BEIJING, Aug. 12, 2014 /PRNewswire/ -- Cheetah Mobile Inc. (NYSE: CMCM) ("Cheetah" 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, announced today that it has entered into a Share Purchase Agreement with Beijing Starsinhand Technology Company Limited ("Starsinhand"), a subsidiary of Tencent Holdings Limited ("Tencent"), to acquire an additional approximately 22.2% equity interest in Moxiu Technology (Beijing) Co., Ltd. ("Moxiu Technology") for a total consideration of RMB30 million in cash. Upon completion of the transaction under the Share Purchase Agreement, Cheetah will become the majority shareholder of Moxiu Technology, holding approximately 50.5% equity interest.
"We are very excited to cement our strategic partnership with Moxiu Technology through this additional equity investment. We have very high regard for Moxiu's strong innovation capabilities and its mobile user generated content services and mobile launcher products," said Mr. Sheng Fu, Chief Executive Officer of Cheetah. "Looking forward, we see significant synergies for Cheetah and Moxiu to jointly develop, cross-promote and integrate their respective products and services. We believe this investment will strengthen Cheetah's overall mobile offering, helping to expand our promotional channels and product lines."
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 user generated content services and mobile launchers.
About Cheetah Mobile Inc.
Cheetah Mobile is a leading mobile internet company with approximately 362 million monthly active users in March 2014. 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. Cheetah Mobile is the second largest internet security software provider in China by monthly active users as of March 2014, according to iUserTracker of iResearch, and the publisher of Clean Master, the #1 mobile app in the Google Play Tools category worldwide by monthly downloads in March 2014, according to App Annie.
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.
SOURCE Cheetah Mobile Inc.