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Hot stock: YuuZoo shares up 24% in intra-day trade
YUUZOO Corporation shares were up 24.4 per cent at their highest in intra-day trade on Thursday, following news that the social networking firm had inked a multi-million-dollar e-sports deal with Alibaba Sports Group.
YuuZoo shares climbed to as high as 24.5 Singapore cents apiece in afternoon trade on Thursday, up from their 19.7 cents pre-announcement close on Wednesday. Trading volumes were high - totalling almost 100 million shares by late afternoon trade on Thursday.
YuuZoo had announced the day before that it had signed an agreement with Alibaba to organise and run an e-sports tournament and manage e-sports club competition centres. Under the agreement, YuuZoo's China joint venture YuuGames will receive a "multimillion US dollar fee".
YuuZoo is also expected to gain a significant number of new users through the deal, and generate additional revenue from promotional fees, advertising revenue, and e-commerce sales.