BlueCity Holdings Limited (NasdaqGM:BLCT) entered into a definitive agreement to acquire iRainbow Hong Kong Limited for CNY 240 million on November 24, 2020. The transaction is subject to customary closing conditions. The closing is currently expected to occur before mid-December. BlueCity Holdings Limited (NasdaqGM:BLCT) completed the acquisition of iRainbow Hong Kong Limited on December 2, 2020.