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BUZZ Scienjoy declines on deal to acquire rival Hongle.tv – Reuters

** U.S. shares of Chinese video entertainment firm Scienjoy (SJ.O) down 12.6% at $4.71 premarket

** Co will buy Hongle.tv, a mobile live streaming platform, and allied business related to non-fungible tokens (NFTs) in a deal worth 280 mln yuan ($43.99 mln)

** Co will pay 180 mln yuan in shares and the rest in cash

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** Hongle.tv hosts more than 93,000 broadcasters streaming to over 42 mln users, focusing on younger generation

** SJ stock down 38% YTD

($1 = 6.3651 Chinese yuan)

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Reporting by Yuvraj Malik in Bengaluru

Our Standards: The Thomson Reuters Trust Principles.