BEIJING, May 20, 2020 /PRNewswire/ -- Cheetah Mobile Inc.
(NYSE: CMCM) ("Cheetah Mobile" or the "Company"), a leading mobile
internet company with global market coverage, today announced that
the Company's board of directors (the "Board") approved a special
cash dividend of US$1.44 per American
Depositary Share ("ADS"), or US$0.14
per ordinary share.
The cash dividend will be paid on July 9,
2020, to shareholders of record at the close of business on
June 23, 2020. The aggregate amount
of cash dividends to be paid is approximately US$200 million, which will be funded by cash on
the Company's balance sheet.
Meanwhile, Cheetah Mobile has entered into an agreement to sell
all its remaining equity ownership in Bytedance Ltd on May 20, 2020. This transaction is expected to
result in a disposal gain of investment of approximately
US$66 million in the second quarter
of 2020. This transaction will also result in a cash inflow of
approximately US$130 million. As of
December 31, 2019, the Company had
cash and cash equivalents, restricted cash, and short-term
investments of US$338.2 million. This
transaction is expected to close by the end of June 2020, subject to customary closing
conditions.
Cheetah Mobile has continued to return to our shareholders. In
September 2018, its board of
directors had approved a share repurchase program of up to
US$100 million of our outstanding
ADSs for a period not to exceed 12 months. The Company funded
repurchases made under this program from its available cash
balance. In 2019, the Company had repurchased approximately 4.5
million ADSs for approximately US$32
million under this program. The Company cancelled all the
repurchased Cheetah ADSs. In 2019, its board of directors approved
a special cash dividend of US$0.50
per ADS, or US$0.05 per ordinary
share in August 2019. The aggregate
amount of cash dividends was approximately US$72 million, which was funded by cash on its
balance sheet.
About Cheetah Mobile Inc.
Cheetah Mobile is a leading mobile Internet company with global
market coverage. It has attracted hundreds of millions of monthly
active users through its mobile utility products such as Clean
Master and Cheetah Keyboard, casual games such as Piano Tiles 2,
and Bricks n Balls. The Company provides its advertising customers,
which include direct advertisers and mobile advertising networks
through which advertisers place their advertisements, with direct
access to highly targeted mobile users and global promotional
channels. The Company also provides value-added services to its
mobile application users through the sale of in-app virtual items
on selected mobile products and games. Cheetah Mobile is committed
to leveraging its cutting-edge artificial intelligence technologies
to power its products and make the world smarter. It has been
listed on the New York Stock Exchange since May 2014.
Safe Harbor Statement
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
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in the
forward-looking statements, including but are not limited to the
following: 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 with 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
Email: helenjingzhu@cmcm.com
ICR, Inc.
Xinran Rao
Tel: +1 (646) 417-5395
Email: IR@cmcm.com
View original
content:http://www.prnewswire.com/news-releases/cheetah-mobile-announces-dividend-of-us1-44-per-american-depositary-share-and-disposal-of-equity-ownership-in-bytedance-ltd-301062615.html
SOURCE Cheetah Mobile Inc