On Tuesday, the US stock market of Huanju Group (NASDAQ: YY) closed at $33.88, a decrease of 14.66%, with a total market value of $2.06 billion.
According to Guangzhou Daily, on the first day of the new year, Baidu announced that its related party Moon will terminate its equity acquisition agreement with YY Live in accordance with the previously signed agreement. The reason is that as of December 31, 2023, which is the final deadline, all the delivery prerequisites stipulated in the share purchase agreement have not been met. This means that the acquisition project with a total acquisition price of 3.6 billion US dollars is facing termination. Therefore, Huanju immediately announced the incident on the evening of January 1st. YY Live's sale to Baidu was basically completed on February 8th, 2021, and some matters still need to be completed in the future. Huanju is seeking legal advice and will consider all possible options for Baidu's notification.