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

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

Chinese game designer Kunlun’s billionaire Chairman Zhou Yahui agrees to pay for wife $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 bought a managing stake in gay-dating application Grindr previously in 2010, decided to transfer 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. 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)– after the settlement, will keep control over the business. Li will adhere to the share that is original period, that may expire in January 2018, in accordance with the filing.

A graduate associated with prestigious Tsinghua University in Beijing, Zhou made their fortune by circulating Chinese games abroad. International markets accounted for 74% of Kunlun’s 1.78 billion yuan in profits this past year.

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

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

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

The nation is not any stranger to exorbitant divorce or separation settlements. Wu Yajun, the billionaire chairwoman of home designer Longfor Properties, paid husband Cai Kui 20 billion Hong Kong bucks ($2.75 billion) in 2012.

Within the year that is same 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 divorce proceedings. Tudou’s bid for a short 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 fundamentally reached funds well worth $7 million, but Youku that is rival took possiblity to offer its stocks to U.S. investors in late 2010. The sooner usage of money permitted Youku to develop faster, and it also suppressed demand for Tudou’s IPO a 12 months later on. Youku fundamentally acquired Tudou in 2012. The company 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 https://ukrainianbrides.us/asian-brides for Forbes)

A high-flying billionaire that is chinese making among the country’s costliest divorce proceedings settlements ever.

Zhou Yahui, whom purchased a managing stake in gay-dating app Grindr earlier in the day in 2010, consented to move 278 million stocks in the online video video gaming company 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), predicated on Kunlun’s closing price of 26.4 yuan today.

Zhou, whom holds a 34.5% stake in Kunlun—worth 10.1 billion yuan($1.5 billion)– after the settlement, will keep control over 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 prestigious Tsinghua University in Beijing, Zhou made their fortune by circulating Chinese online flash games abroad. International areas taken into account 74% of Kunlun’s 1.78 billion yuan in profits year that is last.

The business is diversifying into online finance and social networking. Last year Zhou committed to British financing startup Lendspend. Kunlun can be an element of the consortium that is chinese agreed in July to cover $600 million for the customer company of Norwegian web browser Opera, after the initial $1.2 billion buyout offer for your Opera computer computer Software failed as a result of privacy issues from U.S. regulators.

The divorce doesn’t influence Kunlun’s operations, an organization spokeswoman states.

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

The united states is not any stranger to exorbitant divorce or separation settlements. Wu Yajun, the billionaire chairwoman of home developer Longfor Properties, paid husband 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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