Scienjoy declines on deal to acquire rival Hongle.tv

Scienjoy Holding

29/12/2021 13:05

** U.S. shares of Chinese video entertainment firm Scienjoy
 SJ.O  down $12.6% at $4.71 premarket
    ** Co will buy Hongle.tv, a mobile live streaming platform,
and allied business related to non-fungible tokens (NFTs) in a
deal worth 280 mln yuan ($43.99 mln)  urn:newsml:reuters.com:*:nFWN2TD071
    ** Co will pay 180 mln yuan in shares and the rest in cash 
    ** Hongle.tv hosts more than 93,000 broadcasters streaming
to over 42 mln users, focusing on younger generation 
    ** SJ stock down 38% YTD

($1 = 6.3651 Chinese yuan)

 (Reporting by Yuvraj Malik in Bengaluru)
 ((yuvraj.malik@thomsonreuters.com))