YY Inc. announced that Mr. Jun Lei has tendered his resignation as the Chairman and a member of the company's Board of Directors, effective immediately, in order to focus his energy on Xiaomi, where he is currently Chairman and CEO. Mr. Lei will remain a major investor, strategic partner and advisor for YY going forward. Mr. David Xueling Li, will succeed Mr. Lei as the company's Chairman and resign as CEO.

Additionally, Mr. David Xueling Li will be delegated all voting rights for Mr. Jun Lei's respective ownership. This shift will enable Mr. Li to focus more on YY's broader corporate strategy and the development of new and emerging applications and products based upon YY's core technology platform for interactive and live streaming applications. Mr. Zhou Chen, who joined YY in 2007 and has served as the head of YY's music and entertainment business since 2011 and has been hugely successful in growing the business during his tenure, will succeed Mr. Li as the company's CEO.