Benzinga | Aug 10, 2020 02:34PM EDT

Why Joyy's Stock Is Trading Higher Today

Joyy (NASDAQ:YY) shares are trading higher on Monday after the company announced it sold 30 million shares of Huya to Tencent for $810 million in cash.

Joyy is a social media platform. JOYY enables users to interact with each other in real-time through online live media and offers users immersive entertainment experience. Its products include YY Live, Bigo Live, Huya, Likee, imo, and Hago. The company operates in (Peoples' Republic of China)PRC and other countries, out of which PRC accounts for the majority of the revenue.

Joyy shares were trading up 5.55% at $77.54 on Monday at the time of publication. The stock has a 52-week range between $99.35 and $41.33.