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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.
