Shares of DouYu International Holdings Ltd. (DOYU) were gaining around 24 percent in pre-market activity on the Nasdaq after the game-centric live streaming platform in China on Thursday announced the appointment of Simin Ren as Co-Chief Executive Officer, and declared a special cash dividend.
The company said its Board approved and declared a special cash dividend of $9.94 per ordinary share, or $9.94 per American Depositary Share or ADS, to holders of record of ordinary shares and ADSs as of the close of business on February 10.
The aggregate amount of cash dividends to be paid will be around $300 million and is expected to be paid on or around February 20 for holders of ordinary shares and holders of ADSs.
Regarding the appointment, the eSports value chain noted that its board of directors appointed Ren in the new role effective as of Thursday, following the transition under the leadership of the interim management committee since November 2023. With the appointment, the interim management committee has been dissolved.
Ren, Co-CEO of DouYu, said, "As part of our strategic cash management and allocation, our Board of Directors has approved a special cash dividend of approximately US$300 million. Given our current cash position and strategic business plan, we continue to focus on improving our operational efficiency and endeavor to overcome the challenges of the macroeconomic and operating environment in order to support the Company's long-term development."
In pre-market activity on the Nasdaq, DouYu shares were trading at $15.20, up 23.68%.
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