JOYY Inc. Announces New Share Repurchase Plan

Rhea-AI Summary

JOYY Inc. (NASDAQ: YY) has announced a new share repurchase plan, allowing the company to repurchase up to US$200 million of its own shares within the next 12 months. These buybacks will be conducted through various legally permissible methods based on market conditions. The Company plans to fund these repurchases from existing funds, demonstrating confidence in its financial position and potential future performance.

Positive

• Authorization for a US$200 million share buyback indicates confidence in future growth.
• Funding for repurchase will come from existing funds, showing financial stability.

Negative

• None.

SINGAPORE, Sept. 09, 2021 (GLOBE NEWSWIRE) -- JOYY Inc. (NASDAQ: YY) (“JOYY” or the “Company”, formerly known as YY Inc.), a global video-based social media company, today announced that its board of directors has authorized a new share repurchase plan under which the Company may repurchase up to US$200 million of its shares over the next 12 months. The share repurchases may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. JOYY’s board of directors will review the share repurchase plan periodically, and may authorize adjustment of its terms and size. The Company expects to fund repurchases made under this plan from its existing funds.

About JOYY Inc.

JOYY is a leading global social media company that enables users to interact with each other in real time through online live media. On a mission to connect people and enrich their lives through video, JOYY currently operates several social products, including Bigo Live for live streaming, Likee for short-form videos, Hago for casual games, and instant messaging product and others. The Company has created a highly engaging and vibrant user community for users across the globe. JOYY was listed on the NASDAQ in November 2012.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, JOYY’s strategic and operational plans may contain forward-looking statements. JOYY may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about JOYY’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: JOYY’s goals and strategies; JOYY’s future business development, results of operations and financial condition; the expected growth of the online communication social platform market in China; the expectation regarding the rate at which to gain active users, especially paying users; JOYY’s ability to monetize the user base; fluctuations in general economic and business conditions in China; the impact of the COVID-19 to JOYY’s business operations and the economy in China and elsewhere generally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in JOYY’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and JOYY does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

JOYY Inc.
Jane Xie/Maggie Yan
Email: joyy-ir@joyy.sg

ICR, LLC
Robin Yang
Email: joyy@icrinc.com

FAQ

What is the purpose of JOYY's new share repurchase plan?

The purpose is to enhance shareholder value and demonstrate confidence in the company's future performance.

How much is JOYY planning to repurchase under the new share buyback plan?

JOYY plans to repurchase up to US$200 million of its shares.

When will JOYY conduct its share repurchases?

The repurchases are expected to take place over the next 12 months.

How will JOYY fund its share buyback?

JOYY will fund the share repurchases from its existing funds.

What methods will JOYY use for the share buyback?

Repurchases may be made in the open market, privately negotiated transactions, or block trades.