Owner of Grindr forced to give up $1.1B worth of shares to ex-wife in divorce settlement

Li Qiong
Li Qiong

Chinese tech mogul Zhou Yahui may be business savvy — having recently purchased a controlling share of the dating app Grindr — but he is clearly not as savvy in love. He was just ordered by a Beijing court to consciously uncouple from a whopping 277 million shares of his Beijing Kunlun Wanwei Tech Company as part of a divorce settlement with his ex-wife Li Qiong. That amount is currently valued at $1.1 billion — leaving Yahui with only 34.5% of his shares and 100% single.

Li Qiong has vowed not to trim her holdings in the next 12 months. We can only hope that vow is stronger than the marital one.

This is reported to be one of the most expensive divorce payouts in China, according to Quartz. And it seems to be part of a growing trend in China of pricey marriage dissolutions. In 2012 Wu Yajun, the chairwoman of Longfor Properties Co., a Hong Kong-listed Chinese property developer, was ordered to pay her former spouse $2.75 billion. [Quartz]