Hong Kong, 22 July 2013 – NetDragon Websoft Inc. (“NetDragon” or “the Company”; HKEx: 777), a leading innovator and creative force in China’s online gaming and mobile internet industries, announced that it has bought back up to a total of 794,500 shares at an average price of HK$17.79 on 22 July 2013. The number of shares purchased represents approximately 0.155% of NetDragon’s existing issued share capital.
Mr. Liu Dejian, Chairman and Executive Director of NetDragon, said, “The share buyback will benefit NetDragon’s capital structure and its shareholders. This move also reflects the confidence the Board of Directors and management team have in the Company’s business outlook and sustainable growth. We may consider further share buyback when the valuation is at an attractive level. ”
The Company has recently announced the proposed disposal of approximately 57.41% in 91 Wireless Websoft Limited to Baidu Holdings Limited Inc. for a consideration of US$1.09 billion (approximately HK$8.46 billion) (the “Proposed Disposal”). If the proposed transaction materialises, it will enhance the NetDragon’s earnings and broaden the Company’s capital base. The Company will leverage this opportunity to continue to step up investments in development and innovation for Internet and mobile games businesses, and explore further cooperation opportunities with Baidu on other business areas.
NetDragon will make further announcement(s) on the Proposed Disposal at the appropriate juncture in accordance with the Listing Rules.