Tencent Gains Control of Huya: What Does This Mean for JOYY? [The Motley Fool]
JOYY Inc. - American Depositary Shares (YY)
Last joyy inc. - american depositary shares earnings: 3/16 06:00 pm
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Source: The Motley Fool
Two years ago,Tencent(OTC:TCEHYHuyaNYSE:HUYAJOYYNASDAQ:YYTencent recently exercised that option, and raised its stake to 0.% by buying 6. million class B shares of Huya for about $6.6 million. That massive purchase reduces JOYY's voting stake from .% to %. Lindong Huang, who currently leads Tencent's interactive entertainment group, was appointed as the new chairman of Huya's board. Three other Tencent executives -- Zhi Cheng, Hai Tao Pu, and Guang Xu -- also joined Huya's board.Image source: Getty Images.Tencent will consolidate Huya's financial results with its own, but Huya will continue to operate independently and remain listed on the NYSE. Let's see what this shakeup means for Tencent and JOYY.Tencent gains a high-growth video platformTencent's WeChat remains China's top messaging and Mini Program platform, but its advertising business faces intense competition fromByteDanceweed-like growthTencent's core gaming business also faces tough competition fromNetEaseChinese marketiQiyi
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