China games developer buys controlling stake in Grindr

Hong Kong

ONE of China's newly minted technology billionaires signed a deal to buy a controlling stake in Grindr, the world's biggest gay social networking app.

Beijing Kunlun Tech Co, an Internet games developer, offered US$93 million in cash for 60 per cent of New Grindr LLC, the company said in a statement to the Shenzhen stock exchange. Beijing Kunlun's chairman, Zhou Yahui, became a billionaire after the company listed shares last year.