Why JOYY Stock Is Zooming Higher Today
Shares of JOYY (NASDAQ: YY) were joyfully higher on Thursday, following a media report that the Chinese social media company could be taken private soon with a rich valuation. After a sizable pop, the stock fell some distance but was still up by nearly 5% in mid-afternoon trading.
That morning, Reuters published an exclusive report that cited "three people with knowledge of the matter," who claim that JOYY's two top shareholders aim to lead a buyout of the company.
Those sources said the pair, chairman David Li and the founder of Chinese smartphone maker Xiaomi, Lei Jun, feel that the Nasdaq-traded tech company is undervalued.
Source Fool.com
