JOYY Inc. Announces Additional Quarterly Cash Dividend
November 20 2020 - 9:00AM
JOYY Inc. (Nasdaq: YY) (“JOYY” or the “Company”), a global
video-based social media platform, today announced that, in order
to further demonstrate the Company’s solid cash balance and the
ability to consistently generate strong cash flow, in addition to
the quarterly dividend policy previously approved by the Company’s
board of directors in August 2020, the Company’s board of directors
approved an additional quarterly dividend policy for the next three
years commencing immediately. Under such policy, the total cash
dividend amount expected to be paid will be approximately US$200.0
million and quarterly dividend will be set at a fixed amount of
approximately US$16.67 million in each fiscal quarter. The board of
directors has accordingly declared a dividend of US$0.20 per ADS,
or US$0.0100 per common share, which is expected to be paid on
December 23, 2020 to shareholders of record as of the close of
business on December 11, 2020. The ex-dividend date will be
December 10, 2020. Under the policy, the board of directors of the
Company reserves the discretion relating to the determination to
make dividend distributions and the amount of such distributions in
any particular quarter, depending on the Company’s operations and
earnings, cash flow, financial condition and other relevant
factors.
Aggregating such quarterly cash dividend under
this newly adopted quarterly dividend policy with the quarterly
cash dividend announced on November 16, 2020, the Company’s board
of directors has declared a cash dividend in the aggregate amount
of US$0.51 per ADS, or US$0.0255 per common share, for the third
quarter of 2020. The aggregate amount of cash dividends to be paid
on December 23, 2020 to shareholders of record as of the close of
business on December 11, 2020 is approximately US$41.67 million,
which will be funded by surplus cash on the Company’s balance
sheet.
About JOYY Inc.
JOYY Inc. is a global social media platform. 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. JOYY enables users to
interact with each other in real time through online live media and
offers users a uniquely engaging and immersive entertainment
experience. JOYY owns BIGO, a fast-growing global tech company
headquartered in Singapore. BIGO owns several popular video based
social platforms including BIGO live, a leading global live
streaming platform outside China; Likee, a leading global
short-form video social platform; and video communication service
and others. JOYY has created an online community for global video
and live streaming users. JOYY 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 JOYY’s strategic and
operational plans, 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 fourth 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 Tel: +86 (20) 8212-0000 Email: IR@YY.com
ICR, Inc. Jack Wang Tel: +1 (646) 915-1611
Email: IR@YY.com
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