(File photo)

A Chinese company has announced plans to hold a 100% stake in Grindr, the world's largest gay social network app, reports National Business Daily.

Beijing Kunlun Tech, an online gaming company, announced on Tuesday that it will buy another 38.47% stake in Grindr with 152 million US dollars.

Beijing Kunlun Tech bought a 61.53% stake in Grindr with 93 million US dollars in January 2016.

The new purchase will make the company the sole owner of Grindr.

The company announced that it will participate in the daily operating management of Grindr after the purchase.

Based in Los Angeles, Grindr matches its users based on their photos and locations. It has more than 27 million registered users from 196 countries, over 30% of whom are in the US.