Sky-mobi delists from NASDAQ as $49 million Cayman Islands takeover completes

The latest floated Chinese mobile game publisher to delist from the NASDAQ exchange is Sky-mobi.

One of the first Chinese companies to float in the US, Sky-mobi (previously NASDAQ:MOBI) has been acquired by Cayman Islands-based outfits Amber Shining Investment Limited and Power Rich Limited.

The deal paid investors a premium of 25% over Sky-mobi's closing price on 22 June 2016, valuing the outfit at $49 million.

As for what effectively is a management buyout, Amber Shining and Power Rich are taking a $40 million loan from China Merchants Bank.

Rush becomes a flood

Following the delisting, the only Chinese mobile game publisher of note still listed on the NASDAQ is NetEase (NASDAQ: NTES), which is in rude health with a market cap of over $28 billion.

Meanwhile KongZhong (NASDAQ:KZ) is following the example of Sky-mobi, Perfect World, CMGE, iDreamsky and Shanda Games, and currently rubberstamping its CEO's proposed delisting deal.