Why BlueCity Holdings Is Tumbling 15% Today

Why BlueCity Holdings Is Tumbling 15% Today

Shares of BlueCity Holdings (NASDAQ: BLCT), a Chinese LBGTQ+ dating app, were tumbling almost 16% in midday trading Monday. BlueCity, which owns the Blued app, only went public last Wednesday, soaring 46% in its debut and raising $85 million. BlueCity CEO Ma Baoli told Bloomberg last week one of the reasons it listed its shares in the U.S. was to show investors there is a company in China serving the LBGTQ+ community.