Privately held developer of video games Beijing Kunlun Tech Co. Ltd. decided to restart the initiative for the listing of its Grindr Inc. division. The operator of the social network for gay, bisexual, transsexual and queer persons filed documents with the Shenzhen Stock Exchange which revealed it plans to conduct the initial public offering overseas.
Preparations for a floatation were scrapped as the Committee on Foreign Investment in the United States (CFIUS) demanded this year from the parent company to sell back the firm to an entity based in the US. Beijing Kunlun bought the platform in 2016 and later moved its headquarters to China's capital city. Regulators have reportedly expressed concern over the protection of users' personal data including HIV status and email addresses. The Chinese company has said it would comply by the middle of next year. Of note, it has failed to accept a voluntary review by the panel, which raised the issue of the state's attitude toward the LGBTQ community and Beijing Kunlun's connections with the government.
