JOYY Inc's US stock rose more than 7% before trading, JOYY Inc said, YYLive business is sold to Baidu, Inc.The transaction of the company has been basically completed.
JOYY Inc said in a notice that the sale of his YY Live business to Baidu, Inc. was almost completed, which was previously announced on November 16, 2020.
In addition, on November 18, 2020, short sellers released a report on JOYY. Shortly after the release of the report, the Board of auditors and a team of forensic auditors and data analysis experts conducted a comprehensive review of the allegations related to the YY Live business. The review concluded that the allegations and conclusions relating to YY Live operations in the report had not been confirmed.