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

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

Chinese game designer Kunlun’s billionaire Chairman Zhou Yahui agrees to cover spouse $1.1 billion in . + divorce 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 software Grindr earlier in the day this season, consented to move 278 million stocks inside the online gaming business Beijing Kunlun Tech to Li Qiong, in accordance with a stock exchange filing that is chinese. The stocks can be worth 7.3 billion yuan ($1.1 billion), centered on Kunlun’s closing price of 26.4 yuan today.

Zhou, who holds a 34.5per cent stake in Kunlun—worth 10.1 billion yuan($1.5 billion)– following a settlement, will keep control of the organization. Li will adhere to the original russian brides com scams share lock-up period, that will expire in January 2018, in accordance with the filing.

A graduate associated with the prestigious Tsinghua University in Beijing, Zhou made their fortune by dispersing Chinese online flash games abroad. Overseas areas taken into account 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 year Zhou committed to British financing startup Lendspend. Kunlun can be the main consortium that is chinese agreed in July to pay for $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 Software failed because of privacy issues from U.S. regulators.

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

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

The united states is not any complete stranger to exorbitant breakup 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 year that is same Yuan Jinhua, vice president of hefty equipment maker Sany, paid wife Wang Haiyan 2.26 billion yuan ($359 million) as his or her breakup settlement.

Wang Wei, founder of Chinese online video site Tudou, stands to get rid of the absolute most from their divorce or separation. Tudou’s bid for a short general public providing on the Nasdaq had been postponed to 2011 after his ex-wife petitioned a local court to truly have the stocks frozen. Wang sooner or later reached funds well well worth $7 million, but Youku that is rival took opportunity to sell its stocks to U.S. investors in belated 2010. The sooner usage of money permitted Youku to develop faster, plus it suppressed need for Tudou’s IPO a year later on. Youku fundamentally acquired Tudou in 2012. The business has become owned by Chinese ecommerce giant Alibaba.

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

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

Zhou Yahui, whom bought a managing stake in gay-dating software Grindr early in the day in 2010, decided to transfer 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)– after the settlement, will keep control over the organization. Li will comply with the share that is original period, that may expire in January 2018, in accordance with the filing.

A graduate for the prestigious Tsinghua University in Beijing, Zhou made their fortune by dispersing Chinese online flash games abroad. International markets 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 networking. Last Zhou invested in UK lending startup LendInvest year. Kunlun normally 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 first $1.2 billion buyout offer for your Opera computer Software failed because of privacy issues from U.S. regulators.

The breakup does affect Kunlun’s operations n’t, a business spokeswoman states.

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

The nation is not any complete 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.

Into 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 his or her breakup settlement.

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