YY Announced Huya Subsidiary Received Strategic Investment from Tencent
March 08 2018 - 8:23AM
YY Inc. (NASDAQ:YY) (“YY” or the “Company”), a leading live
streaming social media platform in China, today announced
that HUYA Inc. (“Huya”), a majority-controlled subsidiary of
YY, entered into definitive agreements for its series B equity
financing with Tencent. The financing has been completed today. The
total amount raised in this round is approximately US$461.6
million. After the completion of this transaction, YY maintains
control over Huya. In connection with this around of financing,
Tencent has also obtained a right, exercisable between the second
and third anniversary of the closing date, to purchase additional
Huya shares at fair market price to reach 50.1% of the voting power
in Huya.
“We are very excited about Huya’s completion of series B equity
financing from Tencent,” said Mr. David Xueling Li, Chairman and
acting Chief Executive Officer of YY. “This investment will
reinforce and solidify Huya as the leader in the fast-growing game
live streaming market in China. Supported by Tencent’s strong
capabilities in game development, distribution and operation, Huya
will march into a new era of building and maintaining the largest
game live streaming and e-sports community for young generations in
China. Meanwhile, Huya remains a major asset of YY, continuously
bringing significant value for YY shareholders.”
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,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements.
Among other things, the business outlook and quotations from
management in this announcement, as well as YY's strategic and
operational plans, 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 live streaming social media
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 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.Matthew ZhaoTel: +86 (20) 8212-0000Email: IR@YY.com |
ICR, Inc. Jack WangTel:
+1 (646) 915-1611Email: IR@YY.com |
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