Joyy Adrs Slump As Baidu Scraps $3.6 Bln China Live: streaming unit deal

JOYY

02/01/2024 10:33

** U.S.-listed shares of Chinese social live-streaming
platform JOYY Inc  YY.O  fall 9.7% to $35.85 premarket
    ** Baidu  9888.HK  terminates its planned $3.6 bln
acquisition of JOYY's live-streaming business in China
    ** The search engine giant had proposed to acquire YY Live
in 2020
    ** Baidu affiliate terminates share purchase agreement as
conditions for closing the deal "had not been fully satisfied"
as of the end of 2023
    ** YY jumped 25.6% in 2023 compared with a 13.6% fall in
iShares MSCI China ETF  MCHI.O     

 (Reporting by Medha Singh)
 ((medha.singh@thomsonreuters.com))