The South China Morning Post reports:
The world’s largest gay social media app is now owned by the Chinese, after a little-known Beijing tech company agreed to acquire full control of America’s Grindr for US$240 million, and fully engage in its daily operations.
Beijing Kunlun Tech, a game developer owned by 38-year-old billionaire Zhou Yahui, said on Wednesday it planned to pay US$152 million to buy the remaining 38 per cent stake in Grindr that it does not already own. Kunlun paid about US$88 million for a 62 per cent stake of the social media app in January.
The takeover comes at a time when China, the world’s most populous nation but lagging the West in achieving equal legal status for its homosexual citizens, is cultivating a lucrative industry catering to the social needs of the gay community. China, estimated by a study to have an LGBT group bigger than the entire population of France, is also changing its attitudes towards this community.
Grindr claims to have 27 million registered users. The Chinese gay hookup app Blued claims nearly as many.