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Chinese Internet Tycoon Zhou Yahui Agrees To Cover Wife $1.1 Billion In Breakup

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 or separation settlements ever.

Zhou Yahui, who bought a controlling stake in gay-dating software Grindr earlier in the day in 2010, decided to move 278 million stocks in their online video video gaming business Beijing Kunlun Tech to Li Qiong, based on a stock exchange filing that is chinese. The stocks can be worth 7.3 billion yuan ($1.1 billion), predicated on 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 business. Li will abide by the share that is original period, that may expire in January 2018, in line with the filing.

A graduate associated with the Tsinghua that is prestigious University Beijing, Zhou made their fortune by dispersing Chinese online flash games abroad. International areas accounted for 74% of Kunlun’s 1.78 billion yuan in profits year that is last.

The business is diversifying into online finance and media that are social. Last Zhou invested in UK lending startup LendInvest year. Kunlun can also be area of the Chinese consortium that agreed in July to pay for $600 million for the customer company of Norwegian web web browser Opera, after the initial $1.2 billion buyout offer for your Opera computer Software failed because of privacy issues from U.S. regulators.

The breakup doesn’t influence Kunlun’s operations, a business spokeswoman says.

Asia’s divorce or separation price, once minuscule, is rising quickly. It climbed from 1.7% associated with the populace in 2008 to 2.8percent a year ago, in accordance with the Ministry of Civil Affairs.

The united states isn’t any complete complete complete stranger to exorbitant divorce proceedings 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.

When you look at the exact same 12 months, Yuan Jinhua, vice president of hefty gear manufacturer Sany, compensated wife Wang Haiyan 2.26 billion yuan ($359 million) because their divorce proceedings settlement.

Wang Wei, founder of Chinese on line video site Tudou, stands to get rid of probably the most from their divorce or separation. Tudou’s bid for a preliminary public providing on the Nasdaq had been postponed to 2011 after their ex-wife petitioned a nearby court to really have the stocks frozen. Wang ultimately reached money well well well worth $7 million, but Youku that is rival took possiblity to offer its stocks to U.S. investors in belated 2010. The earlier use of money permitted Youku to develop faster, also it suppressed interest in Tudou’s IPO a 12 months later on. Youku fundamentally acquired Tudou in 2012. The business happens to be owned by Chinese ecommerce giant Alibaba.

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Chinese game developer Kunlun’s billionaire Chairman Zhou Yahui agrees to cover spouse $1.1 billion in . + divorce proceedings settlement. (Picture Credit: Gilles Sabrie for Forbes)

A high-flying Chinese billionaire is making among the country’s costliest divorce or separation settlements ever.

Zhou Yahui, whom purchased a managing stake in gay-dating application Grindr earlier in the day in 2010, consented to move 278 million stocks inside the online video video gaming business Beijing Kunlun Tech to Li Qiong, based on 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)– following a settlement, will maintain control of the business. Li will adhere to the share that is original period, that may expire in January 2018, based on the filing.

A graduate associated with the prestigious Tsinghua University in Beijing, Zhou made their fortune by circulating Chinese 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 media that are social. Last year Zhou committed to British financing startup Lendspend. Kunlun normally the main Chinese consortium that agreed in July to pay for $600 million for the customer company of Norwegian web browser Opera, after the first $1.2 billion buyout offer for your Opera computer computer computer Software failed as a result of privacy issues from U.S. regulators.

The divorce or separation doesn’t influence Kunlun’s operations, an organization spokeswoman claims.

Asia’s divorce proceedings price, once minuscule, is increasing quickly. It climbed from 1.7percent for the populace in 2008 to 2.8percent a year ago, in accordance with the Ministry of Civil Affairs.

The nation isn’t any complete 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.

Within the exact same 12 months, Yuan Jinhua, vice president of heavy gear manufacturer Sany, paid wife Wang Haiyan 2.26 billion yuan ($359 million) because their divorce proceedings settlement.