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

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

Chinese game developer Kunlun’s billionaire Chairman Zhou Yahui agrees to pay for 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 or separation settlements ever.

Zhou Yahui, whom purchased a controlling stake in gay-dating application Grindr previously this present year, decided to move 278 million stocks inside the online gaming business Beijing Kunlun Tech to Li Qiong, based on a stock exchange filing that is chinese. The shares are worth 7.3 billion yuan ($1.1 billion), predicated on Kunlun’s closing price of 26.4 yuan today.

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 share that is original period, that will expire in January 2018, in accordance with the filing.

A graduate of this Tsinghua that is prestigious University 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 this past year. Read more