BlueCity Announces Changes to Board and Committee Compositions
January 05 2021 - 8:30AM
BlueCity Holdings Limited (“BlueCity” or the “Company”) (NASDAQ:
BLCT), a world’s leading online LGBTQ platform, today announced the
appointment of Mr. Weiru Chen as a new independent director to its
board of directors (the “Board”), effective immediately. Mr. Zhe
Wei has concurrently resigned from his positions as a director and
a member of the compensation committee and nominating and corporate
governance committee of the Board.
After the changes, the Board will continue to consist of five
members, four of whom are independent directors. The compensation
committee will consist of Ms. Rong Lu, Mr. Baoli Ma and Mr. Weiru
Chen, with Ms. Rong Lu as the chairperson. The nominating and
corporate governance committee will consist of Mr. Baoli Ma, Ms.
Wenjie Wu and Mr. Weiru Chen, with Mr. Baoli Ma as the
chairperson.
Mr. Baoli Ma, BlueCity’s Founder, Chairman and Chief Executive
Officer, stated: “We are excited to welcome Mr. Weiru Chen to join
our Board. We believe his extensive background in corporate
governance, strategic management and industry expertise will be of
great value to BlueCity. We look forward to working closely with
him and benefiting from his valuable insights and extensive
experience. Meanwhile, on behalf of the Board and everyone at
BlueCity, I thank Mr. Zhe Wei for his significant contribution to
the Company during his tenure on the Board. We wish him all the
best in his future endeavors.”
Mr. Weiru Chen is an associate professor of strategy at China
Europe International Business School (CEIBS). He has served as
executive director of the Internet Industry Research Center and
chief strategic officer of Alibaba Cainiao Logistic Network between
August 2017 and July 2020. Prior to joining CEIBS, he served as an
assistant professor of strategy at INSEAD Business School from 2003
to 2011. Mr. Chen’s research is centered on firms’ technological
innovation, platform strategy, and digital transformation. Mr. Chen
has also served as an independent director of several public
companies, including TAL Education Group (NYSE: TAL) since June
2015, Dian Diagnostics Group (SHE: 300244) since August 2017,
Country Garden Services Holdings Company Limited (HK: 06098) since
February 2018 and FangDD Network Group Ltd. (Nasdaq: DUO) since
November 2019. Mr. Chen received a bachelor’s degree from National
Taiwan University in Taiwan in 1993, a master’s degree from TamKang
University in 1996 and a Ph.D. in Management from Purdue University
in 2003.
About BlueCity
BlueCity (NASDAQ: BLCT) is a world-leading online LGBTQ platform
providing a full suite of services that fosters connections and
enhance the wellbeing of the LGBTQ community through its portfolio
of brands. BlueCity’s mobile app Blued enables users to
conveniently and safely connect with each other, express themselves
and access professional health-related and family planning
consulting services. Available in 13 languages, it has more than 58
million registered users worldwide and is the largest online LGBTQ
community in China, India, Korea, Thailand and Vietnam. BlueCity’s
portfolio of brands also includes Finka, a leading gay social
networking app for a younger generation in China, and LESDO, a
leading lesbian social networking app in China.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,”
“plan,” “believe,” “is/are likely to,” “potential,” “continue” and
similar statements. Among other things, business outlook and
quotations from management in this announcement, as well as
BlueCity’s strategic and operational plans, contain forward-looking
statements. BlueCity may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission, in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, including but not limited to
statements about BlueCity’s beliefs and expectations, are
forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement. Further information regarding these
risks, uncertainties or factors is included in the Company’s
filings with the U.S. Securities and Exchange Commission. All
information provided in this press release and in the attachments
is current as of the date of the press release, and the Company
does not undertake any obligation to update such information,
except as required under applicable law.
For more information, please contact:
In China:BlueCity Holdings Limited Ms. Lingling KongInvestor
Relations DirectorPhone: +86 10-5876-9662Email: ir@blued.com
The Blueshirt GroupMs. Susie WangPhone: +86 138-1081-7475Email:
susie@blueshirtgroup.com
In the United States:The Blueshirt GroupMs. Julia QianPhone: +1
973-619-3227Email: Julia@blueshirtgroup.com
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