JOYY Inc

NASDAQ:YYUnited States

JOYY Inc. Announces the Results of the Repurchase Right Offer for its 1.375% Convertible Senior Notes due 2026

SINGAPORE, June 14, 2024 (GLOBE NEWSWIRE) -- JOYY Inc. (Nasdaq: YY) ("JOYY" or the "Company"), a global technology company, today announced the results of its previously announced repurchase right offer relating to its 1.375% Convertible Senior Notes due 2026 (CUSIP No. 98426T AF3) (the "2026 Notes"). The repurchase right offer expired at 5:00 p.m., New York City time, on Thursday, June 13, 2024. Based on information from Citibank, N.A. as the paying agent for the 2026 Notes, US$405,445,000 aggregate principal amount of the 2026 Notes were validly surrendered and not withdrawn prior to the expiration of the repurchase right offer. The aggregate cash purchase price of these 2026 Notes is US$405,445,000. The Company has accepted all of the surrendered 2026 Notes for repurchase and has forwarded cash in payment of the same to the paying agent for distribution to the applicable holders. As June 15, 2024 is a Saturday, the paying agent will pay the repurchase price for the 2026 Notes tendered and the accrued interest on all of the 2026 Notes no later than Monday, June 17, 2024, the next succeeding business day following the repurchase date, pursuant to the indenture dated as of June 24, 2019 relating to the 2026 Notes.

0637 GMT - JOYY's share price drop after its 1Q earnings was overdone although its revenue outlook remains muted, according to Citi analysts led by Brian Gong in a research note. They point out that the Chinese social media company's 1Q revenue and adjusted earnings were slightly ahead of the consensus and recent share repurchases are considered "decent". Still, revenue could stay muted for the rest of 2024 with a continued weakness in live-streaming revenue amid operational adjustments. Progress on negotiation on sales of YY Live, one of its major businesses, is a key catalyst, they note. The analyst keeps a buy rating and a target price for its ADRs at $46.00.Its ADRs last traded at $31.11.(tracy.qu@wsj.com)