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BRIEF-Cheetah Mobile announces proposed delegation of voting rights by Kingsoft to Sheng Fu
February 13, 2017 / 12:25 PM / 10 months ago

BRIEF-Cheetah Mobile announces proposed delegation of voting rights by Kingsoft to Sheng Fu

Feb 13 (Reuters) - Cheetah Mobile Inc

* Cheetah Mobile announces proposed delegation of voting rights by Kingsoft to Sheng Fu

* Upon effectiveness of voting proxy agreement, Kingsoft will hold approximately 25.03% voting rights of Cheetah Mobile

* Controlling shareholder Kingsoft will delegate about 37.81% voting rights of Cheetah Mobile to CEO Sheng Fu

* Fu intends to separately enter into a voting proxy agreement with Tencent

* Tencent will delegate to Fu approximately 4.5% voting rights of Cheetah Mobile

* Proxy agreement provides for agreement to increase size, change composition of current 9-member board, such that there will be 11 directors

* 11 directors, to include 3 directors from Cheetah Mobile, 1 director designated by Kingsoft, 1 director designated by Tencent Holdings Source text for Eikon: Further company coverage:

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