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NQ Mobile Inc. Provides An Update on the FL Mobile Divestment

BEIJING, May 6, 2016 /PRNewswire/ -- NQ Mobile (or the "Company"), a leading global provider of mobile internet services, today announced an update on the FL Mobile Divestment pursuant to the binding framework agreement announced on August 26, 2015, between the Company and Beijing Jinxin Rongda Investment Management Co. Ltd. ("Beijing Jinxin"), a subsidiary of Tsinghua Holdings Co. Ltd., in connection with the Company's divestment of the entire stake of FL Mobile Inc., NQ Mobile's majority owned Cayman Islands subsidiary (the "FL Mobile Divestment").

Beijing Jinxin Hengrui Investment Center (Limited Partnership) ("Jinxin Hengrui"), a limited partnership established in the PRC which Beijing Jinxin is a general partner, has entered into a share purchase agreement with the Company and a subsidiary of the Company (the "Agreement"). Pursuant to the Agreement, Jinxin Hengrui will acquire 13.13% equity interest in FL Mobile Jiutian Technology Co., Ltd. ("FL Mobile") for a total consideration of RMB656.5 million, valuing the entire FL Mobile business at RMB5 billion, payable to the Company. The Company expects to receive 80% of the...