BlueCity welcomes Weiru Chen to its Board as Independent Director

– CHINA, Beijing –  BlueCity Holdings Limited (NASDAQ: BLCT), the world’s leading online LGBTQ platform, today announced the appointment of Weiru Chen to its Board as a new independent director, 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.

“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.” said Founder, Chairman and CEO, Baoli Ma.

About Weiru Chen

Mr. Weiru Chen is an associate professor of strategy at the China Europe International Business School. 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. Before 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 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.

For more information: https://www.blue-city.com/

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Talent4Boards Team