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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 spouse $1.1 billion in . + divorce or separation settlement. (Picture Credit: Gilles Sabrie 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 application 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 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 34.5% stake in Kunlun—worth 10.1 billion yuan($1.5 billion)– after the settlement, will keep control over the business. Li will comply with the original share lock-up period, that will expire in January 2018, in line with the filing.

A graduate for the prestigious Tsinghua University in Beijing, Zhou made his fortune by circulating Chinese online flash games abroad. Overseas areas taken into account 74% of Kunlun’s 1.78 billion yuan in profits just last 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 an element of the consortium that is chinese agreed in July to cover $600 million when it comes to customer company of Norwegian 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. Continue reading Chinese Online Tycoon Zhou Yahui Agrees To Cover Wife $1.1 Billion In Breakup