Beijing Kunlun buys 60% of US dating app

Chinese Internet game developer Beijing Kunlun Tech Co has purchased a controlling stake in US gay dating application Grindr to broaden its product portfolio and add new revenue streams.

Beijing Kunlun paid $93 million in cash for a 60 percent share in New Grindr LLC, which values the six-year-old startup at $155 million. Consequent to the announcement, Beijing Kunlun shares climbed by the maximum daily 10 percent limit on Tuesday to 36.47 yuan ($5.53) on the Shenzhen Stock Exchange.

Grindr has 10.5 million users in more than 196 countries and regions, with 30 percent of them from the United States. The Los Angeles-based mobile app matches users based on location and personal photos.