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Stock Alert: Cheetah Mobile Gains 47%

Shares of Chinese mobile internet company Cheetah Mobile Inc. (CMCM) have surged $0.98 or 47.34% on Wednesday, before closing at $3.05. The company has announced a special cash dividend of $1.44 per ADS or $0.14 per ordinary share.

The dividend will be paid on July 9, to shareholders of record on June 23.

The trading volume of shares yesterday surged to 8.26 million, while the average volume is about 500,000.

Cheetah Mobile has agreed to sell all its remaining stake Bytedance Ltd, which will result in a cash inflow of approximately US$130 million. The transaction is expected to close by the end of June 2020.

Cheetah Mobile stock has been trading in the range of $1.845- $5.07 in the last 52-weeks.

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