BlueCity (Nasdaq: BLCT) announced Friday that it is launching a campaign that aims to boost LGBTQ acceptance by getting families of community members to better understand their lifestyle amid the Chinese New Year.
The initiative, known as “Let Love Go Home,” intends on offering information and services along with other “issues” that aims to help the LGBTQ community come out clean to family members about their sexual orientation and gender identity, according to a statement posted today by BlueCity.
Through its apps Blued and LESDO, the company conducted a survey that polled 417 users aged 18-40. In its findings, BluCity discovered that while most LGBTQ members want to go home each year and visit their family for the Chinese New Year, nearly half of the respondents have a “complicated attitude toward going home.” Also, more than 70% of respondents have still yet to come out to their families.
“The fast-approaching Spring Festival is usually a time of joyful reunion for families across China, but for many members of the LGBTQ community returning home can present an intense struggle between the self and family acceptance, which stops them from being able to express their true selves and develop self-confidence in their daily lives,” Baoli Ma, the founder, chairman, and chief executive officer of BlueCity said.
He added, “Deeply concerned by this, we recently launched the “Let Love Go Home” campaign, hoping to help our community members to find a greater sense of belonging at home and cultivate more family acceptance for the unique people they are, by reconciling older generations with a more modern, truer sense of what “love” really is.”
After today’s news, BlueCity surged to a 10 week high of $14.77 per American depositary share, up 17% from Thursday’s close. In particular, the stock has been rallying since Jan. 28, with shares now up 54% to date.
The operator of Asia’s biggest LGBTQ+ platform posted better-than-expected revenue for the third quarter. Its revenues jumped 47% year-over-year to $43.8 million. It also experienced positive adjusted net income for the first time.
While the company has struggled with profitability, it may not be too much longer before it breaks even. In 2021, BlueCity is expected to generate profits of 47 million yuan ($7.28 million), according to a consensus of 3 industry analysts covering the company, as cited by Simply Wall St earlier this week.
BlueCity has yet to release a date as to when it will report its fourth-quarter financials.
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