Boston, MA 08/13/2014 (wallstreetpr) – Cheetah Mobile Inc (ADR) (NYSE:CMCM), the famed mobile internet company on August 12, 2014 publicly announced that the company has signed into a ‘Share purchase agreement’ with Beijing Starsinhand Technology Company Limited.
Cheetah Targets To Own Additional 22% Of Equity Interest:
Cheetah Mobile Inc (ADR) (NYSE:CMCM) has entered into a share purchase agreement with Beijing Starsinhand, the subsidiary of Tencent Holdings Ltd (HKG:0700) is done in order to acquire an additional almost 22.2% of equity interest in Moxiu Technology (Beijing) Co., Ltd.
Transaction Of RMB30 Million In Cash:
The total transaction is of RMB30 million in cash. After the successful completion of the share purchase agreement, the China-based Cheetah will stand as the major shareholder of Moxiu Technology and will hold a near about 50.5% equity interest in the company.
CEO Comments:
The chief executive officer of Cheetah Mobile Inc (ADR) (NYSE:CMCM), Mr. Sheng Fu while commenting on the acquisition said that the company is very excited to strengthen the strategic partnership with Moxiu Technology, with such additional equity investment. He also added that Cheetah has a strong regard for Moxiu Technology’s exemplary innovation abilities along with its mobile consumer generated content service and mobile launcher products. While looking forward, the joint effort of the companies can produce quality products and services for the users.
Cheetah Expects Optimistic Growth:
The investment is expected to support Cheetah’s in general mobile offering and help to expand the products. A week ahead of the announcement of the financial balance sheet, this prospective acquisition will undoubtedly create a significant effect on the shareholders.
2Q2014 Financial Result Announcement:
The company will announce its 2Q financial result of 2014 on Tuesday, August 19, 2014. Cheetah Mobile Inc (ADR) (NYSE:CMCM) will hold a conference call to disclose the financial facts and figures at 8:00 am, before the opening of the market.
