YY Inc. Announces Resignation of Chief Executive Officer
May 16 2017 - 9:19AM
YY Inc. (NASDAQ:YY) ("YY" or the "Company"), a live streaming
platform, today announced that Mr. Zhou Chen has tendered his
resignation as Chief Executive Officer (“CEO”) for health reasons,
effective immediately. Mr. David Xueling Li, the Company’s
Chairman, will assume the role of acting CEO. Mr. Zhou Chen will
continue to serve the Company as a strategic advisor.
Mr. David Xueling Li stated, “On behalf of the
Company’s Board of Directors, I would like to thank Mr. Zhou Chen
for his contributions in helping to build the Company over the past
ten years and, most recently, in his role as CEO. He has been a
strong leader, a good partner, and a friend. We are regretful to
see him leaving YY and sincerely wish him well. I am also honored
to come back as YY’s acting CEO.”
Mr. Zhou Chen further commented, “Over the past
decade, I have been privileged to have had the opportunity to be a
part of such a wonderful company and work with its strong
management team and talented employees. I am extremely proud of
what we have accomplished together and am confident that YY has a
strong foundation to continue to grow for years to come.”
About YY Inc.
YY Inc. (“YY” or the “Company”) is a live
streaming platform that enables users to interact in live online
group activities through voice, text and video. Launched in July
2008, YY Client, the Company’s core product, empowers users to
create and organize groups of varying sizes to discover and
participate in a wide range of activities, including online music
and entertainment, online games, online dating and live game
broadcasting. YY Inc. was listed on NASDAQ in November 2012 and
generated revenues of US$1,182 million in the fiscal year 2016.
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 “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements.
Among other things, the quotations from management in this
announcement contain forward-looking statements. YY may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission (“SEC”), 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 statements about YY’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, including but not limited to the
following: YY’s goals and strategies; YY's future business
development, results of operations and financial condition; the
expected growth of the online communication social platform market
in China; the expectation regarding the rate at which to gain
registered user accounts, active users, especially paying users;
YY’s ability to monetize the user base; fluctuations in general
economic and business conditions in China and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in YY’s filings with
the SEC. All information provided in this press release and in the
attachments is as of the date of this press release, and YY does
not undertake any obligation to update any forward-looking
statement, except as required under applicable law.
Investor Relations Contact
YY Inc.
Yuffie Fu
Tel: +86 (20) 8212-0000
Email: IR@YY.com
ICR, Inc.
Jessie Fan
Tel: +1 (646) 915-1611
Email: IR@YY.com
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