For Joyy’s China Livestreaming Business
BIDU stock traded lower Tuesday, after Chinese web beast Baidu (BIDU) dropped a $3.6 billion plan to obtain Joyy’s (YY) livestreaming business in China. On the news, the Nasdaq-recorded YY stock plunged altogether.
Baidu said finishing conditions for the exchange hadn’t been totally satisfied, according to a managerial keep by the association in Hong Kong Monday. The end conditions included getting authoritative supports from government trained professionals, the notice said.
“The association hopes to analyze with JOYY on the ensuing stages following the finish of the deal purchase understanding,” Baidu’s recording said.
On the monetary trade today, U.S.- recorded BIDU stock fell 3.1% to close at 115.33. YY stock sank 15% to 33.88.
