JOYY Inc. (NASDAQ: YY), a global technology company, saw its shares surge over 12% in pre-market trading on Tuesday. The sharp rise was primarily driven by the company's announcement of selling its video-based entertainment live streaming business in mainland China, known as YY Live, to Baidu Inc. for approximately $2.1 billion in cash.
The sale marks a significant strategic move for JOYY, as it divests a major part of its operations in China. The company had previously received around $1.86 billion in cash from the same deal back in February 2021, and on Tuesday, it received an additional $240 million, completing the transaction.
This transaction not only provides JOYY with a substantial cash influx but also allows the company to focus on its other social products, including Bigo Live for live streaming, Likee for short-form videos, Hago for multiplayer social networking, and instant messaging services. JOYY aims to leverage this strategic shift to enrich lives through technology on a global scale.
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