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2021-08-26

joyy is a scam

JOYY's top shareholders plan take-private deal, value firm at up to $8 bln -sources

HONG KONG, Aug 26 (Reuters) -JOYY Inc’s top two shareholders, its Chairman David Li and Xiaomi found

JOYY's top shareholders plan take-private deal, value firm at up to $8 bln -sources

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JOYY had an average market value of $3.9 billion over the past month, while its net asset value totalled $5.6 billion as of June 30, based on its quarterly results.\nLi and Lei are looking to offer $75-$100 per share to take the cash-rich JOYY private, two of the people said, a premium of 50-100% to the share’s average price over the past month.\nThe sources all spoke on condition of anonymity as the information was private.\nLi and Lei did not immediately respond to requests for comment via JOYY and Xiaomi, respectively. Neither did JOYY.\nLi and Lei owned 23.2% and 7.8% of JOYY, respectively, the company’s 2020 annual report shows. Li had 76% voting power.\nIf completed, the deal will add to a growing number of New York-listed Chinese firms that have already opted out of U.S. bourses by going private or returning to equity markets closer to home via second listings.\nThese moves come amid heightened scrutiny and stricter audit requirements https://www.reuters.com/business/finance/exclusive-sec-gives-chinese-companies-new-requirements-us-ipo-disclosures-2021-08-23 for U.S.-listed Chinese companies from American regulators amid political tensions between the countries.\nReuters reported last month that Weibo Chairman Charles Chao and a state investor were in talks to take Weibo private https://www.reuters.com/article/weibo-privitisation-idCNL2N2OI0WL in a deal that could value the Nasdaq-listed Chinese equivalent of Twitter at $20 billion-plus.\nThere were 16 announced take-private deals of U.S.-listed Chinese companies worth $19 billion last year, Dealogic data shows, versus just five such deals worth $8 billion in 2019.\nFINANCE AND REGULATORY NOD\nThe Li-Lei consortium is in talks with banks to finance the deal and seeks to secure a loan by using JOYY’s $4.9 billion cash and cash equivalents as collateral, two of the sources said, adding it aims to finalize the deal by the end of 2021.\nThe plan is to then spin off JOYY’s key asset, Singapore-based Bigo – which runs a live streaming platform Bigo Live and short video business Likee, and list it in Asia, likely in Hong Kong, to take advantage of higher valuations, one source added.\nFounded in 2005, JOYY went public on the Nasdaq in 2012. It also runs game-focused social media platform Hago and owns a 16% stake in Chinese videogame streaming site Huya.\nJOYY said in November that it would sell its video-based entertainment live streaming business in China to search engine giant Baidu Inc for about $3.6 billion in cash.\nThe sale is waiting to be green lit by the antitrust watchdog State Administration for Market Regulation (SAMR) to reach a final close in the coming weeks, the sources said.\nThe SAMR nod would also allow JOYY to receive the remaining proceeds of about $1.6 billion from Baidu, they added.\nThe SAMR did not immediately respond to a Reuters’ request for comment.\nJOYY shares have plunged 53% in the past six months while the Nasdaq Golden Dragon China Index, which tracks Chinese firms listed on the exchange, has dropped 41%.","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>JOYY's top shareholders plan take-private deal, value firm at up to $8 bln -sources</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJOYY's top shareholders plan take-private deal, value firm at up to $8 bln -sources\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nReuters \n2021-08-26 17:00\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\nHONG KONG, Aug 26 (Reuters) -JOYY Inc’s top two shareholders, its Chairman David Li and Xiaomi founder Lei Jun, plan to take the Nasdaq-listed company private in a deal that could value it at up to $8 billion, three people with knowledge of the matter said.\nJOYY Inc&nbsp;shares&nbsp;surged&nbsp;16%&nbsp;in premarket trading.\n<img src=\"https://static.tigerbbs.com/3a8b34e3c296954b441ee34ac8a63d1b\" tg-width=\"893\" tg-height=\"640\" width=\"100%\" height=\"auto\">\nThey are teaming up for the deal as they believe the Chinese social media company is undervalued in the U.S. market, the people added. JOYY had an average market value of $3.9 billion over the past month, while its net asset value totalled $5.6 billion as of June 30, based on its quarterly results.\nLi and Lei are looking to offer $75-$100 per share to take the cash-rich JOYY private, two of the people said, a premium of 50-100% to the share’s average price over the past month.\nThe sources all spoke on condition of anonymity as the information was private.\nLi and Lei did not immediately respond to requests for comment via JOYY and Xiaomi, respectively. Neither did JOYY.\nLi and Lei owned 23.2% and 7.8% of JOYY, respectively, the company’s 2020 annual report shows. Li had 76% voting power.\nIf completed, the deal will add to a growing number of New York-listed Chinese firms that have already opted out of U.S. bourses by going private or returning to equity markets closer to home via second listings.\nThese moves come amid heightened scrutiny and stricter audit requirements https://www.reuters.com/business/finance/exclusive-sec-gives-chinese-companies-new-requirements-us-ipo-disclosures-2021-08-23 for U.S.-listed Chinese companies from American regulators amid political tensions between the countries.\nReuters reported last month that Weibo Chairman Charles Chao and a state investor were in talks to take Weibo private https://www.reuters.com/article/weibo-privitisation-idCNL2N2OI0WL in a deal that could value the Nasdaq-listed Chinese equivalent of Twitter at $20 billion-plus.\nThere were 16 announced take-private deals of U.S.-listed Chinese companies worth $19 billion last year, Dealogic data shows, versus just five such deals worth $8 billion in 2019.\nFINANCE AND REGULATORY NOD\nThe Li-Lei consortium is in talks with banks to finance the deal and seeks to secure a loan by using JOYY’s $4.9 billion cash and cash equivalents as collateral, two of the sources said, adding it aims to finalize the deal by the end of 2021.\nThe plan is to then spin off JOYY’s key asset, Singapore-based Bigo – which runs a live streaming platform Bigo Live and short video business Likee, and list it in Asia, likely in Hong Kong, to take advantage of higher valuations, one source added.\nFounded in 2005, JOYY went public on the Nasdaq in 2012. It also runs game-focused social media platform Hago and owns a 16% stake in Chinese videogame streaming site Huya.\nJOYY said in November that it would sell its video-based entertainment live streaming business in China to search engine giant Baidu Inc for about $3.6 billion in cash.\nThe sale is waiting to be green lit by the antitrust watchdog State Administration for Market Regulation (SAMR) to reach a final close in the coming weeks, the sources said.\nThe SAMR nod would also allow JOYY to receive the remaining proceeds of about $1.6 billion from Baidu, they added.\nThe SAMR did not immediately respond to a Reuters’ request for comment.\nJOYY shares have plunged 53% in the past six months while the Nasdaq Golden Dragon China Index, which tracks Chinese firms listed on the exchange, has dropped 41%.\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"YY":"欢聚集团","01810":"小米集团-W"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126443939","content_text":"HONG KONG, Aug 26 (Reuters) -JOYY Inc’s top two shareholders, its Chairman David Li and Xiaomi founder Lei Jun, plan to take the Nasdaq-listed company private in a deal that could value it at up to $8 billion, three people with knowledge of the matter said.\nJOYY Inc shares surged 16% in premarket trading.\n\nThey are teaming up for the deal as they believe the Chinese social media company is undervalued in the U.S. market, the people added. JOYY had an average market value of $3.9 billion over the past month, while its net asset value totalled $5.6 billion as of June 30, based on its quarterly results.\nLi and Lei are looking to offer $75-$100 per share to take the cash-rich JOYY private, two of the people said, a premium of 50-100% to the share’s average price over the past month.\nThe sources all spoke on condition of anonymity as the information was private.\nLi and Lei did not immediately respond to requests for comment via JOYY and Xiaomi, respectively. Neither did JOYY.\nLi and Lei owned 23.2% and 7.8% of JOYY, respectively, the company’s 2020 annual report shows. Li had 76% voting power.\nIf completed, the deal will add to a growing number of New York-listed Chinese firms that have already opted out of U.S. bourses by going private or returning to equity markets closer to home via second listings.\nThese moves come amid heightened scrutiny and stricter audit requirements https://www.reuters.com/business/finance/exclusive-sec-gives-chinese-companies-new-requirements-us-ipo-disclosures-2021-08-23 for U.S.-listed Chinese companies from American regulators amid political tensions between the countries.\nReuters reported last month that Weibo Chairman Charles Chao and a state investor were in talks to take Weibo private https://www.reuters.com/article/weibo-privitisation-idCNL2N2OI0WL in a deal that could value the Nasdaq-listed Chinese equivalent of Twitter at $20 billion-plus.\nThere were 16 announced take-private deals of U.S.-listed Chinese companies worth $19 billion last year, Dealogic data shows, versus just five such deals worth $8 billion in 2019.\nFINANCE AND REGULATORY NOD\nThe Li-Lei consortium is in talks with banks to finance the deal and seeks to secure a loan by using JOYY’s $4.9 billion cash and cash equivalents as collateral, two of the sources said, adding it aims to finalize the deal by the end of 2021.\nThe plan is to then spin off JOYY’s key asset, Singapore-based Bigo – which runs a live streaming platform Bigo Live and short video business Likee, and list it in Asia, likely in Hong Kong, to take advantage of higher valuations, one source added.\nFounded in 2005, JOYY went public on the Nasdaq in 2012. It also runs game-focused social media platform Hago and owns a 16% stake in Chinese videogame streaming site Huya.\nJOYY said in November that it would sell its video-based entertainment live streaming business in China to search engine giant Baidu Inc for about $3.6 billion in cash.\nThe sale is waiting to be green lit by the antitrust watchdog State Administration for Market Regulation (SAMR) to reach a final close in the coming weeks, the sources said.\nThe SAMR nod would also allow JOYY to receive the remaining proceeds of about $1.6 billion from Baidu, they added.\nThe SAMR did not immediately respond to a Reuters’ request for comment.\nJOYY shares have plunged 53% in the past six months while the Nasdaq Golden Dragon China Index, which tracks Chinese firms listed on the exchange, has dropped 41%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":79,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":11,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}