BlueCity debuts on NASDAQ on July 8, 2020, becoming the world’s first LGBTQ-focused company listed in the era of mobile internet. Photo: Courtesy of BlueCity
BlueCity Holdings, owner of China’s biggest gay dating app, Blued, announced on Tuesday that He Health, the brand’s health service platform for men, has officially obtained an internet hospital license in China, joining the wave of online healthcare business.
The establishment of the He Health Internet Hospital means that BlueCity can now offer a more complete set of health services for men, including consultation and advice on issues like erectile dysfunction, premature ejaculation, HIV testing and prevention, as well as drug accessibility services, the company said in a statement shared with the Global Times.
It will close a glaring gap in the field of men’s health in China, a sector that is expected to grow significantly over the next few years.
“We’re delighted to open up what will be China’s first internet hospital focused on men’s health, tapping into a promising sector that we view as a key driver in the brand’s next phase of growth, which is backed up by the eightfold increase in profits BlueCity saw for He Health year-on-year during the fourth quarter of 2020,” mentioned Ma Baoli, founder, Chairman and CEO of BlueCity.
Since its launch in March 2019, He Health has promoted awareness of men’s health and HIV prevention to tens of millions of users in China and its services have gradually expanded from sexually transmitted diseases to wellbeing.
In the fourth quarter of 2020, BlueCity’s revenue, including He Health, increased by 197.6 percent year-on-year to 45.7 million yuan ($7 million).
China’s online healthcare sector began fledgling after the coronavirus pandemic boosted demand for platforms that provide virtual consultations and sell medicine.
According to a report by the business consulting firm Frost and Sullivan, the scale of China’s online healthcare consultations as well as online prescriptions and pharmacy market is expected to reach 523 billion yuan by 2025, indicating that there is a broad space for penetration.
Notably, the report claims that the size of men’s health and healthcare market in China is expected to reach 99.6 billion yuan by 2025.
As one of the LGBTQ+ community’s largest social media companies in Asia, BlueCity owns China’s biggest dating app for gay men.
Monthly active users of BlueCity’s portfolio apps reached 7.6 million in the fourth quarter of last year, an increase of 20.3 percent from the same period in 2019.
BlueCity made its NASDAQ debut in July last year, raising $84.8 million despite the politicized securities regulation by the US to target Chinese stocks.
