The world’s biggest gay social-networking app, U.S.-based Grindr, has sold a majority stake to Chinese game developer Beijing Kulun Tech Co., chaired by newly-minted billionaire Zhou Yahui.

The sale will give Beijing Kulun a 60 percent stake in the business for $93 million USD in cash, the company said. Beijing Kulun, which listed in 2015, saw a 10 percent stock boost following the announcement. Mr. Zhou became a billionaire following the company’s listing, and is now valued at approximately $1.7 billion USD.

Grindr CEO Joel Simkhai said in a blog post that the partnership is a “huge vote of confidence in our vision to connect gay men to even more of the world around them,” hinting at Grindr’s potential to take on the gay networking market in China.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com