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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 application Grindr previously in 2010, 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 settlement, will keep control over the business. Li will comply with the original share lock-up period, that will expire in January 2018, in accordance with the filing.
A graduate of this prestigious Tsinghua University in Beijing, Zhou made his fortune by dispersing Chinese online flash games abroad. International areas taken into account 74% of Kunlun’s 1.78 billion yuan in revenues just last year.
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 an element of the consortium that is chinese agreed in July to cover $600 million for the customer company of Norwegian web web browser Opera, after the first $1.2 billion buyout offer for your Opera computer computer Software failed due to privacy issues from U.S. regulators.
The divorce or separation doesn’t affect Kunlun’s operations, a business spokeswoman states. [Read more…] about Chinese Online Tycoon Zhou Yahui Agrees To Cover Wife $1.1 Billion In Breakup