By Katherine Hamilton
DouYu International Holdings shares surged Thursday after the company named a new co-chief executive following the late-2023 arrest of its founder and chief executive, as well as declared a $9.94 special dividend.
The stock was recently up 29% to $15.80. It has nearly doubled over the past 12 months.
The Chinese livestreaming platform, which specializes in gaming, on Thursday said it named Simin Ren as co-chief executive.
Ren steps in after Shaojie Chen, who founded the company and was serving as CEO, was arrested in October 2023. In May, China's internet regulator said it was looking into "pornographic and crude" content at DoYou.
The stock hit a series of all-time lows after the arrest, which DoYou said at the time could hurt its operations.
DouYu also plans to pay a special dividend of $9.94 a share, or the same amount per American Depositary Share, on or around Feb. 20 to holders of record on Feb. 10. The aggregate amount of dividends paid is expected to be about $300 million, DouYu said.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
January 16, 2025 10:34 ET (15:34 GMT)
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