In one of the costliest divorce settlements ever, a high-flying Chinese tech tycoon will pay his wife a whopping $1.1 billion. According to a Chinese stock exchange filing, Zhou Yahui who bought a controlling stake in the gay-dating app Grindr earlier in 2016, has agreed to transfer 278 million shares in his online gaming company Beijing Kunlun Tech to his wife Li Qiong. The shares are currently worth 7.3 billion yuan which amounts to $1.1 billion. This huge divorce settlement has caught Chinese state media in a frenzy as they have claimed it to be one of the costliest splits in the history of China.
The couple were ranked 11th in a global list by the Hurun report, of self-made billionaires who are under 40 in the year 2016. Zhou Yahui is a graduate of the Tsinghua University in Beijing. He has earned the huge amount of money and success by distributing Chinese online games outside the country. According to reports, 74% of Kunlun’s 1.78 billion yuan in revenues in 2015 came from overseas markets. Zhou will still remain the biggest shareholder of Kunlun Tech. In 2015, Zhou had invested in LendInvest, a startup from the UK. Reportedly, according to the Ministry of Civil Affairs in China, the divorce rate in the country has been rising rapidly. From 1.7% of the population in 2008 the rate climbed up to 2.8% in 2015. But China is not new to high profile heavy settlement amounts. Wu Yajun, the billionaire chairwoman of Longfor Properties had paid her husband Cai Kui $2.75 billion four years back. Another millionaire Yuan Jinhua, the vice president of heavy equipment maker Sany, had paid his wife Wang Haiyan $359 million after their divorce.
When it comes to divorce settlements all over the world, there were many famous reports in the past, including Rupert Murdoch, the media mogul and Formula 1 head Bernie Ecclestone shelling out more than a billion dollars for divorces.