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Chinese Internet 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 wife $1.1 billion in . + divorce proceedings settlement. (Photo 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 previously in 2010, consented to transfer 278 million stocks in their online video video gaming business Beijing Kunlun Tech to Li Qiong, in accordance with A chinese stock market filing. The stocks can be worth 7.3 billion yuan ($1.1 billion), according to 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)-- after the settlement, will keep control over the business. Li will comply with the share that is original period, that may expire in January 2018, in line with the filing.

A graduate associated with Tsinghua that is prestigious University Beijing, Zhou made their fortune by circulating Chinese online flash games abroad. International areas taken into account 74% of Kunlun’s 1.78 billion yuan in profits year that is last.

The organization is diversifying into online finance and media that are social. Last year Zhou dedicated to UK financing startup Lendspend. Kunlun can also be the main Chinese consortium that agreed in July to cover $600 million when it comes to customer company of Norwegian web browser Opera, after the first $1.2 billion buyout offer for your Opera Software failed as a result of privacy issues from U.S.

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