Jan 22, 2016
BEIJING, Jan. 22, 2016 /PRNewswire/ -- Cheetah Mobile Inc. (NYSE: CMCM) ("Cheetah Mobile" or the "Company"), a leading mobile internet company that provides mission critical applications to help make the internet and mobile experience speedier, simpler, and safer for users worldwide, today announced that Moxiu Technology (Beijing) Co., Ltd. ("Moxiu"), a subsidiary of the Company, filed an application for the quotation of its shares on the National Equities Exchange and Quotations System (the "NEEQ") in China on January 22, 2016. The NEEQ is commonly known as the New Third Board of the PRC, and is a unified national system that typically provides a trading platform for off market transfer of non-listed public shares by subscribing members of the NEEQ.
As of the date of this announcement, the Company directly holds approximately a 52.1% equity interest in Moxiu. The Company currently has no intention to effect any sale of its existing shares in Moxiu, nor will Moxiu issue any new shares as part of or immediately following the quotation. In the event that Moxiu is able to effect the proposed quotation on the NEEQ, immediately following such quotation on NEEQ, the Company will continue to hold approximately a 52.1% equity interest in Moxiu and consolidate the financial results of Moxiu.
There is no assurance that the proposed quotation will take place in a timely manner or at all. The proposed quotation is subject to, among other things, market and business conditions as well as approvals by the National Equities Exchange and Quotations Co. Ltd. and the Stock Exchange of Hong Kong Limited, to which Kingsoft Corporation Limited, the controlling shareholder of the Company, has submitted a spin-off application pursuant to applicable rules.
Mr. Sheng Fu, Cheetah Mobile's Chief Executive Officer, stated, "We are very pleased with Moxiu's achievements, especially relating to its strong innovation capabilities, mobile technology and product offering. We firmly believe that the proposed quotation of Moxiu's shares on the NEEQ will not only provide Moxiu with new, low-cost and diversified sources for funding, but also elevate its brand and facilitate it's evolution into a modern public enterprise with a strong management structure and system of corporate governance."
About Moxiu Technology
Moxiu Technology is a limited liability company established in the People's Republic of China on June 12, 2008. The Beijing-based company is mainly engaged in the development, research, and provision of mobile launchers, and monetizes its mobile traffic through online marketing services in the People's Republic of China.
About Cheetah Mobile Inc.
Cheetah Mobile is a leading mobile internet company. The Company aims to provide the best apps for mobile users worldwide, while building a leading global mobile ad platform for advertisers. Cheetah Mobile had approximately 567 million global mobile monthly active users in September 2015. Its mission critical applications, including Clean Master, CM Security, Battery Doctor and Duba Anti-virus, help make the internet and mobile experience speedier, simpler, and safer for users worldwide.
The Company also provides various platform products such as Duba.com, Cheetah Browser, game centers, and mobile app stores to provide multiple user traffic entry points and global content distribution channels for its business partners.
Safe Harbor Statements
This press release contains forward-looking statements. These statements, including management quotes and business outlook, constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements. These forward-looking statements include, but are not limited to, statements about: Cheetah Mobile's growth strategies; Cheetah Mobile's ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile's ability to monetize its platform; Cheetah Mobile's future business development, financial condition and results of operations; competition from companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile's revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile's filings with the U.S. Securities and Exchange Commission. Cheetah Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.
Investor Relations Contact
Cheetah Mobile Inc.
Helen Jing Zhu
Tel: +86 10 6292 7779 ext. 1600
Tel: +1 (646) 417-5395
SOURCE Cheetah Mobile