YY Inc. Announces Full Exercise of Over-Allotment Option
August 17 2017 - 8:00AM
YY Inc. (Nasdaq:YY) (“YY” or the “Company”), a leading live
streaming social media platform in China, today announced that the
underwriters of its previously announced offering of 5,750,000
American depositary shares (the “ADSs”) have fully exercised their
over-allotment option to purchase an additional 862,500 ADSs at
US$70.00 per ADS. The full exercise of the over-allotment option
increases the net proceeds to the Company, after deducting
underwriting commissions and fees and the estimated offering
expenses payable by the Company, from approximately US$384.4
million to approximately US$442.2 million. After giving effect to
the exercise of over-allotment option, the total number of ADSs
outstanding immediately after the offering will be 45,299,428 ADSs.
Credit Suisse Securities (USA) LLC, Goldman Sachs (Asia) L.L.C.
and China Renaissance Securities (Hong Kong) Limited are acting as
the joint book-running managers for the offering.
The Company expects to close the offering of the 6,612,500 ADSs
on or about August 21, 2017, subject to the satisfaction of
customary closing conditions.
The offering is being made only by means of a prospectus
supplement and an accompanying prospectus included in a
registration statement on Form F-3 filed with the U.S. Securities
and Exchange Commission (the “SEC”) on August 14, 2017, which
automatically became effective upon filing. Copies of the
prospectus supplement and the accompanying prospectus relating to
the offering may be obtained from Credit Suisse Securities
(USA) LLC, Attention: Prospectus Department at Eleven Madison
Avenue, New York, New York 10010-3629 or by telephone at +1 (800)
221-1037, Goldman, Sachs & Co. LLC, 200 West Street, New York,
NY 10282, Attention: Prospectus Department (telephone: +1 (212)
902-1171; e-mail: prospectus-ny@ny.email.gs.com), or China
Renaissance Securities (Hong Kong) Limited, Unit 8107-08, Level 81,
International Commerce Centre, 1 Austin Road West, Kowloon, Hong
Kong (telephone: +852 2287 1600).
This press release shall not constitute an offer to sell or a
solicitation of an offer to purchase any securities, nor shall
there be a sale of the securities in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful.
About YY Inc.
YY Inc. (“YY” or the “Company”) is a leading live streaming
social media platform in China. The Company’s highly engaged users
contribute to a vibrant social community by creating, sharing and
enjoying a vast range of entertainment content and activities. YY
enables users to interact with each other in real-time through
online live media and offers users a uniquely engaging and
immersive entertainment experience. YY Inc. was listed on the
Nasdaq in November 2012.
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,” “expect,” “anticipate,” “future,” “intend,” “plan,”
“believe,” “estimate” and similar statements. YY may also make
written or oral forward-looking statements in its periodic reports
to the 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 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) 2029162000
Email:IR@YY.com
ICR, Inc.
Xueli Song
Tel: (+1) 646 915-1611
Email:IR@YY.com
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