US Stock Market Move | Reached acquisition agreement with Baidu Inc Sponsored ADR Class A JOYY, Inc. Sponsored ADR Class A (YY.US) surged over 11% in pre-market trading.

On Tuesday, JOYY, Inc. Sponsored ADR Class A (YY.US) surged more than 11% to $56 before market open. In terms of news, Baidu Inc sponsored ADR Class A and JOYY, Inc. Sponsored ADR Class A have reached an acquisition agreement. Baidu Inc Sponsored ADR Class A will acquire JOYY, Inc. Sponsored ADR Class A's video entertainment livestreaming business YY Live in China for $2.1 billion. According to the announcement, after the new agreement was reached, the $1.6 billion (over 11 billion RMB) previously deposited in the custody account was fully refunded to Baidu Inc Sponsored ADR Class A, and will be invested in cloud and AI infrastructure construction. In November 2020, Baidu Inc Sponsored ADR Class A had reached an agreement with JOYY, Inc. Sponsored ADR Class A to acquire YY Live for $3.6 billion, with part of the funds deposited into a custody account.