CMCM - Cheetah Mobile Further Invests in Beijing OrionStar | Benzinga
BEIJING, Jan. 12, 2024 /PRNewswire/ -- Cheetah Mobile Inc. (NYSE:CMCM) ("Cheetah Mobile" or the "Company"), a leading internet company, today announced that the Company, through two of its wholly-owned subsidiaries, has made an additional investment in Beijing OrionStar Technology Co., Ltd. ("Beijing OrionStar"), in which the Company held 72.91% equity interest before the investment.
The Company, through a wholly-owned subsidiary, made an investment of US$16.7 million in Beijing OrionStar. Concurrently, Beijing Kingsoft Internet Security Software Co., Ltd. ("Beijing Security"), a wholly-owned subsidiary of the Company, exercised its right under the convertible loan with principal amount of RMB100 million that it provided to Beijing OrionStar in 2021 to convert all of the principal and the accrued interest into Beijing OrionStar's equity interest.
Additionally, Gongqingcheng Orion Industrial Investment Center (Limited Partnership) (the "Fund") made an investment of RMB150 million, or approximately US$20.9 million, into Beijing OrionStar. The Company, through one of its subsidiaries, is one of the limited partners of the Fund and currently owns approximately 49.5% interest in the Fund. Jiujiang Industrial Investment Guidance Fund Partnership (Limited Partnership) ("Jiujiang Guidance Fund") and Shenzhen China Science and Merchants Equity Investment Management Co., Ltd. ("CSC Group") serve as the other limited partner and the fund manager of the Fund, respectively.
The aforementioned investment is expected to close in February 2024. After the completion of the investment, the Company's equity interest in Beijing OrionStar is expected to be 72.10%, without taking into account the stake it holds indirectly through the Fund; the Company is expected to hold, both directly and indirectly, 73.95% equity interest in Beijing OrionStar, including the stake it holds indirectly through the Fund.
Mr. Sheng Fu, ...