According to reports in foreign media, Chinese social media platform YY Inc. has renamed to JOYY Inc. and the rename decision has been approved by the company’s shareholders meeting.
JOYY’s stock code at Nasdaq will still be “YY”.
Public files show that JOYY was established in 2005 with registered capital of CNY100 million and the company’s ultimate beneficiary is Li Xueling. In November 2012, the company was listed at Nasdaq. It started overseas layout in 2014 and it established two core strategies, globalization and AI in 2019.
JOYY’s latest financial report showed that during the third quarter of 2019, the group’s total operating revenue was CNY6.882 billion, a year-on-year increase of 67.8%; and its net profit attributable to shareholders was CNY42.1 million.
At the same time, JOYY’s number of monthly active users on mobile end reached 470 million, an increase of 382 million compared with the same period of last year. The group’s three major businesses short video, instant messaging, and live broadcast achieved monthly active users of 150 million, 212 million, and 158 million, respectively.