Chinese game designer Kunlun’s billionaire Chairman Zhou Yahui agrees to cover spouse $1.1 billion in . + divorce or separation settlement. (Picture Credit: Gilles Sabrie for Forbes)

A high-flying Chinese billionaire is making among the country’s costliest divorce proceedings settlements ever.

Zhou Yahui, whom purchased a controlling stake in gay-dating application Grindr early in the day this present year, consented to move 278 million stocks inside the online video video gaming business Beijing Kunlun Tech to Li Qiong, in accordance with a stock exchange filing that is chinese. 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 34.5% stake in Kunlun—worth 10.1 billion yuan($1.5 billion)– after the settlement, will maintain control of the organization. Li will adhere to the share that is original period, that may expire in January 2018, based on the filing.

A graduate associated with the prestigious Tsinghua University in Beijing, Zhou made their fortune by circulating Chinese online flash games abroad. International areas accounted for 74% of Kunlun’s 1.78 billion yuan in profits this past year.

The business is diversifying into online finance and media that are social. Last Zhou invested in UK lending startup LendInvest year. Kunlun normally the main Chinese consortium that agreed in July to pay for $600 million for the customer company https://hot-russian-women.net/ of Norwegian web browser Opera, after the first $1.2 billion buyout offer for the entire Opera computer computer Software failed because of privacy issues from U.S. regulators.

The breakup doesn’t influence Kunlun’s operations, a business spokeswoman states.

Asia’s divorce proceedings price, once minuscule, is increasing quickly. It climbed from 1.7percent of this populace in 2008 to 2.8per cent this past year, in line with the Ministry of Civil Affairs.

The nation is not any complete complete complete stranger to exorbitant divorce proceedings settlements. Wu Yajun, the billionaire chairwoman of home designer Longfor Properties, paid spouse Cai Kui 20 billion Hong Kong dollars ($2.75 billion) in 2012.

When you look at the year that is same Yuan Jinhua, vice president of hefty gear manufacturer Sany, compensated wife Wang Haiyan 2.26 billion yuan ($359 million) as his or her divorce or separation settlement.

Wang Wei, founder of Chinese on the web video site Tudou, stands to reduce the absolute most from their divorce or separation. Tudou’s bid for a short general public providing on the Nasdaq was postponed to 2011 after their ex-wife petitioned an area court to really have the stocks frozen. Wang fundamentally reached money well worth $7 million, but Youku that is rival took possiblity to offer its shares to U.S. investors in belated 2010. The sooner usage of money permitted Youku to develop more quickly, also it suppressed interest in Tudou’s IPO a 12 months later on. Youku ultimately acquired Tudou in 2012. The business has become owned by Chinese ecommerce giant Alibaba.

Chinese game designer Kunlun’s billionaire Chairman Zhou Yahui agrees to cover spouse $1.1 billion in . + divorce proceedings 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 previously this season, consented to move 278 million shares in the online video video gaming company Beijing Kunlun Tech to Li Qiong, relating to A chinese stock market filing. 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 of the organization. Li will comply with the share that is original period, that may expire in January 2018, in accordance with the filing.

A graduate associated with the Tsinghua that is prestigious University Beijing, Zhou made their fortune by dispersing Chinese online flash games abroad. International areas accounted for 74% of Kunlun’s 1.78 billion yuan in profits this past year.

The organization is diversifying into online finance and social media marketing. Last Zhou invested in UK lending startup LendInvest year. Kunlun can be area of the consortium that is chinese agreed in July to cover $600 million when it comes to customer company of Norwegian browser Opera, after the first $1.2 billion buyout offer for the entire Opera computer Software failed because of privacy issues from U.S. regulators.

The divorce proceedings does affect Kunlun’s operations n’t, a business spokeswoman says.

Asia’s divorce proceedings price, once minuscule, is increasing quickly. It climbed from 1.7percent associated with populace in 2008 to 2.8per cent this past year, based on the Ministry of Civil Affairs.

The united states is not any complete complete stranger to exorbitant divorce proceedings settlements. Wu Yajun, the billionaire chairwoman of home developer Longfor Properties, paid spouse Cai Kui 20 billion Hong Kong bucks ($2.75 billion) in 2012.

Within the exact same 12 months, Yuan Jinhua, vice president of hefty gear manufacturer Sany, compensated wife Wang Haiyan 2.26 billion yuan ($359 million) as his or her divorce or separation settlement.