JOYY Inc. Announces New Share Repurchase Plan
September 09 2021 - 7:00AM
JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”, formerly known as
YY Inc.), a global video-based social media company, today
announced that its board of directors has authorized a new share
repurchase plan under which the Company may repurchase up to US$200
million of its shares over the next 12 months. The share
repurchases may be made from time to time in the open market at
prevailing market prices, in privately negotiated transactions, in
block trades and/or through other legally permissible means,
depending on market conditions and in accordance with applicable
rules and regulations. JOYY’s board of directors will review the
share repurchase plan periodically, and may authorize adjustment of
its terms and size. The Company expects to fund repurchases made
under this plan from its existing funds.
About JOYY Inc.
JOYY is a leading global social media company
that enables users to interact with each other in real time through
online live media. On a mission to connect people and enrich their
lives through video, JOYY currently operates several social
products, including Bigo Live for live streaming, Likee for
short-form videos, Hago for casual games, and instant messaging
product and others. The Company has created a highly engaging and
vibrant user community for users across the globe. JOYY 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,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements.
Among other things, JOYY’s strategic and operational plans may
contain forward-looking statements. JOYY 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 JOYY’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: JOYY’s goals and strategies; JOYY’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; JOYY’s ability to monetize
the user base; fluctuations in general economic and business
conditions in China; the impact of the COVID-19 to JOYY’s business
operations and the economy in China and elsewhere generally; and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in JOYY’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 JOYY does not undertake any obligation to update any
forward-looking statement, except as required under applicable
law.
Investor Relations Contact
JOYY Inc. Jane Xie/Maggie Yan Email:
joyy-ir@joyy.sg
ICR, LLC Robin Yang Email: joyy@icrinc.com
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