markets. Blued, the central hub for world-leading LGBTQ platform BlueCity (NASDAQ: BLCT), is available in 13 languages and has connected more than 60 million registered users in about 170 counties. It is now the largest online LGBTQ community in China, India, South Korea, Thailand and Vietnam and has local operations in Brazil, China, India, Japan, Mexico, the Philippines, South Korea, Thailand, the US and Vietnam.

Media Contact: 

Vincent Tang
15801558325

Tangyue@blued.com

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SOURCE BlueCity Holdings Limited

bluecity

BlueCity Announces Second Quarter 2021 Unaudited Financial Results

— 18.0% year-over-year revenue growth–
— 58.1% year-over-year total paying user growth–

BEIJING, Aug. 24, 2021 (GLOBE NEWSWIRE) — BlueCity Holdings Limited (“BlueCity” or the “Company”) (Nasdaq: BLCT), a leading online LGBTQ platform, today announced its unaudited financial results for the second quarter ended June 30, 2021.

Second Quarter 2021 Highlights

  • Total revenues reached RMB291.9 million (US$45.2 million), an increase of 18.0% from the same period in 2020.
  • Net loss was RMB35.0 million (US$5.4 million), compared with net loss of RMB3.3 million in the second quarter of 2020.
  • Adjusted Net Loss1 (Non-GAAP) was RMB38.4 million (US$5.9 million), compared with adjusted net loss (non-GAAP) of RMB3.0 million in the second quarter of 2020.
  • Monthly active users (“MAUs”) of BlueCity’s portfolio apps2 reached 8.3 million, an increase of 29.3% from the same period in 2020.
  • Total paying users3 of BlueCity’s portfolio apps reached 724 thousand, an increase of 58.1% compared with 458 thousand in the second quarter of 2020.

Mr. Baoli Ma, BlueCity’s Founder, Chairman and Chief Executive Officer, commented: “We are pleased to announce another healthy quarter as we continued to optimize our product offerings with strong user engagement growth. Total MAU grew by 29.3% year over year, reaching 8.3 million. Our total paying users grew by 58.1% year over year to 724 thousand. We are excited to see this strong growth, which reflects our dedication in optimizing products and cultivating our users’ consumption habits. We remain committed to actively exploring new ways to enrich our product and service offerings, and are optimistic in further expanding our monetization capabilities.”

Mr. Ma added: “Significant progress was achieved and maintained in an upwards trend with He Health. In late July, we officially launched online consultation services with dozens of doctors from China’s top hospitals. Thousands of men have had consultations since launch, illustrating again the huge demand of this flourishing business sector. We will continue to devote resources and initiate a wide range of activities to promote health awareness for men and expand geographic coverage of our fast-delivery services, and believe we can achieve meaningful progress in the near future with our inherent competitive value and first-mover advantages with a focus on men’s health.”

Mr. Junchen Sun, BlueCity’s acting Chief Financial Officer commented: “We achieved healthy growth among all of our business sectors for the second quarter. Total revenues grew by 18.0% year over year to RMB291.9 million. Revenues from He Health grew significantly by 134.5% year over year. By optimizing our content offerings and enriching customized services, membership services revenue also achieved a strong growth of 113.0% year over year. These results demonstrate both the strength of our strategy and our ability to execute. We are confident about our product roadmap and execution velocity.”

Second Quarter 2021 Financial Results

Total Revenues

Total revenues were RMB291.9 million (US$45.2million), representing an increase of 18.0% year-over-year.

Live streaming services. Revenues from live streaming services reached RMB223.0 million (US$34.5 million), representing an increase of 6.1% from the same period of 2020. The increase was primarily resulted from the growth in the number of paying users for live streaming services.

Membership services. Revenues from membership services reached RMB33.7 million (US$5.2 million), representing an increase of 113.0% from the same period of 2020. The increase was primarily due to the significant increase in the number of paying users benefited from new membership service offerings on the Company’s portfolio apps.

Advertising services. Revenues from advertising services reached RMB18.0 million (US$2.8 million), representing an increase of 67.7% from the same period of 2020, the increase was primarily due to the Company’s enhanced efforts to attract more advertisers with new advertising and marketing solutions as well as improved advertising efficiency.

Merchandise sales. Revenues from merchandise sales of “He Health” reached RMB15.3 million (US$2.4 million), representing an increase of 134.5% from the same period of 2020. The increase was primarily due to the continuous expansion of the Company’s health-related services.

Others. Revenues from other services were RMB1.9 million (US$0.3 million), representing a decrease of 53.9% from RMB4.2 million in 2020. The decrease was primarily due to the decreased revenue from family planning services as the Company no longer provides these services since March 2021.

Cost and expenses

  • Cost of revenues. The cost of revenues was RMB192.1 million (US$29.8 million), representing an increase of 12.9% year-over-year. The increase was primarily due to the growth of revenue-sharing costs along with the growth of live streaming services, the increased cost of products in connection with the growth of “He Health” merchandise sales as well as the increased staff cost.
  • Selling and marketing expenses. Selling and marketing expenses were RMB68.9 million (US$10.7 million), representing an increase of 68.2% year-over-year. The increase was mainly due to the increased advertising and promotion expenses, the increased staff cost and share-based compensation expenses.
  • Technology and development expenses. Technology and development expenses were RMB51.6 million (US$8.0 million), representing an increase of 64.6% year-over-year. The increase was mainly due to the increased staff cost in technology related department, the increase in content, server and bandwidth cost in line with our business growth as well as share-based compensation expenses.
  • General and administration expenses. General and administrative expenses were RMB15.4 million (US$2.4 million), representing an increase of 49.4% year-over-year. The increase was mainly due to the increased professional fees as well as staff cost, partially offset by the decrease of share-based expenses due to the forfeiture of stock options.

Operating loss

Operating loss was RMB36.2 million (US$5.6 million), compared with a loss of RMB5.5 million in the second quarter of 2020.

Income tax benefit

Income tax benefit were RMB426 thousand (US$66 thousand), compared with income tax benefit amounted to RMB156 thousand in the second quarter of 2020.

Net loss

Net loss was RMB35.0 million (US$5.4 million), compared with net loss of RMB3.3 million in the second quarter of 2020.

Adjusted net loss (Non-GAAP) 4

Adjusted net loss was RMB38.4 million (US$5.9 million) compared with adjusted net loss of RMB3.0 million in the second quarter of 2020.

Cash and cash equivalents and term deposits

As of June 30, 2021, the Company had cash and cash equivalents and term deposits of RMB453.7 million (US$70.3 million), compared to RMB611.8 million as of December 31, 2020.

Business Outlook

For the full year 2021, the Company expects total revenues to be between RMB1.15 billion to RMB1.20 billion, representing year-over-year growth of 12% to 16%. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Conference Call

BlueCity’s management team will host an earnings conference call at 8:00 AM on Tuesday, August 24, 2021, U.S. Eastern Time (8:00 PM on August 24, 2021, Beijing/Hong Kong Time).

Please register in advance of the conference using the link provided below. Conference access information will be provided upon registration.

Participant Online Registrationhttp://apac.directeventreg.com/registration/event/5799482

A replay of the conference call may be accessed by phone at the following numbers until September 1, 2021. To access the replay, please reference the conference ID 5799482.

Phone Number
International +61 2 8199-0299
United States +1 (855) 452-5696
Hong Kong +852 800963117
Mainland China +86 4006322162
+86 8008700205

A live and archived webcast of the conference call will be available on the company’s investors relations website at https://ir.blue-city.com/.

About BlueCity

BlueCity (NASDAQ: BLCT) is a world-leading online LGBTQ platform providing a full suite of services to foster connections and enhance the wellbeing of the LGBTQ community through its portfolio of brands. BlueCity’s mobile app Blued enables users to conveniently and safely connect with each other, express themselves and access professional health-related services. Available in 13 languages, it is the largest online LGBTQ community in China, India, Korea, Thailand and Vietnam. BlueCity’s portfolio of brands also includes Finka, a leading gay social networking app for a younger generation in China, and LESDO, a leading lesbian social networking app in China.

Use of Non-GAAP Financial Measures

The Company uses non-GAAP measures, such as Adjusted net loss, in evaluating its operating results and for financial and operational decision-making purposes. The Company defines Adjusted net loss as net loss before share-based compensation expenses, amortization related to intangible assets resulting from acquisitions, income tax related to intangible assets resulting from acquisitions, and changes in fair value of financial instruments. The Company believes that the non-GAAP financial measures help identify underlying financial and business trends relating to its results of operations that could otherwise be distorted by the effect of certain expenses that the Company includes in net loss. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

Each of the non-GAAP financial measures should not be considered in isolation or construed as an alternative to its comparable GAAP measure or any other measure of performance or as an indicator of the Company’s operating performance. Investors are encouraged to review the Company’s most directly comparable GAAP measures in conjunction with the non-GAAP financial measures. The non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.4566 to US$1.00, the noon buying rate in effect on June 30, 2021 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” and similar statements. Among other things, business outlook and quotations from management in this announcement, as well as BlueCity’s strategic and operational plans, contain forward-looking statements. BlueCity may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about BlueCity’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s ability to retain and increase the number of users, paying members and advertisers, and expand its product and service offerings; the Company’s future business development, financial condition and results of operations; the expected changes in the Company’s revenues, costs or expenditures; the Company’s expectation regarding the use of proceeds from its IPO; competition in the Company’s industry and its popularity within the LGBTQ population; and relevant government policies and regulations relating to the Company’s industry; and the development and impacts of COVID-19. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is current as of the date of the press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

In China:

BlueCity Holdings Limited
Ms. Lingling Kong
Investor Relations Director
Phone: +86 10-5876-9662
Email: ir@blued.com

The Blueshirt Group
Ms. Susie Wang
Phone: +86 138-1081-7475
Email: susie@blueshirtgroup.com

In the United States:

The Blueshirt Group
Ms. Julia Qian
Phone: +1 973-619-3227
Email: Julia@blueshirtgroup.com

BlueCity Holdings Limited
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
As of December 31,
2020
As of June 30, 2021
RMB RMB US$
ASSETS
Current assets:
Cash and cash equivalents 439,492,788 344,556,719 53,365,040
Term deposits 172,257,360 109,175,690 16,909,161
Accounts receivable, net 5,588,023 13,164,831 2,038,973
Inventories 6,853,202 7,225,055 1,119,019
Prepayments and other current assets 58,629,416 112,655,733 17,448,151
Total current assets 682,820,789 586,778,028 90,880,344
Non-current assets:
Investment securities 50,000
Property and equipment, net 11,445,548 14,035,175 2,173,772
Intangible assets, net 52,084,512 51,210,732 7,931,532
Goodwill 196,002,568 191,560,426 29,668,932
Other non-current assets 2,426,128 2,446,246 378,875
Total non-current assets 262,008,756 259,252,579 40,153,111
TOTAL ASSETS 944,829,545 846,030,607 131,033,455
LIABILITIES
Current liabilities:
Accounts payable 20,372,680 27,578,042 4,271,295
Deferred revenue 35,226,237 37,768,011 5,849,520
Income tax payable 2,122,765 2,517,891 389,972
Accrued expenses and other current liabilities 118,958,796 105,116,854 16,280,526
Total current liabilities 176,680,478 172,980,798 26,791,313
Non-current liabilities
Deferred income tax liabilities 10,954,883 10,528,316 1,630,629
Total non-current liabilities 10,954,883 10,528,316 1,630,629
Total liabilities 187,635,361 183,509,114 28,421,942
SHAREHOLDERS’ EQUITY:
Ordinary shares5 12,018 12,419 1,923
Additional paid-in capital 2,188,870,625 2,191,958,362 339,491,120
Accumulated other comprehensive loss (107,514,737 ) (118,180,124 ) (18,303,770 )
Accumulated deficit (1,324,173,722 ) (1,411,269,164 ) (218,577,760 )
Total shareholders’ equity 757,194,184 662,521,493 102,611,513
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 944,829,545 846,030,607 131,033,455
BlueCity Holdings Limited
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
For the Three Months Ended June 30, For the Six Months Ended June 30,
2020 2021 2020 2021
RMB RMB US$ RMB RMB US$
Revenues 247,439,121 291,883,490 45,206,996 454,912,531 563,014,350 87,199,819
Cost and expenses:
Cost of revenues (170,256,207 ) (192,147,582 ) (29,759,871 ) (309,469,419 ) (377,235,822 ) (58,426,389 )
Selling and marketing expenses (40,963,706 ) (68,908,693 ) (10,672,597 ) (79,574,875 ) (134,256,422 ) (20,793,672 )
Technology and development expenses (31,336,233 ) (51,568,967 ) (7,987,016 ) (61,618,771 ) (99,746,991 ) (15,448,842 )
General and administrative expenses (10,333,962 ) (15,436,516 ) (2,390,812 ) (20,124,281 ) (40,645,940 ) (6,295,254 )
Total cost and expenses (252,890,108 ) (328,061,758 ) (50,810,296 ) (470,787,346 ) (651,885,175 ) (100,964,157 )
Operating loss (5,450,987 ) (36,178,268 ) (5,603,300 ) (15,874,815 ) (88,870,825 ) (13,764,338 )
Change in fair value of financial instruments (387 ) (5,270 )
Interest income 1,945,683 737,797 114,270 4,376,602 947,077 146,684
Loss before income taxes (3,505,691 ) (35,440,471 ) (5,489,030 ) (11,503,483 ) (87,923,748 ) (13,617,654 )
Income tax benefit 155,928 426,252 66,018 540,642 828,306 128,288
Net loss (3,349,763 ) (35,014,219 ) (5,423,012 ) (10,962,841 ) (87,095,442 ) (13,489,366 )
Reversal of accretion and modification of Redeemable Convertible Preferred Shares to redemption value 264,368,945 244,080,678
Net income/(loss) available for distribution 261,019,182 (35,014,219 ) (5,423,012 ) 233,117,837 (87,095,442 ) (13,489,366 )
Net loss (3,349,763 ) (35,014,219 ) (5,423,012 ) (10,962,841 ) (87,095,442 ) (13,489,366 )
Other comprehensive income/(loss)
Unrealized gain on an available-for-sale investment, net of nil income taxes 1,123,335 772,948
Foreign currency translation adjustment, net of nil income taxes 3,256,853 (12,408,052 ) (1,921,763 ) (19,902,688 ) (10,665,387 ) (1,651,858 )
Comprehensive income/(loss) 1,030,425 (47,422,271 ) (7,344,775 ) (30,092,581 ) (97,760,829 ) (15,141,224 )
BlueCity Holdings Limited
NOTES TO UNAUDITED FINANCIAL INFORMATION
  For the Three Months Ended June 30,
  For the Six Months Ended June 30,
2020 2021 2020 2021
RMB RMB
US$
RMB
RMB
US$
Share-based compensation expenses included in:
—Cost of revenues 167,972 26,016 1,023,006 158,443
—Selling and marketing expenses 1,092,857 169,262 3,796,512 588,005
—Technology and development expenses 1,255,670 194,478 2,614,641 404,956
—General and administrative expenses (7,525,573 ) (1,165,563 ) (4,386,058 ) (679,314 )
Total (5,009,074 ) (775,807 ) 3,048,101 472,090
Amortization related to intangible assets resulting from acquisitions included in:
—Cost of revenues 411,086 1,640,975 254,155 411,086 3,097,351 479,719
—Selling and marketing expenses 518,840 80,358 1,037,680 160,716
Total 411,086 2,159,815 334,513 411,086 4,135,031 640,435
Unaudited Reconciliations of GAAP and Non-GAAP Results
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2020 2021 2020 2021
RMB RMB US$ RMB RMB
US$
Net loss (3,349,763 ) (35,014,219 ) (5,423,012 ) (10,962,841 ) (87,095,442 ) (13,489,366
)
Add:
Share-based compensation expenses (5,009,074 ) (775,807 ) 3,048,101 472,090
Amortization related to intangible assets resulting from acquisitions 411,086 2,159,815 334,513 411,086 4,135,031 640,435
Income tax related to intangible assets resulting from acquisitions (102,772 ) (539,954 ) (83,628 ) (102,772 ) (1,033,758 ) (160,109 )
Changes in fair value of financial instruments 387 5,270
Adjusted net loss (3,041,062 ) (38,403,432 ) (5,947,934 ) (10,649,257 ) (80,946,068 ) (12,536,950 )

_______________________
1 Adjusted Net Loss, a non-GAAP financial measure, represents net loss excluding share-based compensation expenses, amortization related to intangible assets resulting from acquisitions, income tax related to intangible assets resulting from acquisitions and changes in fair value of financial instruments. For further information, please see “Use of Non-GAAP Financial Measures” and “Unaudited Reconciliations of GAAP and non-GAAP results” at the bottom of this release.
2 BlueCity’s portfolio apps include Blued, LESDO and Finka. We count MAUs of LESDO and Finka into our MAUs, starting from September 2020 and December 2020, respectively, without eliminating duplicates among our portfolio apps.
3 “Total paying users” is to the total number of users who paid for virtual currency (which can be used to purchase and send virtual gifts in live streaming) and membership services. A user who makes payments for different services offered on the Company’s platform using the same registered account is counted as one paying user.
4 Adjusted net loss is a non-GAAP financial measure. For more information on non-GAAP financial measures, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth at the end of this press release.
5 As of June 30, 2021, there were 13,327,699 Class A Ordinary Shares and 5,114,840 Class B ordinary shares issued and outstanding.

Blued-prohibits-screenshots-and-recordings-to-protect-user-privacy-img

Blued prohibits screenshots and recordings to protect user privacy

BEIJING, Aug. 4, 2021 /PRNewswire/ — Blued, a world-leading online LGBTQ community platform connecting over 60 million users across continents, has introduced a series of new features, including prohibiting screenshots and screen recordings, to protect user identity and privacy.

Blued’s privacy protection measures include prohibiting screen captures during live streaming once the broadcasters enable the function. Blued also doesn’t allow screenshots and screen recordings during video calls in order to protect all users involved.

To prevent users from capturing screenshots or recordings during live streaming, the iOS version of Blued produces a blurred page after a screenshot is attempted.

“At Blued, we believe that privacy is of the utmost importance, especially for the LGBTQ community. We have always gone to great lengths to ensure the safety and security of our members.” says Liam Lu, head of Blued International.

“In light of the recent events that have occurred at the Olympics, which have raised widespread concerns regarding the privacy of social media apps, we are ramping up our efforts and introducing a series of new features to create a safer environment for everyone.”

To prevent users from capturing screenshots or recordings, the iOS version of Blued produces a blurred page after a screenshot is attempted, while the Android version prevents a screenshot from being taken altogether.

In addition to these protective measures, the “Private Album” feature ensures that faces do not appear in the album’s public thumbnails and that viewers can only access the album’s photos when given authorization by the owner. Meanwhile, users can choose to send photos which can disappear within seconds of being read, preventing users from capturing screenshots.

To help users hide evidence of the Blued app on their phones, Blued enables paid members to replace the app icon with another image, thus preventing others from uncovering it.

About Blued

Mobile app Blued is a location-based social networking service that allows the LGBTQ community to conveniently and safely connect with each other and express themselves, integrating livestreaming services with customizable social news feeds, video and voice calls, as well as access to professional health-related services in selected markets. Blued, the central hub for world-leading LGBTQ platform BlueCity (NASDAQ: BLCT), is available in 13 languages and has connected more than 60 million registered users in about 170 counties. It is now the largest online LGBTQ community in China, India, South Korea, Thailand and Vietnam and has local operations in Brazil, China, India, Japan, Mexico, the Philippines, South Korea, Thailand, the US and Vietnam.

Media Contact:
Vincent Tang
E-mail: 
Tangyue@blued.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/blued-prohibits-screenshots-and-recordings-to-protect-user-privacy-301348255.html

SOURCE BlueCity Holdings Limited

86 15801558325

bluecity

BlueCity’s He Health launches online consultation services, accelerating its foray into digital health

BEIJING, July 27, 2021 /PRNewswire/ — BlueCity (Nasdaq: BLCT) has announced that He Health, the brand’s health service platform for men, has officially launched its online consultation services with tens of doctors from China’s top hospitals available during the launch phase, marking a significant step forward in its digital health strategy.

As China’s first Internet hospital platform dedicated entirely to male health, He Health focuses on male sexual health, sexually transmitted diseases (STDs), and everyday health and nutrition. The online consultation function will enable users to easily access a full range of digital health services, including doctor consultations, medical guidance, testing and health report analysis, and health management.

Currently, He Health’s online consultations will center primarily on andrology, dermatology, and HIV/AIDS, addressing in particular sexual dysfunction and HIV/STDs.

BlueCity launched He Health in 2019, in the aim to tackle the lack of health awareness, limited medication purchase channels, and ineffective privacy protection that many men face when it comes to their sexual and overall health. He Health seeks to provide men with convenient, private, and friendly medical services, combining online consultation and prescription with the offline delivery of medication.

In April 2021, He Health obtained an Internet hospital license, and it announced in the following month the expansion of its post-exposure prophylaxis (PEP) express delivery services from 40 cities in China to 100 by the end of 2021, bringing its two-hour delivery of critical HIV-blocking medication to more members of the community.

In the first quarter of this year, revenue from He Health reached RMB 11.4 million (USD 1.8 million), growing 297.7% year-over-year.

According to a Frost and Sullivan report commissioned by BlueCity, the scale of China’s online health consultation as well as online prescription and pharmacy market is expected to reach RMB 523 billion (USD 80.3 billion) by 2025, and the digital medical market has a broad space for penetration into the healthcare field. Notably, the report claims the size of men’s health and healthcare market in China is expected to reach RMB 99.6 billion (USD 15.2 billion) by 2025.

As part of the launch of its online consultation services, He Health has also kick-started a wide range of activities aimed at boosting health awareness and knowledge. This includes allowing users to pose questions on topics such as HIV, participate in a live Q&A with three leading doctors, and enjoy free, limited-time consultations with special experts. Moving forward, BlueCity will leverage livestream, video, graphics, and other engaging formats to enable a wider range of men to equip themselves with important knowledge so as to ensure their health and safety.

About BlueCity

BlueCity (NASDAQ: BLCT) is a world-leading online LGBTQ platform providing a full suite of services to foster connections and enhance the wellbeing of the LGBTQ community through its portfolio of brands. BlueCity’s mobile app Blued enables users to conveniently and safely connect with each other, express themselves and access professional health-related services. Available in 13 languages, Blued connects users in about 170 countries and it is the largest online LGBTQ community in China, India, Korea, Thailand and Vietnam. BlueCity’s portfolio of brands also includes Finka, a leading gay social networking app for a younger generation in China, and LESDO, a leading lesbian social networking app in China.

View original content:https://www.prnewswire.com/news-releases/bluecitys-he-health-launches-online-consultation-services-accelerating-its-foray-into-digital-health-301341909.html

SOURCE BlueCity Holdings Limited

BlueCity Holdings Limited, +86 15801558325

bluecity

BlueCity Appoints Alfred Chung-Chieh Ying as Chief Strategy Officer

BEIJING, July 15, 2021 /PRNewswire/ — BlueCity Holdings Limited (“BlueCity” or the “Company”) (NASDAQ: BLCT), a leading online LGBTQ platform, today announced the appointment of Mr. Alfred Chung-ChiehYing as the Company’s Chief Strategy Officer, effective immediately. Mr. Ying joins BlueCity’s executive leadership team to focus on BlueCity strategy, capital markets, mergers and acquisitions.

Mr. Ying brings with him over 20 years of capital market experience and extensive knowledge in corporate finance, capital raising, business development, and strategy. Prior to joining BlueCity, he served as Chief Financial Officer at Healthever Biotech and iFresh, where he was responsible for leading financial operations including accounting and control, financial planning and analysis, operations finance, investor relations, and external reporting. Before his tenure at iFresh, Mr. Ying served as the director of investor relations and senior advisor to the board at Safe-Run Machinery (Suzhou), vice president of equity research at Piper Jaffrey Asia Securities Ltd, and vice president of investment banking for the consumer industry at China Minsheng Banking Corp. He had also previously held positions as vice president of investor relations and M&A at Daphne International Holdings, executive vice president of equity research at Grand Cathay Securities, and served as deputy managing director for APAC high-technology research and Taiwan regional representative at BNP Paribas Peregrine Securities Ltd. Mr. Ying received his Master of Business Administration Degree from the University of New South Wales, Master of Science Degree in Mechanical Engineering from the National Chiao Tung University, and Bachelor of Science Degree in Mechanical Engineering from the National Cheng Kung University.

Mr. Baoli Ma, BlueCity’s Founder, Chairman, and Chief Executive Officer commented: “Mr. Ying is an experienced executive with a proven track record of improving operational efficiency and driving business development and strategy. We warmly welcome Mr. Ying to our leadership team as CSO, and fully believe his extensive background in capital markets and strategic planning will be of great value to BlueCity. Our entire team looks forward to working closely with Mr. Ying just as our business enters a new phase with exciting growth ahead.”

About BlueCity

BlueCity (NASDAQ: BLCT) is a world-leading online LGBTQ platform providing a full suite of services to foster connections and enhance the wellbeing of the LGBTQ community through its portfolio of brands. BlueCity’s mobile app Blued enables users to conveniently and safely connect with each other, express themselves and access professional health-related services. Available in 13 languages, Blued connects users in about 170 countries and it is the largest online LGBTQ community in China, India, Korea, Thailand and Vietnam. BlueCity’s portfolio of brands also includes Finka, a leading gay social networking app for a younger generation in China, and LESDO, a leading lesbian social networking app in China.

For more information, please contact:

In China

BlueCity Holdings Limited
Ms. Lingling Kong
Investor Relations Director
Phone: +86 10-5876-9662
Email: ir@blued.com

The Blueshirt Group
Ms. Susie Wang
Phone: +86 138-1081-7475
Email: susie@blueshirtgroup.com

In the United States:

The Blueshirt Group
Ms. Julia Qian
Phone: +1 973-619-3227
Email: Julia@blueshirtgroup.com 

View original content:https://www.prnewswire.com/news-releases/bluecity-appoints-alfred-chung-chieh-ying-as-chief-strategy-officer-301334523.html

SOURCE BlueCity Holdings Limited

bluecity

BlueCity stays true to its mission as it celebrates 1-year IPO anniversary

The world’s first publicly-traded LGBTQ+ platform in the era of mobile internet caps off a year of major milestones

BEIJING, July 8, 2021 /PRNewswire/ — BlueCity, a world-leading LGBTQ+ community platform providing a full suite of services to foster connection and enhance well-being within the community, is celebrating one year since its landmark IPO on July 8, 2020, when it became the world’s first publicly-traded LGBTQ+ social network. Over the past year, BlueCity has continued to advance in its solid growth strategy, with significant achievements in the areas of business and user growth, health services expansion, and public awareness campaigns and initiatives.

“Since our groundbreaking IPO, BlueCity has continued on an upward trajectory, with our platforms today connecting more than 70 million users worldwide, further cementing our leading position,” says Baoli Ma, founder, Chairman, and CEO of BlueCity.

“In the past year, we’ve expanded the scope of the BlueCity portfolio to better serve different LGBTQ+ subgroups, launched a spirited pride campaign, boosBCLTted our health service capabilities, and partnered with UNAIDS to help bring an end to the discrimination faced by members of our community. Moving forward, we will continue to stay true to our mission and better meet the needs of the global LGBTQ community with our products and services.”

BlueCity’s post-IPO milestones

In 2020, BlueCity acquired LESDO, a location-based social network app for China’s lesbian community, and Finka, a leading youth-focused gay social network app. Both acquisitions are part of BlueCity’s overarching strategy to serve the many subgroups that make up the broader LGBTQ+ community.

Faced with the challenge of encountering others during the pandemic, Blued, BlueCity’s major dating app, launched a series of new features to complement its location-based social networking and livestream services. This includes the live video speed-dating “Meet” feature and the audio-only “Voice Chat Room”, which open up different ways to connect, according to users’ personal preferences.

Meanwhile, to celebrate Pride 2021, Blued launched the #liveyourpride global campaign to encourage the everyday embrace of values such as inclusion and self-expression, with a host of digital and local market activations enabling the community to connect safely yet together. Besides a new global brand video and a vibrant rainbow UI to commemorate the special month, the app hosted “Blued Nightclub”, which leveraged diverse formats to create an immersive and compelling virtual club experience.

Also in June 2021, BlueCity announced that He Health, the brand’s health service platform for men, is set to introduce comprehensive online consultation services and expand its PEP (post-exposure prophylaxis) express delivery network in the second half of the year, from 40 Chinese cities to 100. This follows He Health’s obtention of an Internet hospital license in April, which enables BlueCity to provide a wider range of services via its own platform.

In the lead-up to World AIDS Day last year, BlueCity donated RMB 1 million to a range of non-profit organizations, to support HIV/AIDS prevention and control efforts within their local communities. This year, for Zero Discrimination Day on March 1, BlueCity partnered with UNAIDS on its #endinequality campaign, supporting a month-long series of awareness-building events aimed at ending LGBTQ+ stigma in the Asia Pacific region.

In the first quarter of 2021, the average monthly active users of BlueCity’s portfolio of apps have reached 8.3 million, surging 37.5% year-on-year. Meanwhile, total paying users have reached 640,000, up 47.8% from 433,000 in the first quarter of 2020.

About BlueCity

BlueCity (NASDAQ: BLCT) is a world-leading online LGBTQ platform providing a full suite of services to foster connections and enhance the wellbeing of the LGBTQ community through its portfolio of brands. BlueCity’s mobile app Blued enables users to conveniently and safely connect with each other, express themselves and access professional health-related services. Available in 13 languages, Blued connects users in about 170 countries and it is the largest online LGBTQ community in China, India, Korea, Thailand and Vietnam. BlueCity’s portfolio of brands also includes Finka, a leading gay social networking app for a younger generation in China, and LESDO, a leading lesbian social networking app in China.

Lingling Kong
ir@blued.com

Vincent Tang
tangyue@blued.com

View original content:https://www.prnewswire.com/news-releases/bluecity-stays-true-to-its-mission-as-it-celebrates-1-year-ipo-anniversary-301327882.html

SOURCE BlueCity Holdings Limited

+86 15801558325