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Here’s why BlueCity Holdings Ltd. (BLCT) Stock is Skyrocketing in the Premarket.

BlueCity Holdings Ltd. (BLCT) is a leading online LGBTQ platform which provides a complete set of facilities to improve the welfare of the community. The company provides a wide range of services to its community like social interacting, live streaming, and healthcare services. 5the company also ensures privacy protection, and to promotes the health well-being of the community.

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The price of BLCT stock during the regular trading on December 31, 2021, was $1.53 with a minute increase of 2.0%. At last check in the premarket on January 3, 2022, the stock price was further up by 16.34%.

BLCT: Events and Happenings

On January 03, 2022, BLCT reported about receipt of initial non-binding proposal letter by the company’s board of directors for the acquisition of all outstanding ordinary shares of the Spriver Tech Ltd for a proposed acquisition price of $3.70 per share.

On December 17, 2021, BLCT launched ‘Flash’, an event-based feature which enabled the consumers to connect personally by exhibiting online and offline actions to different affiliates of the community. This characteristic will be available in more markets in the coming festive season.

On December 8, 2021, BLCT released its 2020 ESG report which discussed into detail company’s ESG philosophy and efforts across pandemic response, user privacy, HIV prevention and environment.

BLCT: CEO Comments

Baoli Ma, CEO of the company while speaking at the occasion said that the company is driven by its task to boost constructive transformation in the lives of the customers. He further added that the company believed in the supremacy of investor capitalism to upset the status quo.

On November 30, 2021, BLCT integrated HIV prevention establishments into its networking app, Blued, for World AIDS Day.

BLCT: Key Financials

On November 26, 2021, BLCT reported its financial results for the third quarter ended September 30, 2021. Some of the main highlights are as follows.

Revenue

Total revenue for Q3 2021 was RMB270.0 million ($41.9 million) as compared to the same quarter of 2020 when it was RMB297.6 million. There is a decrease of 9.3% over the year period.

Net Loss

Net loss for third quarter 2021 was RMB73.8 million ($11.5 million) against the net loss of RMB137.8 million for the same quarter of preceding year.

Total Current Assets

Total current assets reported by the company for Q3 2021 were RMB165 million as compares to RMB942 million the same quarter of previous year.

On November 19, 2021, BLCT reported that the company’s executives presented at Depositary Receipts Investor Conference on November 16-17, 2021. On November 5, 2021, BLCT reported that it had officially launched Mr. Heer, completely related to men personal and sexual health products. On October 11, 2021, BLCT reported that the company aimed to support under-represented groups on World Mental Health Day via various global campaigns.

Conclusion

BLCT stock is 12% up as compared to the past month. The company again showed positive stock prices in the current premarket session as it announced about the acquisition of the company of Buyer Group. As predicted by the analysts, the company is flying high with the current and pipeline collaborations in-hand.

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