Chinese Online Tycoon Zhou Yahui Agrees To Cover Wife $1.1 Billion In Divorce

Chinese Online Tycoon Zhou Yahui Agrees To Cover Wife $1.1 Billion In Divorce

Chinese game designer 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 proceedings settlements ever.

Zhou Yahui, whom purchased a managing stake in gay-dating software Grindr early in the day this current year, decided to move 278 million stocks in their online video video video gaming business Beijing Kunlun Tech to Li Qiong, in accordance with 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 http://mail-order-bride.net/hungarian-brides 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 organization. Li will adhere to the share that is original period, that may expire in January 2018, in line with the filing.

A graduate regarding the prestigious Tsinghua University in 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 organization is diversifying into online finance and social media marketing. Last year Zhou dedicated to UK financing startup Lendspend. Kunlun can be area of the consortium that is chinese agreed in July to pay for $600 million for the customer company of Norwegian web 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 proceedings doesn’t influence Kunlun’s operations, a business spokeswoman states.

Asia’s breakup price, once minuscule, is increasing quickly. It climbed from 1.7percent regarding the populace in 2008 to 2.8percent this past year, in accordance with the Ministry of Civil Affairs.

The nation is not 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 dollars ($2.75 billion) in 2012.

Within the exact same 12 months, Yuan Jinhua, vice president of hefty gear manufacturer Sany, compensated wife Wang Haiyan 2.26 billion yuan ($359 million) as their divorce or separation settlement.

Wang Wei, founder of Chinese on line video site Tudou, stands to reduce probably the most from their breakup. Tudou’s bid for a preliminary offering that is public the Nasdaq had been postponed to 2011 after their ex-wife petitioned an area court to really have the stocks frozen. Wang sooner or later reached funds worth $7 million, but competing Youku took the possiblity to offer its stocks to U.S. investors in late 2010. The sooner use of money permitted Youku to cultivate 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.

Chinese game designer Kunlun’s billionaire Chairman Zhou Yahui agrees to pay for spouse $1.1 billion in . + divorce or separation settlement. (Photo 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 application Grindr previously this present year, consented to move 278 million stocks in their 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 keep control of the business. Li will comply with the share that is original period, that will expire in January 2018, in line with the filing.

A graduate associated with 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 year that is last.

The organization is diversifying into online finance and social media marketing. Last year Zhou dedicated to British financing startup LendInvest. Kunlun can be an element of the Chinese consortium that agreed in July to cover $600 million when it comes to customer company of Norwegian web web browser Opera, after the initial $1.2 billion buyout offer for the entire Opera computer computer computer Software failed because of privacy issues from U.S. regulators.

The divorce or separation doesn’t influence Kunlun’s operations, a business spokeswoman claims.

Asia’s breakup price, once minuscule, is increasing quickly. It climbed from 1.7% associated with populace in 2008 to 2.8per cent just last year, based on the Ministry of Civil Affairs.

The united states is not 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 hefty gear manufacturer Sany, compensated wife Wang Haiyan 2.26 billion yuan ($359 million) as their divorce or separation settlement.

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