Chinese Internet Tycoon Zhou Yahui Agrees To Cover Wife $1.1 Billion In Breakup
Chinese game designer Kunlun’s billionaire Chairman Zhou Yahui agrees to cover spouse $1.1 billion in . + divorce or separation settlement. (Picture Credit: Gilles Sabrie for Forbes)
A high-flying Chinese billionaire is making among the country’s costliest divorce proceedings settlements ever.
Zhou Yahui, whom purchased a managing stake in gay-dating software Grindr earlier in the day in 2010, decided to move 278 million shares in the online video video video gaming business Beijing Kunlun Tech to Li Qiong, relating to a stock exchange filing that is chinese. The stocks can be worth 7.3 billion yuan ($1.1 billion), according to Kunlun’s closing price of 26.4 yuan today.
Zhou, whom holds a 34.5per cent stake in Kunlun—worth 10.1 billion yuan($1.5 billion)– after the settlement, will keep control of the organization. Li will comply with the original share lock-up period, that may expire in January 2018, based on the filing.
A graduate associated with the Tsinghua that is prestigious University Beijing, Zhou made their fortune by circulating Chinese online flash games abroad. Overseas areas taken into account 74% of Kunlun’s 1.78 billion yuan in profits a year ago.
The organization is diversifying into online finance and social media marketing. Last Zhou invested in UK lending startup LendInvest year. Kunlun can also be area of the consortium that is chinese agreed in July to pay for $600 million when it comes to customer business of Norwegian web browser Opera, after the first $1.2 billion buyout offer for your Opera computer Software failed as a result of privacy issues from U.S. regulators.
The divorce doesn’t influence Kunlun’s operations, a business spokeswoman states.
China’s breakup price, once minuscule, is rising quickly. It climbed from 1.7percent associated with populace in 2008 to 2.8percent a year ago, in line with the Ministry of Civil Affairs.
The nation isn’t any complete stranger to exorbitant divorce or separation settlements. Wu Yajun, the billionaire chairwoman of home designer Longfor Properties, paid spouse Cai Kui 20 billion Hong Kong bucks ($2.75 billion) in 2012.
Into the exact same 12 months, Yuan Jinhua, vice president of heavy gear manufacturer Sany, compensated wife Wang Haiyan 2.26 billion yuan ($359 million) as his or her divorce proceedings settlement.
Wang Wei, founder of Chinese on the web video site Tudou, stands to reduce the essential from his divorce or separation. Tudou’s bid for a preliminary offering that is public the Nasdaq ended up being postponed to 2011 after their ex-wife petitioned an area court to truly have the shares frozen. Wang sooner or later reached funds well worth $7 million, but competing Youku took the opportunity to offer its stocks to U.S. investors in belated 2010. The sooner use the site of money permitted Youku to cultivate faster, plus it suppressed need for Tudou’s IPO a 12 months later on. Youku fundamentally acquired Tudou in 2012. The organization has become owned by Chinese e-commerce giant Alibaba.
Chinese game designer Kunlun’s billionaire Chairman Zhou Yahui agrees to cover wife $1.1 billion in . + divorce proceedings settlement. (Picture Credit: Gilles Sabrie for Forbes)
A high-flying billionaire that is chinese making among the country’s costliest divorce proceedings settlements ever.
Zhou Yahui, whom purchased a controlling stake in gay-dating software Grindr earlier in the day in 2010, consented to move 278 million stocks in the online video gaming business Beijing Kunlun Tech to Li Qiong, relating to A chinese stock market filing. Today the shares are worth 7.3 billion yuan ($1.1 billion), based on Kunlun’s closing price of 26.4 yuan.
Zhou, whom holds a 34.5per cent stake in Kunlun—worth 10.1 billion yuan($1.5 billion)– after the settlement, will keep control over the business. Li will adhere to the share that is original period, that may expire in January 2018, in line with the filing.
A graduate of this Tsinghua that is prestigious University Beijing, Zhou made their fortune by dispersing Chinese games abroad. International areas taken into account 74% of Kunlun’s 1.78 billion yuan in profits year that is last.
The organization is diversifying into online finance and social media marketing. Last year Zhou committed to UK financing startup Lendspend. Kunlun can be the main Chinese consortium that agreed in July to cover $600 million when it comes to customer company of Norwegian web browser Opera, after the first $1.2 billion buyout offer for the entire Opera computer Software failed because of privacy issues from U.S. regulators.
The divorce or separation doesn’t affect Kunlun’s operations, a business spokeswoman claims.
Asia’s divorce proceedings price, once minuscule, is increasing quickly. It climbed from 1.7% for the populace in 2008 to 2.8per cent a year ago, based on the Ministry of Civil Affairs.
The united states isn’t any complete complete stranger to exorbitant breakup settlements. Wu Yajun, the billionaire chairwoman of home designer Longfor Properties, paid spouse Cai Kui 20 billion Hong Kong bucks ($2.75 billion) in 2012.
Into the year that is same Yuan Jinhua, vice president of hefty gear maker Sany, compensated wife Wang Haiyan 2.26 billion yuan ($359 million) as their divorce or separation settlement.
