Why Is Everyone Talking About JOYY Stock?
JOYY (NASDAQ: YY) recently became one of the market's most talked-about Chinese tech stocks amid rumors that it could be taken private.
On Aug. 27, Reuters claimed that JOYY chairman David Li and Xiaomi founder Lei Jun were in talks to take the company private for $75 to $100 per share. JOYY could also spin off Bigo, its core subsidiary and the segment that generates most of its revenue, in a new listing in Hong Kong or another Asian exchange.
JOYY's stock was only trading in the low $60s when that story broke, so some investors sensed an opportunity to profit from the rumored deal. But later that day, JOYY declared on its Weibo account that it hadn't received any "formal" takeover offers.
Source Fool.com
