Core Viewpoint - Baidu has finalized the acquisition of YY Live from Huya Group for $2.1 billion, significantly lower than the initial $3.6 billion agreement, marking the end of a protracted negotiation process lasting over four years [1][3]. Group 1: Acquisition Details - The acquisition agreement was first announced in November 2020, with Baidu planning to acquire YY Live, which includes various platforms such as the YY mobile app and website [2]. - The deal faced multiple delays, with Baidu initially expecting to complete the acquisition in the first half of 2021, but it was not finalized until now [2][3]. - The final purchase price of $2.1 billion represents a reduction of $1.5 billion from the original agreement, reflecting changes in market conditions and strategic focus [3]. Group 2: Financial Implications - Baidu will receive approximately $1.6 billion that was previously held in escrow, which will be reinvested into its cloud and AI infrastructure [1][4]. - The acquisition allows Baidu to refocus its strategy on AI and cloud computing, as it aims to leverage YY Live's platform for AI applications [3][4]. Group 3: Company Performance - Baidu reported a total revenue of 133.1 billion yuan for the previous year, with a net profit of 23.4 billion yuan, indicating a year-on-year growth of 21% [4]. - Baidu's AI-related revenue from its cloud services has seen a nearly threefold increase, with a 26% year-on-year growth in the fourth quarter [5].

Core Insights - YY Group Holding Limited has appointed Mark Wendou Niu as Group Chief Strategy Officer to lead fundraising, investor relations, and digital transformation efforts [1][2] - The company aims to become a global leader in on-demand staffing and integrated facility management solutions by leveraging technology and operational excellence [2][3] Company Strategy - The appointment of Mark is part of YY Group's long-term vision to enhance efficiency, scalability, and growth through technology and data intelligence [2] - Mark's focus will include strengthening investor relations, expanding access to capital, and integrating AI-driven innovations into core services [2][3] Market Position - YY Group's flagship platform, YY Circle, serves over 200 clients and connects with 300,000 registered job seekers, providing seamless workforce solutions [3] - The proprietary Smart iClean System utilizes IoT devices and smart sensors to improve efficiency in commercial cleaning services [3] Leadership and Expertise - Mark Wendou Niu has a strong background in fundraising and scaling technology-driven businesses, having co-founded Biofourmis and secured significant investments from top-tier funds [2][5] - His collaborative leadership style emphasizes open dialogue and diverse perspectives, aiming to build a future-ready ecosystem for businesses and workers [4][5] Company Overview - YY Group is a Singapore-based data and technology-driven company specializing in intelligent labor matching services and smart cleaning solutions [6] - The company is committed to innovation and user-centric experiences, utilizing app-based technology and IoT to optimize labor sourcing and revolutionize the cleaning industry [6]

Singapore, Feb. 03, 2025 (GLOBE NEWSWIRE) -- YY Group Holding Limited (NASDAQ:YYGH) ("YY Group," "YYGH," or the "Company") proudly announces the successful acquisition of Property Facility Services Pte. Ltd. ("PFS"). This strategic acquisition strengthens YY Group's position in the Integrated Facility Management (IFM) industry and lays the groundwork for a transformative approach to facility management services. Image credit: YY Group Holding Limited. PFS's well-established reputation, underpinned by 24 yea ...

Singapore , Jan. 03, 2025 (GLOBE NEWSWIRE) -- YY Group Holding Limited (NASDAQ:YYGH) ("YY Group," "YYGH," or the "Company") is proud to announce the acquisition of MediaPlus Venture Group Pte. Ltd. ("MediaPlus"), a leading digital marketing and web development firm based in Singapore and Malaysia. This strategic acquisition underscores YY Group's commitment to leveraging internal synergies and optimizing resources by bringing website development and digital marketing capabilities in-house. With MediaPlus' e ...

Group 1 - The partnership valued at USD 5 million will last for three years starting in 2025, with Infinity Cybersecurity as a key partner [1] - YY Smart Tech aims to enhance service delivery and reinforce its position as a trusted provider of advanced technology solutions in the region [2][3] - The initiative will streamline technology requirements across YY Group's companies and leverage cutting-edge solutions to improve internal IT systems and business applications [4] Group 2 - YY Smart Tech is collaborating with industry leaders to accelerate digital transformation and strengthen security and infrastructure capabilities across Asia [5] - The strategic partnership will elevate YY Smart Tech's service offerings in Cybersecurity, IT Infrastructure, and Operational Technology to clients in various sectors, including Government, Banking, and Enterprise [8] - YY Smart Tech is recognized as a leading provider of innovative solutions in IT infrastructure, cybersecurity, and operational technology across Singapore and Asia [6]

Singapore, Dec. 20, 2024 (GLOBE NEWSWIRE) -- YY Group Holding Limited (NASDAQ: YYGH) (“YY Group,” “YYGH,” or the “Company”) is pleased to announce that its subsidiary and technology arm, YY Smart Tech (YYST), is strengthening its partnership network with leading solution providers and system integrators to deliver cutting-edge services to customers across Singapore and the broader Asia region. This strategic partnership will elevate YY Smart Tech’s service offerings by delivering innovative solutions in Cyb ...

SINGAPORE, Nov. 20, 2024 (GLOBE NEWSWIRE) -- YY Group Holding Limited (NASDAQ: YYGH) (“YY Group,” “YYGH,” or the “Company”) is proud to congratulate its subsidiary, Hong Ye Group, on receiving two prestigious awards: the HR Asia Best Companies to Work for in Asia 2024 and the Best Cleaning Company at the Let’s Observe Ourselves Awards (LOO Awards). HR Asia Best Companies to Work for in Asia 2024 On November 15, Hong Ye Group was celebrated among Asia’s top employers at the HR Asia Best Companies to Work for ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF ...